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HYPE hits a new all-time high above $70 and enters the top 9 cryptocurrencies by market capitalization
- The $HYPE token surpassed the $74 mark and entered the top 8 cryptocurrencies by market capitalization.
- The asset has gained around 85% over the past month.
- Analysts are noting overheated funding and rising open interest.
- Several traders have earned tens of millions of dollars from long positions.
The native token of the Hyperliquid project — $HYPE — set a new all-time high above $74. At one point, the asset was trading near $74.5, and at the time of writing, it was around $73.
$HYPE/USDT chart on Bybit. Data: TradingView.
The project’s market capitalization exceeded $18.5 billion, allowing it to enter the top 8 cryptocurrencies by this metric.
Top 10 cryptocurrencies by market capitalization. Data: CoinMarketCap.
Over the past 30 days, the $HYPE token has risen by around 85%, driven by increased activity in the Hyperliquid ecosystem and heightened interest from traders. Earlier, we analysed in detail the factors behind the asset’s growth and reported on large players’ transactions involving the token.
Analysts warn of an overheated market
An analyst using the pseudonym noorucn said that funding for $HYPE had reached around 140%, while open interest (OI) and the asset’s price continue to rise.
According to him, net spot buying prevails on Coinbase and OKX. At the same time, aggressive selling dominates on Bybit. The expert also noted that the Cumulative Volume Delta (CVD) indicator does not currently reflect the full market picture, as major analytics platforms do not include spot data directly from Hyperliquid.
“The main price formation for $HYPE happens on Hyperliquid. Therefore, CVD data from centralized exchanges shows only part of the market,” he noted.
In addition, noorucn suggested that the launch of an ETF product by Grayscale could become a catalyst for forming a local price top.
Traders earn millions on $HYPE long positions
Analytics platform Lookonchain reported that one trader earned more than $1.4 million in just two days thanks to long positions on $HYPE.
First, the trader opened a 10x leveraged position on 110,735 $HYPE worth around $7.6 million and closed it with a profit of $580,000. After that, the trader opened a new 10x leveraged long position on 204,383 $HYPE worth about $14.9 million. It is currently showing an unrealized profit of around $838,000.
Separately, Lookonchain reported on a trader who opened a 5x leveraged long position six months ago on 1.38 million $HYPE worth nearly $100 million.
At one point, the trader’s unrealized loss exceeded $25 million. However, the subsequent rise in $HYPE and the renewal of all-time highs changed the situation. The profit on this position now exceeds $46 million.
As a reminder, analysts previously called the $HYPE ETF the strongest debut among spot crypto funds.
See also: "Strategy invests in Bitcoin again"
