The native token for the decentralized crypto derivatives exchange Hyperliquid reached a new record price on Thursday as altcoins thrived amidst expectations of Fed rate cuts.
Hyperliquid (HYPE) hit an all-time high of $59.29 during early trading on Thursday, achieving a daily gain of approximately 8%.
This asset, with a market capitalization nearing $16 billion, has risen nearly 40% over the past month, significantly outperforming the top three cryptocurrencies by market cap: Bitcoin (BTC), Ether (ETH), and XRP (XRP).
Hyperliquid operates as a decentralized exchange for perpetual futures, allowing traders to take leveraged positions on crypto assets without actually owning them.
Arthur Hayes, founder of BitMEX, was among the first to comment on this milestone, declaring it an “All-time Hype.”
In August, Hayes suggested that the token could see a 126-fold increase, noting that growth in stablecoins might push the DEX’s annual revenue to $258 billion, compared to its current $1.2 billion.
Traders profiting from the HYPE
Nansen highlighted a trader holding a leveraged long position on HYPE valued at $30 million.
The analytics platform indicated that the trader has an unrealized profit of $1.39 million and is still expanding their position. They began longing approximately three hours ago, adding around 123 HYPE to their position every 30 seconds.
Related: How Hyperliquid achieved $330B in monthly trading volume with just 11 employees
HYPE stands out as one of the day’s top altcoin performers, with only Avalanche (AVAX) outperforming it in the top 40, gaining 9.5%.
Binance CEO promotes competing ASTER
Hours before HYPE’s peak, former Binance CEO Changpeng Zhao shared a chart for ASTER, the native token of a competing derivatives DEX.
ASTER, which launched as Aster Chain in July, is a new crypto derivatives exchange backed by CZ-affiliated YZi Labs, previously Binance Labs and BNB Chain’s leading DEX PancakeSwap, directly competing with Hyperliquid.
The native token, which commenced trading on Wednesday, has already surged over 350% to hit an all-time high of $0.50, according to CoinMarketCap.
“CZ rarely shares charts, but he posted ASTER. Why? Because it directly competes with Hyperliquid, which continues to erode Binance’s market share,” commented Hunters of Web3 founder “LANGERIUS.”
In April, Cointelegraph reported that Hyperliquid’s trading volumes were impacting Binance’s share. However, the DEX still has a long journey ahead with a current daily volume of $790 million, in contrast to Binance’s $34 billion, according to CoinGecko.
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