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28/01/26 07:07 UTC-04

Hyperliquid surges another 23% in a day. What’s driving the rally?

Cryptocurrency Cryptocurrency
Cryptocurrency Hyperliquid surges another 23% in a day. What’s driving the rally?

The Hyperliquid (HYPE) cryptocurrency has maintained its recent upward momentum, rising another 23% in a single day to $33.46. Trading activity is quickly rebounding alongside the price, with spot volume up more than 90% over the past 24 hours.

Data indicate that the HYPE rally is primarily driven by growing speculative interest rather than steady spot buying. According to CoinGlass, derivatives volume jumped nearly 175% to $5.3 billion, while open interest increased by more than 21% to $1.84 billion. This suggests that new positions are being opened at higher prices rather than simply closing short positions.

HYPE’s rise has been closely linked to a sharp increase in activity on the Hyperliquid platform, particularly in the perpetual commodities contracts segment. For example, silver trading surged, with daily volume exceeding $1.2 billion. Gold and other metals also saw increased demand, leading to higher overall fee volumes.

This spike in activity is significant for HYPE holders. The Hyperliquid team allocates up to 97% of its trading fees to buying back and burning tokens. As volumes grow, more tokens are removed from circulation. This mechanism directly links platform usage to token demand and price dynamics.

Despite the sharp rebound, the asset’s price remains well below its September 2025 peak of $59.

See also: "Bitcoin price today: rises above $89,000 ahead of the Fed decision"

#Hyperliquid (HYPE) #Price Increase

Editor: Yulia Krasnaya
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