The Hyperliquid token price continued its strong bull run, reaching its highest level since October last year, despite ongoing crypto weakness. HYPE jumped to $48.39, up sharply from its year-to-date low of $20, and its market cap rose to $12.3 billion. The fully diluted valuation (FDV) has jumped to $46 billion.
Hyperliquid Growth is Supercharging
Hyperliquid coin has jumped sharply, helped by the robust demand, with its daily volume jumping to over $700 million. This makes it one of the most popular tokens in the crypto industry. Its volume and open interest in the futures market have also soared.
The ongoing demand stems from the network’s continued solid fundamentals. One of the most notable ones is that the open interest of RWA assets on the platform has soared to over $2 billion.
This is a sign that traders are using its platform to trade RWA assets at an exponential rate. Indeed, some of the most popular assets on its perpetual futures platform are Brent and the West Texas Intermediate (WTI). It is also seeing more demand for S&P 500 Index futures.
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The same trend is happening in the broader market. Data shows that Hyperliquid handled over $176 billion in assets in the past 30 days as its futures open interest has soared. Its futures open interest has jumped to over $8 billion. These numbers are much higher than those of other companies in the industry, like edgeX and Aster.
HYPE price also jumped after Hyperliquid inked a major partnership with Circle and Coinbase. Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer. Circle will serve as the technical deployer responsible for CCTP and cross-chain infrastructure. As part of this deal, Coinbase and Circle will stake HYPE tokens, thereby increasing demand.
Data also suggests that Hyperliquid is generating substantial revenue, leading to more token burns. Data shows the network has generated over $896 million in the last 12 months, making it the fourth-most-profitable player in the industry. This is notable as the company has fewer than 20 employees.
HYPE Price Technical Analysis
The daily chart reveals that the Hyperliquid Coin price has risen over the past few months. It has risen above the crucial resistance level at $45.85, its highest point on April 16. Moving above that level has invalidated the double-top pattern.
HYPE price has remained above the ascending trendline connecting its lowest point since January 2026. It has moved above all moving averages and the Supertrend indicator.
Therefore, following the latest breakout, the next key level to watch is $60, its highest point since September last year. This price is about 22% above the current level.
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