Layer 1 blockchain Aptos’ token, which has been surging since the start of the year, broke an all-time high on Wednesday. The token, APT, reached $16.46 and is up 350% since Jan. 1, according to CoinDesk data.

APT was more recently changing hands at $16.22, a more than 25% gain over the past 24 hours.

The token’s rally has outsized recent moves from the two largest cryptocurrencies by market cap, bitcoin and ether. Bitcoin is up 30% in 2023 , while ether has gained 34%.

The funding rates for the token are still negative, however, suggesting traders are expecting the rally to be short-lived.