Crypto markets swung back this week as Bitcoin price hit $116,800 before cooling near $115,600, fueling talk of a rebound toward $124K. Ethereum regained momentum above $4,700, edging close to its all-time high.
Elsewhere: Hyperliquid (HYPE) extended a 530% surge, XRP broke $3.05 with a golden cross in sight, Mantle hit a new ATH, and Linea crashed 93% on debut. Grayscale’s fresh ETF filings, MYX’s volatile 200% run, and CoinShares’ $1.2B Nasdaq push rounded out the headlines. Scroll for the full recap.
Hyperliquid’s HYPE Token Targets $100 as Ecosystem Booms
HYPE has surged 530% this year, climbing to $57.68 on the back of explosive growth across the Hyperliquid network. TVL hit $8.17B, stablecoins rose to $6B, and August trading volumes topped $398B. With $1.3B in tokens already burned, analysts see $60 short-term and $100 long-term in play.
XRP Bulls Eye $3.60 as Golden Cross Nears
XRP broke past $3.05 resistance, its highest in weeks, sparking bullish momentum. Traders are watching for an imminent golden cross and eyeing $3.60 targets, while whales accumulated $396M worth of tokens. Despite an SEC delay on ETF approval, optimism remains high, with Polymarket bettors pricing a 91% chance by year-end.
Mantle Smashes New ATH as Bybit Partnership Ignites Rally
Mantle (MNT) surged past $1.58, breaking its April 2024 high after a 60% monthly rally. Bybit’s integration, adding 21 spot pairs and new derivatives, now drives 42% of MNT’s volume. With a market cap above $5B and bullish momentum intact, traders are eyeing $1.70–$1.90 next.
Linea Token Plunges 93% After Chaotic Launch
Linea (LINEA), ConsenSys’ zkEVM token, collapsed 93% within hours of its September 10 debut, falling from $0.32 to $0.024. The selloff followed chaotic airdrop claims, with Binance users accessing tokens earlier than retail. Despite backlash over tokenomics and inflation fears, Linea’s DeFi metrics remain strong, with $2.5B TVL and rising activity.
Grayscale Pushes Altcoin ETF Wave With Hedera, Litecoin, and Bitcoin Cash Filings
Grayscale has filed with the SEC to launch ETFs for Hedera, Litecoin, and Bitcoin Cash, expanding its altcoin push beyond Bitcoin and Ethereum. The bid includes converting long-standing trusts into ETFs, with decisions expected later this year as ETF competition heats up across crypto markets.
MYX Finance Rockets 200% But Crash Warnings Loom
MYX Finance soared over 200% to nearly $15, making it the week’s top gainer after rising from just $0.15 in July. Trading volume hit $545M, yet analysts warn the rally lacks fundamentals. Overbought signals, profit-taking risks, and negative funding rates suggest a sharp pullback could be imminent.
CoinShares to List on Nasdaq in $1.2B SPAC Merger
CoinShares is set to go public in the U.S. through a $1.2 billion SPAC deal with Vine Hill Capital, delisting from Stockholm in favor of Nasdaq. The move gives Wall Street direct access to Europe’s largest crypto asset manager outside BlackRock, Grayscale, and Fidelity, with trading expected by December 2025.
