Hyperliquid’s HYPE Token Hits New All-Time High
Hyperliquid’s native token, HYPE, reached a new all-time high of $59.36 on Thursday. The token rose about 8% in one day. Its market capitalization approached $16 billion.
Over the past month, HYPE surged nearly 38%. This growth outpaced major cryptocurrencies like Bitcoin (BTC) at $117,292, Ether (ETH) at $4,590, and XRP at $3.08.
Hyperliquid is a decentralized perpetual futures exchange (DEX). It allows traders to take leveraged positions on crypto assets without owning them.
Industry Reactions and Large Trades
Arthur Hayes, BitMEX founder, celebrated the milestone as an “All-time Hype.” He previously predicted that HYPE could see a 126x increase. Hayes suggested stablecoin growth might raise the DEX’s annual fees from $1.2 billion to $258 billion.
Analytics platform Nansen highlighted a trader holding a $30.3 million leveraged long position on HYPE. The trader’s unrealized profits reached $1.39 million. This trader keeps adding positions, buying about 123 HYPE tokens every 30 seconds.
Among top altcoins today, HYPE ranked second with an 8% gain, behind Avalanche (AVAX), which rose 9.5%.
Rival Token ASTER Gains Momentum
Former Binance CEO Changpeng Zhao (CZ) shared a chart for ASTER, a rival derivatives DEX token. Launched in July and backed by CZ-affiliated YZi Labs, ASTER surged over 358% to $0.50.
Experts say ASTER directly competes with Hyperliquid. Despite a smaller daily trading volume of $790 million versus Binance’s $34 billion, Hyperliquid has been cutting into Binance’s market share.
HYPE is setting records, and ASTER is gaining fast. Traders and investors are watching closely to see which platform will lead the next altcoin boom.
