Bitcoin and Ethereum see a positive trend, while an ETF filing boosts L1 token by 13%

Aptos APT/USD experienced a significant increase of over 12% in the past 24 hours, reaching a value above $6 after a prolonged period. The cryptocurrency’s trading volume also saw a sharp rise of 27.53% to $402.87 million within that same 24-hour period.

In a surprising turn of events, APT outperformed major players in the market such as Bitcoin BTC/USD and Ethereum ETH/USD, which saw increases of 5.53% and 5.22%, respectively, in the past day.

This surge in Aptos’ value followed the confirmation by Aptos Labs CEO, Avery Ching, of an S-1 filing by Bitwise aimed at listing shares of Bitwise Aptos ETF. Ching emphasized the significance of this move for the Move ecosystem, alluding to the programming language utilized in the Aptos blockchain.

The filing of an S-1 is a crucial step for issuers looking to introduce new securities to the market. Recently, the company submitted an ETF filing to Delaware’s Department of State’s Division of Corporations, signaling a probable official SEC filing in the near future.

Headquartered in California, Aptos Labs was founded by former Meta Platforms Inc. engineers and operates on a proof-of-stake consensus mechanism to drive its Layer-1 blockchain. Noteworthy collaborations include the partnership with tech giant Microsoft Corp. in August 2023 to integrate artificial intelligence with blockchain technology.

At present, the value of APT stands at $6.23, marking a remarkable 13.61% increase within the last day according to data from Benzinga Pro. However, year-to-date, the meme coin has observed a decline of 38.97%.

Overall, Aptos APT/USD has shown substantial growth and market dominance, positioning itself as a noteworthy player in the cryptocurrency space. With the recent developments in the filing of an S-1 for an ETF by Bitwise, Aptos is set to make further strides in the evolving digital asset landscape.