The HYPE token continues to generate heightened interest in the crypto market: it recently updated its all-time high, exceeding the $74.5 mark, and entered the top eight largest cryptocurrencies by market capitalization.
This is reported by Business • Media
HYPE Reaches New Heights and Shows Rapid Growth
The native token of the Hyperliquid ecosystem — HYPE — has achieved a new all-time high, trading near $74.5. As of the latest data, the price of HYPE is holding around $73. As a result, the project’s market capitalization has surpassed $18.5 billion, allowing it to rise to the top 8 cryptocurrencies in the world by this metric.
Over the past month, HYPE has increased by approximately 85%. This dynamic is explained by the rise in activity within the Hyperliquid ecosystem and increased demand from traders. Analysts have previously emphasized that these factors contribute to increased trading volumes and attract large players to the market.
Analysts Note Market Overheating and Warn of Risks
Analyst under the pseudonym noorucn pointed out that the funding rate for HYPE has reached around 140%. At the same time, open interest and the token’s price continue to rise. According to his observations, clean spot purchases dominate on Coinbase and OKX platforms, while aggressive sales prevail on the Bybit exchange. The expert also noted that the Cumulative Volume Delta (CVD) indicator currently does not provide a complete picture, as large analytical services do not account for spot data directly from Hyperliquid.
“The main price formation for HYPE occurs on Hyperliquid. Therefore, CVD data from centralized exchanges show only part of the market,” he noted.
noorucn also suggests that the launch of an ETF product from Grayscale could act as a catalyst for forming a local price peak for HYPE.
According to the analytical platform Lookonchain, individual traders have managed to earn tens of millions of dollars on long positions with HYPE. One trader earned over $1.4 million in just two days by opening a position with 10x leverage on 110,735 HYPE (approximately $7.6 million), which he closed with a profit of $580,000. Later, he opened another long position with 10x leverage on 204,383 HYPE ($14.9 million). At the time of publication, this position has brought an unrealized profit of about $838,000.
Another trader, as reported by Lookonchain, opened a long position with 5x leverage on 1.38 million HYPE (almost $100 million) six months ago. At one point, his loss exceeded $25 million; however, the appreciation of HYPE and the update of the maximum changed the situation — currently, the profit from this position exceeds $46 million.
It is worth noting that analysts have previously remarked that the ETF on HYPE demonstrated the strongest debut among spot crypto funds.