- HYPE price may be eying a strong rally in the coming days.
- Bitwise will launch the spot HYPE ETF soon, potentially in April.
- Hyperliquid has emerged as the fastest-growing player in the crypto industry.
HYPE price continued its strong bullish momentum on Saturday as hopes that the first Hyperliquid ETF will launch soon. It rose for five consecutive days, reaching its highest point since March 19 this year. It is one of the top gainers in the crypto industry, up by 103% from its January lows.
HYPE Price Jumps as Hopes of a Hyperliquid ETF Listing Rise
American investors may be about to get the first Hyperliquid ETF after Bitwise filed an amendment to its BHYP filing by including the fees. It will have an expense ratio of 0.67%, making it one of the most expensive funds in the market.
Bitwise hopes that Hyperliquid’s strong fundamentals will help it attract American investors. Recent data shows that its growth has jumped in various ways, a trend that may continue after the upcoming launch of its prediction marketplace.
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Data shows that Hyperliquid’s layer-1 network has attracted a total value locked (TVL) of over $1.68 billion. Its stablecoin market capitalization has jumped to $5.3 billion. This makes it one of the top players in the fast-growing stablecoin industry. USDH, its stablecoin, is seeing strong growth momentum.
Most importantly, Hyperliquid’s perpetual DEX platform is seeing strong growth. It handled over $200 billion in volume last month, much more than the other 6 platforms, combined. This growth was mostly because of the rising demand for its crude oil futures products.
This momentum has made it one of the most profitable players in the crypto market. Data compiled by TokenTerminal shows that it has generated $833 million in fees in the last 365 days. It has made over $51 million in the last 30 days, making it the fifth top fee generator after Tether, Tron, Circle, and Lido.
Hyperliquid burns most of these fees, a move that reduces the tokens in circulation. As such, if the annual fees remains stagnant at $833 million, it means that it will burn tokens worth over $8 billion in the next decade.
The main risk for the upcoming HYPE ETF launch is that it may backfire as we have seen with other tokens. The three Dogecoin ETFs have not had any inflows in nearly a month. Other altcoin ETFs like HBAR, Avalanche, and Polkadot have struggled to attract funds.
Hyperliquid Price Technical Analysis
The daily chart reveals that the HYPE token has rebounded in the past few months. It has jumped from a low of $20 in January to $41.8 today. It remains above the ascending trendline that links the lowest swings since January.
The token has remained above the 50-day moving average and is now nearing the Strong, Pivot, and Reverse level of the Murrey Math Lines tool. Also, the Average Directional Index (ADX) has risen to 22, a sign that the uptrend is continuing.
Therefore, the most likely HYPE price forecast is bullish, with the main target to watch being the psychological level at $50. This target also aligns with the ultimate resistance of the Murrey Math Lines.
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