Hyperliquid HYPE/USD, a rising decentralized exchange and Layer-1 blockchain, continues its strong rally, which has seen the token price increase six-fold from $3 to over $18 since its much-anticipated launch two weeks ago.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Hyperliquid HYPE/USD | $18.20 | $4.9 billion | +16% | +43.4% |
| Sui SUI/USD | $4.63 | $13.5 billion | +9.9% | +10.3% |
| BNB BNB/USD | $719.9 | $103.7 billion | +3.3% | -1.7% |
Trader Notes: Crypto trader Daniel described Hyperliquid as the "coolest new product in years, saying it is "basically Binance, except fully on-chain with no KYC, usernames or logins."
Other traders echoed the positive sentiment, with zkTuring saying “imagine Ethereum ETH/USD, Solana SOL/USD, Binance BNB/USD and FTX (without the fraud) had a baby.”
Hoeem, another crypto analyst, likened HYPE's potential to the rally of Celestia TIA/USD after its launch, noting the absence of venture capital involvement. He marked $20 as a critical psychological level, predicting a significant pump if surpassed.
Ryan Watkins, co-founder of Syncracy Capital, expressed confidence in Hyperliquid surpassing SUI, stating that HYPE is the only emerging Layer-1 trading at one-third to one-fifth the valuation of its closest competitors.
He added that Hyperliquid's aspirational comparison is BNB.
Statistics: Technical analyst SatsHunter highlighted Hyperliquid's impressive fundamentals, including:
- $2.25 billion in total value locked (TVL).
- 58% dominance in on-chain perpetuals.
- $70 billion in monthly perpetual trading volume.
He emphasized that 38.88% of HYPE's token supply is still designated for community distribution, signaling further growth potential.
Trader blue4k echoed the bullish sentiment, pointing to Hyperliquid's exclusively native components.
The scheduled launch of the HyperEVM in early 2025 is also expected to be a significant growth catalyst.
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