The Hyperliquid price continued soaring on Thursday as sentiment in the crypto market improved, with Bitcoin soaring to a record high. HYPE token jumped to a high of $30.73, its highest level since December last year. It has soared by over 230% from its lowest level in April, giving it a market cap of over $10.2 billion and a fully diluted valuation of over $30 billion.
HYPE price rises as Hyperliquid breaks records
The Hyperliquid token price has surged as the network continues to break records. Data shows that the open interest in the network jumped to a record $8.9 billion.
Another data revealed that the total value locked of USD Coins on the network jumped to a record high of $3.2 billion. This means that Hyperliquid holds over 5% of all USDC coins in circulation, a figure that is continuing to rise.
More data shows that Hyperliquid’s network is making a fortune as the 24-hour fees jumped to $5.4 million, a record high.
Hyperliquid hit multiple all-time highs today, including: + Open interest: $8.9B + 24h fees: $5.4M + USDC TVL: $3.2B Onchain, transparent markets are the future.
This surge happened as Hyperliquid’s layer-1 volume jumped by 2.7% in the last seven days to $1.7 billion, making it the eighth biggest player in the industry.
More data reveals that Hyperliquid’s platform is seeing strong user and volume growth. It has handled trades worth $17.7 billion in the last 24 hours and $63.75 billion in the last seven days. This growth has brought its cumulative total to $1.52 trillion.
This growth makes Hyperliquid much bigger than Jupiter, the second-biggest player in the perpetual exchange industry. Jupiter’s transaction volume in the last 24 hours jumped by 88% to $1.3 billion, while the seven-day figure was $4.95 billion.
Hyperliquid is also much bigger than other popular players in the DEX industry like Uniswap, PancakeSwap, and Raydium. For example, Uniswap handled volume worth $24 billion in the last seven days, while Hyperliquid processed $17 billion in the last 24 hours.
HYPE boosted by the crypto market rally
The HYPE price is soaring because of the ongoing crypto market comeback. Bitcoin has surged to a record high of $111,000 for the first time ever, and Polymarket oddsare showing rising odds that it will jump to $150,000.
The ongoing Bitcoin price surge has also triggered more upside in the altcoin market. Some of the top gainers on Thursday were coins like SPX6900, Core, Bittensor, Dogwifhat, and Monero.
Historically, crypto exchanges do well when Bitcoin and other altcoins are in a strong bull run.
The biggest risk for the HYPE price is the unlocks that will start in November this year. From November 29, the network will release 216,580 tokens a day through 2028. Such a move will lead to an increased supply in circulation, which may hit its price.
HYPE price technical analysis
The 12-hour chart shows that the Hyperliquid price has been in a strong bullish trend in the past few weeks. It rose from a low of $9.36 on April 7 to over $30 today. It recently moved above the key resistance level at $28.4, its highest swing in February this year.
HYPE price has remained above the 50-period moving average. Also, top oscillators show that it has continued to gain momentum. Therefore, the Hyperliquid price will likely continue rising as bulls target the all-time high of $35.15.
The extended target price is $46. This price is derived by first measuring the depth of the cup and handle pattern, and then the same distance from the cup’s upper side.
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