The global cryptocurrency market staged a notable recovery this week, pushing overall capitalization to $3.87 trillion, a 2.37% gain within 24 hours.
The rebound was driven by renewed strength in leading assets such as Bitcoin, which climbed 1.25% to $111,526, and Ethereum, which jumped 4.45% to $4,629 after a period of weakness. Mid-tier tokens also posted steady gains, with XRP and BNB rising 4.12% and 2.34%, respectively.
While blue-chip cryptos recovered ground, all eyes were on Hyperliquid’s native token, HYPE, which has rapidly emerged as one of the most talked-about assets in the market.
HYPE Breaks Records Amid Market Optimism
Hyperliquid’s HYPE token surged more than 12% in a single day, touching a new record high of $50.82. Market watchers suggest the token is testing a major resistance zone. Analysts argue that if it can decisively clear the $51 mark, further upside toward $55–$58 is possible. Conversely, a pullback below $49 could see the asset sliding back to the $42–$44 range.
Technical analysts note that HYPE’s latest move comes after weeks of steady accumulation and growing participation from leveraged traders.
Bitcoin Whale Sparks Buzz Around Hyperliquid
Momentum surrounding HYPE intensified after a massive transaction from one of Bitcoin’s largest holders. The whale reportedly shifted 22,000 BTC—worth billions of dollars—onto the Hyperliquid platform.
On arrival, the funds were partly converted into 472,000 ETH valued at $2.2 billion, alongside a second leveraged position worth nearly $577 million. The transaction instantly brought Hyperliquid into the spotlight, reinforcing its position as a rising powerhouse in the trading sector.
Platform Growth Outpaces Competitors
Hyperliquid has been making significant strides in performance metrics. In July, the platform processed an estimated $330.8 billion in total trading volume, surpassing platforms such as Robinhood. Within the past 24 hours alone, Hyperliquid collected over $7 million in trading fees, more than networks like Solana, Tron, and even Ethereum.
The platform’s on-chain order book model, high-speed execution, and up to 50x leverage across 130-plus futures contracts have positioned it as a decentralized exchange with institutional-grade efficiency.
Technical Outlook: Where Next for HYPE?
Market analysts see $46 as a critical breakout marker that has already been tested. A continuation above $55 could open the path to $70 and beyond, while short-term retracements remain a risk given the token’s rapid rise. Since launch, HYPE has outperformed top assets like Bitcoin and Ethereum, registering gains above 170% despite broader market turbulence.
