The HYPE price has gone parabolic this month, making it one of the best-performing coins in the crypto market. The Hyperliquid token jumped to a high of $37 on Saturday, a 300% increase from its lowest level in April. This surge brought its market cap to over $11 billion.
Why HYPE Price Has Surged
Hyperliquid is one of the biggest players in the decentralized finance industry. Its main product is a platform where people execute trades on most cryptocurrencies. It mostly focuses on perpetual futures, which are similar to traditional futures contracts, with the only difference being that they don’t have an expiry date.
Hyperliquid also offers a layer-1 network that lets developers use its software to build dApps. The layer-1 platform has attracted several developers and has accumulated over $1.1 billion. Some of the top dApps on the network are HyperLend, Felix, and Morpho.
Hyperliquid’s platform is dominating the crypto industry, where it commands a 68% market share in the perpetual futures industry. Data shows that Hyperliquid handled over $13 billion in the last 24 hours and $74 billion in the last seven days. By comparison, CoinMarketCap reports a 24-hour volume of $101 billion overall. For context, Binance had a 24-hour volume of $11 billion.
Binance’s derivative business handled over $54 billion, while OKX and Bitget processed $21 billion and $19 billion, respectively. These numbers show Hyperliquid’s scale in the crypto industry.
Due to the crypto industry’s massive scale, Hyperliquid has become a highly profitable platform. It collected over $2.35 million in fees in the last 24 hours and $60 million in the last 30 days, ranking it higher than other popular players in DeFi like Tron, Jito, Lido, AAVE, and Solana.
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Hyperliquid Price Technical Analysis
The 12-hour chart shows that the HYPE price has formed a cup-and-handle pattern, with the upper side at $28.3 and the lower side at $9.50. It has already moved above the upper side of the cup and the crucial resistance level at $35.22, the previous all-time high.
The HYPE coin price has moved above the 50-period moving average and the weak, stop & reverse point of the Murrey Math Lines tool. The chart pattern indicates a depth of approximately 66%. Therefore, measuring the same distance from the cup’s upper side indicates the price will surge to about $47. A move to $47 will raise the chances of it rising to $50.
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