Hyperliquid’s native token, HYPE, surged to a new all-time high of $59.36 on Thursday. The token gained around 8% in a single day, reaching a market capitalization just under $16 billion.
In the last one month, HYPE has soared almost by 38%, far surpassing the performance of such big cryptocurrencies as Bitcoin (BTC) $117,292, Ether (ETH) $4,590, and XRP $3.08.
Hyperliquid is a decentralized perpetual futures exchange (DEX), which enables traders to trade leveraged positions on crypto assets without holding them.
BitMEX founder Arthur Hayes celebrated the milestone on Thursday, calling it an “All-time Hype.” Hayes previously predicted that HYPE has a potential 126x upside, suggesting that stablecoin expansion could boost the DEX’s annualized fees from $1.2 billion to $258 billion.
Analytics platform Nansen highlighted one trader holding a leveraged long position worth $30.3 million on HYPE, with unrealized profits of $1.39 million. The trader continues to add positions, buying around 123 HYPE tokens every 30 seconds. Among top altcoins today, HYPE was second only to Avalanche (AVAX) with a 9.5% gain.
Rival ASTER gains attention
Yesterday, former Binance CEO Changpeng Zhao (CZ) shared a chart for ASTER, the token of a rival derivatives DEX. ASTER, launched in July and backed by CZ-affiliated YZi Labs, has already surged over 358% to $0.50.
Experts note that ASTER competes directly with Hyperliquid, which has been cutting into Binance’s market share despite a smaller daily trading volume of $790 million versus Binance’s $34 billion.
HYPE is setting records and ASTER is rapidly gaining momentum, making the fight to control the decentralized derivatives market a hot one. The question that traders and investors are keenly following is which platform will spearhead the next altcoin boom.
Also Read: FLR Token Goes Live on Hyperliquid with LayerZero OFT
