The decentralized cryptocurrency derivatives platform Hyperliquid saw its native token reach a record high on Thursday, coinciding with an impressive performance from altcoins amid anticipated Federal Reserve interest rate cuts.
During early trading on Thursday, Hyperliquid (HYPE) achieved an unprecedented price of $59.29, marking a daily increase of approximately 8%.
This digital asset boasts a market cap nearing $16 billion and has experienced nearly a 40% rise over the past month, significantly outperforming leading cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and XRP (XRP).
Hyperliquid operates as a decentralized exchange specializing in perpetual futures—derivative contracts that do not have expiration dates—enabling traders to take leveraged positions in crypto assets without needing to own them outright.
Arthur Hayes, the founder of BitMEX, was among the first to acknowledge this achievement on Thursday, referring to it as “All-time Hype.”
In August, Hayes remarked that the token could potentially see an upside of up to 126 times its current value. He also noted that growth in stablecoin usage could elevate the DEX’s annualized fees from $1.2 billion to an astonishing $258 billion.
HYPE prices reach an all-time high. Source: Nansen
Traders profiting from HYPE
Nansen reported on one trader who holds a leveraged long position in HYPE valued at $30 million.
This analytics platform indicated that this trader is currently enjoying unrealized profits amounting to $1.39 million while continuing to expand their position by adding approximately 123 HYPE every half minute since initiating their long position about three hours ago.
Today, HYPE stands out among top-performing altcoins; only Avalanche (AVAX) has surpassed it within the top 40 cryptocurrencies with gains of around 9.5%.
Binance CEO promotes rival ASTER
<p.Shortly before reaching its peak price for HYPE, former Binance CEO Changpeng Zhao shared insights regarding ASTER—the native token for another competing derivatives DEX.
Aster Chain launched in July and is supported by YZi Labs—a company associated with CZ—which serves as direct competition against Hyperliquid’s offerings within the crypto derivatives space.
The native token began trading just yesterday and has already skyrocketed over 350%, hitting an all-time high of $0.50 according to CoinMarketCap data.
Source: Changpeng Zhao
“CZ seldom shares charts but made an exception for ASTER,” commented LANGERIUS—the founder of Hunters of Web3—adding insight into why he did so: “It’s because ASTER directly competes with Hyperliquid which continues encroaching upon Binance’s market share.”
A report from April by Cointelegraph highlighted how trading volumes at Hyperliquid were impacting Binance’s market dominance; however they still have significant ground to cover given their current daily volume stands at around $790 million compared with Binance’s impressive figure nearing $34 billion according CoinGecko data.