As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I must admit that the recent surge of Aptos (APT) has caught my attention. The impressive 10% jump in its value while the rest of the market is declining is not something we see every day.
On the downswing of the market, Aptos (APT), the native cryptocurrency of its namesake layer-1 blockchain, stands out with remarkable performance. This surge in APT could potentially be fueled by Franklin Templeton’s move to incorporate the blockchain into one of their financial products.
Aptos (APT) up by 10%, becomes best performer in top 100
In simpler terms, the digital currency associated with Aptos, a fast and flexible blockchain platform for building decentralized applications, has increased by nearly 10%, bucking a general trend where the overall value of most cryptocurrencies decreased by about 3%.
Over the past day, it has surpassed the $4 billion threshold once more for its total market capitalization. This digital asset now ranks 27th in terms of market capitalization among all cryptocurrencies, having overtaken Internet Computer (ICP).
The surge was initiated due to Franklin Templeton, a major U.S. investor, choosing to incorporate Aptos (APT) into its OnChain U.S. Government Money Market Fund (FOBXX). Alongside Arbitrum, Stellar, Polygon, and Avalanche, Aptos (APT) will serve as the technological foundation for this investment fund.
The fund, boasting a market value of around $435 million, ranks as the second biggest option among tokenized funds accessible to individual (retail) investors within its respective category.
Flare (FLR) and Fasttoken (FTN) are two other assets in the top 100 that are in green today.
Almost $300 million in crypto positions, mostly longs, erased in 24 hours
Apart from the move made by Franklin Templeton, enthusiasm among Alternative Precision Technology (APT) investors is fueled by news of APT’s potential acquisition of Hashpallette, a developer of cryptocurrency wallets.
Today, many other digital currencies are experiencing a downturn due to escalating tensions in the Middle East and economic uncertainties in both the United States and China.
Bitcoin (BTC), the largest cryptocurrency, lost 2.4% today, while Ethereum (ETH) is down by 5.7%.
Over the past 24 hours, a grand total of $287 million worth of cryptocurrency positions have been closed out; about $241 million of these were long positions.
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2024-10-03 19:41