For a long time, the crypto ecosystem has firmly believed in a "rule":
The overall market performance of the crypto ecosystem is primarily guided by Bitcoin: when Bitcoin rises, the entire market rises; when Bitcoin falls, the entire market falls.
However, a recent phenomenon that is quite "counter-trend" has led me to doubt this rule significantly, and further convinced me that the future of the crypto ecosystem will never be constrained by Bitcoin's market value and price.
Before sharing my views, I still want to emphasize:
What I am saying is by no means a denial of Bitcoin's value; I still believe that Bitcoin can reach one million dollars per coin within my lifetime.
What I want to express is:
As an ecosystem, the future of crypto is vast and limitless, its value will never be anchored or capped by Bitcoin's performance.
In previous articles, I have occasionally shared my views on the project Hyperliquid.
Although it is not a project I particularly favor, and the sector it operates in is not one I am especially interested in, I have never bought its tokens, but the performance of this project in recent times suddenly showed me a trend worth paying attention to.
What performance?
The perpetual contract market it has built has continued to grow against the trend in such a bear market, and although it still has a significant gap in absolute size compared to a few major players, its activity, trading volume, and other metrics are clearly catching up.
What is even more noteworthy is:
Its token price has remained relatively firm in the context of the entire crypto market continuously declining, especially when Bitcoin's price has also experienced a significant drop; despite also declining, its price has remained quite resilient overall.
This is quite rare; the rarity lies in its demonstration of strong resilience, capable of withstanding tremendous pressure from Bitcoin and the surrounding environment.
The key reason I can think of for this is one:
Because of the active trading market, especially the continuous introduction of US stock tokens and other commodity tokens, it has maintained the prosperity and vibrancy of its ecosystem. This has brought abundant cash flow income to support its token buybacks, thus reinforcing the strength of its token price.
This is the strength demonstrated by the project's fundamentals.
In fact, this phenomenon has also occurred previously on Ethereum. In the bull market of 2021, due to the explosion of DeFi and NFTs, Ethereum's token price peaked at one-tenth of Bitcoin's price.
But that happened during a bull market, which can only prove that the prosperity of the crypto ecosystem in a bull market can lead project token prices to surpass Bitcoin in terms of growth and potential.
Aside from that, I haven't seen any instances in a bear market where performance could surpass Bitcoin.
However, the performance of Hyperliquid during this time seems to me to be an excellent proof in a bear market.
It proves that:
Projects have the potential to let their token performance exceed Bitcoin based on their fundamentals, whether in a bull market or a bear market.
The advantage of Hyperliquid lies in trading, but what it encompasses is only perpetual contract trading, which encompasses a relatively niche market within the entire crypto ecosystem.
If one believes that the future of the crypto ecosystem will be much larger than the perpetual contract market, then there is every reason to believe that if the entire crypto ecosystem can thrive, Ethereum, which carries the mainstream crypto ecosystem, has reason to outperform Bitcoin.
Furthermore, Hyperliquid's recent "counter-trend" performance has also indirectly affirmed a view I have always believed:
The reason the crypto ecosystem has now become a "follower" completely influenced by US stocks and the external environment is fundamentally due to a lack of sufficient innovation within the ecosystem and the new business models and commercial scenarios ignited by these innovations.
Once the crypto ecosystem experiences an explosion of new business models and commercial scenarios, it will surely shake off the current "follower" status and forge a more elevated brilliance.
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