Why did the value of Hyperliquid reach a record peak today, as pertaining to HYPE?
In a significant development for the cryptocurrency market, Hyperliquid (HYPE) has shattered the previous $57 ceiling and reached a new all-time high. The surge in HYPE's value has been accompanied by a series of impressive milestones, including a near $300 million increase in TVL (Total Value Locked) in September alone.
The on-chain strength of HYPE is a testament to its growing popularity, keeping FOMO (Fear of Missing Out) hot and the bid stacked for higher levels. HYPE's TVL has now reached a record $2.7 billion, a clear indication of the confidence investors have in the Layer 1 (L1) platform.
HYPE's success is also evident in its DEX (Decentralised Exchange) volume, which soared by 87% MoM (Month-on-Month) to $1.3 billion. This growth is fuelled by strong capital inflows, busy smart contracts, and a thriving ecosystem.
One of the key factors contributing to HYPE's success is the strategic partnership with Circle, the team behind USDC. Circle has become a stakeholder in Hyperliquid, a move that is expected to further boost HYPE's credibility and attract more investors.
Compared to Ethereum, HYPE appears to be showing signs of rivalry. While Ethereum's [ETH] slid by 42% in the same stretch, HYPE has clocked 30%+ monthly ROI, its best run since May, which is 5x ETH's run. This indicates more activity on Hyperliquid compared to Ethereum.
Over the period, HYPE has formed three higher lows, each tagged with a higher high, indicating a solid bullish structure. The $57-resistance looks more like a speed bump than a ceiling for HYPE, as it currently hovers close to the $60-threshold.
In contrast, Ripple (XRP) has added just $13 million over the same period, a stark contrast to HYPE's impressive growth. It's clear that HYPE is attracting over 20 times the capital that XRPL did, underscoring its growing appeal among investors.
Despite the lack of explicit information about which institution joined HYPE as a stakeholder in September 2022, the search results do not diminish the excitement surrounding HYPE's breakout. With its strong fundamentals, growing partnerships, and increasing FOMO, Hyperliquid is poised for even greater heights in the future.
