The native token of the decentralized crypto derivatives exchange Hyperliquid reached a new peak price level on Thursday as altcoins excelled amid anticipated Fed rate cuts.
Hyperliquid (HYPE) achieved an all-time high of $59.29 during early trading on Thursday, following a daily increase of approximately 8%.
The asset, boasting a market capitalization of just under $16 billion, has surged nearly 40% over the past month, significantly outpacing the top three cryptocurrencies by market cap: Bitcoin (BTC), Ether (ETH), and XRP (XRP).
Hyperliquid operates as a decentralized exchange for perpetual futures, offering derivative contracts with no expiry date, enabling speculators to engage in leveraged positions on crypto assets without actual ownership.
BitMEX founder Arthur Hayes was among the first to comment on the achievement on Thursday, dubbing it an “All-time Hype.”
In August, Hayes indicated that the token has the potential for a 126 times upside, suggesting that stablecoin growth could increase the DEX’s annualized fees to $258 billion, compared to its current annualized revenue of $1.2 billion.
Traders cashing in on the HYPE
Nansen highlighted one trader holding a leveraged long position on HYPE valued at $30 million.
The analytics platform noted that the trader is currently realizing an unrealized profit of $1.39 million and continues to add to this position. They initiated the long position about three hours ago, accumulating roughly 123 HYPE every 30 seconds.
Related: How Hyperliquid hit $330B in monthly trading volume with just 11 employees
HYPE is among today’s leading altcoin performers, with only Avalanche (AVAX) performing better within the top 40, boasting a 9.5% increase.
Binance boss touts rival ASTER
Hours before the HYPE peak, former Binance CEO Changpeng Zhao shared a chart for ASTER, the native token of a competing derivatives DEX.
ASTER, initially launched as Aster Chain in July, is a fresh crypto derivatives exchange supported by CZ-affiliated YZi Labs, formerly Binance Labs and PancakeSwap, challenging Hyperliquid directly.
The native token began trading on Wednesday and has already surged over 350% to an all-time high of $0.50, according to CoinMarketCap.
“CZ rarely shares charts, but he posted ASTER. Why? Because it’s a direct Hyperliquid rival, and Hyperliquid keeps capturing Binance’s market share,” commented Hunters of Web3 founder “LANGERIUS.”
Back in April, Cointelegraph reported that Hyperliquid trading volumes were impacting Binance’s market share. Nevertheless, the DEX still has considerable ground to cover, currently recording a daily volume of $790 million, while Binance reports $34 billion, according to CoinGecko.
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