Hyperliquid’s market cap tops $10.7bn, cracks top 10—overtakes Cardano
Summary
- The global decentralized exchange Hyperliquid (HYPE) reportedly posted a market cap of about $10.76bn, moving into the top 10.
- Hyperliquid has surged more than 40% over the past month by price and overtook Cardano (ADA) by market cap; Cardano reportedly slipped to 11th with about $10.45bn.
- Amid the fallout from the Middle East conflict, rising demand for crude oil perpetual futures trading and higher derivatives trading volumes are seen as boosting token demand through a structure that uses part of transaction fees for token buybacks.
Forecast Trend Report by Period
The market capitalization of global decentralized exchange (DEX) Hyperliquid (HYPE) has surpassed $10.7bn.
According to CoinMarketCap on the 18th (local time), Hyperliquid’s market cap stood at about $10.76bn as of the day. The increase comes as Hyperliquid’s price has continued to trend higher. Hyperliquid’s price has surged more than 40% over the past month.
Hyperliquid has now entered the top 10 cryptocurrencies by market cap. Cardano (ADA), previously ranked 10th by market cap, slipped one spot to 11th. Cardano’s market cap was about $10.45bn as of the day.
Hyperliquid’s price is seen as having risen as demand for crude oil perpetual futures trading surged amid fallout from the Middle East conflict.
Hyperliquid also uses a portion of transaction fees to buy back its own token. That means token demand could be lifted as derivatives trading volumes on Hyperliquid increase.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
