Hyperliquid Tops $50 for First Time in Eight Months, Up 97% This Year

Hyperliquid's HYPE token has risen above $50 for the first time in eight months.

CoinMarketCap data on May 20 showed HYPE up more than 4.5% from a day earlier, trading above $50. It was the first time in eight months that the token had climbed past that level. The gain also lifted Hyperliquid back into the top 10 cryptocurrencies by market capitalization.

HYPE is up about 20% from a month earlier. Its cumulative gain this year has reached about 97%, according to BlockBeats.

Investor interest in Hyperliquid's HIP-3 pre-IPO perpetual futures market appears to have supported the token's advance. Hyperliquid has already launched perpetual futures contracts linked to pre-IPO companies including SpaceX, Anthropic and OpenAI.