Hyperliquid’s Rise: Token Breaks $59 in Early Trading
With altcoins outperforming on Fed rate cuts, Hyperliquid’s native token reached a new peak price level on Thursday. Hyperliquid saw a daily rise of about 8% before reaching an all-time high of $59.29 during Thursday’s early trading. With a market value of slightly less than $16 billion, the asset saw an almost 40% increase last month. Thus, its market worth greatly exceeded that of the top three cryptocurrencies, Bitcoin, Ether, and XRP.
Arthur Hayes Bullish on HYPE With Potential 126x Upside
One of the first people to comment on the milestone on Thursday was Arthur Hayes, the founder of BitMEX, who described it as an all-time hype. Hayes stated in August that the token might increase by 126 times. The introduction of stablecoins, he continued, would increase the DEX’s yearly fees from the current $1.2 billion to $258 billion.
On the other hand, one trader with a leveraged long position worth $30 million on HYPE was singled out by Nansen. According to the analytics tool, the trader continues to add to the position and today holds an unrealized profit of $1.39 million. They have been adding about 123 HYPE to their position every 30 seconds since they first began desiring it almost three hours ago.
Hyperliquid Faces New Challenger as CZ-Backed ASTER Explodes in Value
Changpeng Zhao, the former CEO of Binance, published a chart for ASTER, the native token of a competing derivatives DEX, a few hours before the HYPE high. CZ-affiliated YZi Labs is the backer of ASTER, a new cryptocurrency derivatives exchange that debuted as Aster Chain in July. Additionally, PancakeSwap, the top DEX for BNB Chain that was once affiliated with Binance Labs, supports it and presents itself as a direct rival of Hyperliquid. CoinMarketCap reports that since it started trading on Wednesday, the native token has increased by over 350% to reach its highest point ever, $0.50.
CZ rarely shares charts. But he posted ASTER. Why? Because it’s a direct Hyperliquid rival, and Hyperliquid keeps stealing Binance’s market share,
Hunters of Web3 founder LANGERIUS
For more up-to-date crypto news, you can follow Crypto Data Space.
