The native token of the decentralized crypto derivatives exchange Hyperliquid reached a new high on Thursday, as altcoins outperformed the market following the Federal Reserve's interest rate cut.
HYPE hit an all-time high of $59.29 during Thursday's early trading session, with a daily increase of about 8%.
The asset's market capitalization is slightly below $16 billion, having surged nearly 40% in the past month, far exceeding the performance of the top three cryptocurrencies by market cap: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
Hyperliquid is a perpetual contract decentralized exchange, where these derivative contracts have no expiration date, allowing speculators to trade with leverage without owning the crypto assets.
Arthur Hayes, the founder of BitMEX, was the first to comment on this milestone on Thursday, calling it "the strongest HYPE ever."
Hayes noted in August that the token has a 126x upside potential, adding that the expansion of stablecoins will drive the annual fees of this decentralized exchange (DEX) from the current $1.2 billion annual revenue to $258 billion.
Nansen highlighted a trader holding a leveraged long position in HYPE, with a position value of $30 million.
The analytics platform reported that this trader currently holds $1.39 million in unrealized profits and continues to increase their position. They started going long about three hours ago and are adding approximately 123 HYPE to their position every 30 seconds.
HYPE is one of the best-performing altcoins today, with only Avalanche (AVAX) performing better among the top 40 coins, rising by 9.5%.
A few hours before HYPE peaked, former Binance CEO Zhao Changpeng (CZ) posted a chart of ASTER, the native token of a competing derivatives DEX.
ASTER was launched in July under the name Aster Chain, as a new crypto derivatives exchange supported by CZ's YZi Labs (formerly Binance Labs) and the leading DEX PancakeSwap under the BNB Chain, making it a direct competitor to Hyperliquid.
According to CoinMarketCap data, this native token, which started trading on Wednesday, has skyrocketed over 350%, reaching an all-time high of $0.50.
LANGERIUS, founder of Hunters of Web3, commented: "CZ rarely shares charts. But he posted ASTER. Why? Because it is a direct competitor to Hyperliquid, which is continuously stealing market share from Binance."
Cointelegraph reported in April that Hyperliquid's trading volume is eating into Binance's market share. However, according to CoinGecko data, the DEX still has a long way to go, with a current daily trading volume of $790 million, while Binance reaches $34 billion.
Related: Federal Reserve Chairman Powell states that there are differences within the Federal Open Market Committee (FOMC) regarding additional rate cuts in 2025.
Original: “Binance Founder Promotes Hyperliquid Rival Aster, HYPE Hits All-Time High”
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