Hyperliquid Hits Record High as Rally Extends
Summary
- The price of global decentralized exchange Hyperliquid (HYPE) hit a record high for the first time in about eight months.
- About $34 million in liquidations occurred over the past 24 hours, and the token has climbed nearly 43%% over the past week.
- A US spot Hyperliquid ETF recorded $25.5 million in net inflows, as the protocol expanded its market share in the on-chain derivatives market.
Forecast Trend Report by Period
Hyperliquid, the token of the global decentralized exchange, climbed to a record high.
CoinMarketCap data on May 21 showed HYPE trading in the upper-$59 range at one point, up nearly 16% from a day earlier. The move took it past its previous record of $59.4, marking its first all-time high in about eight months.
The rally also triggered heavy liquidations in the futures market. CoinGlass data showed about $34 million of Hyperliquid positions were liquidated over the past 24 hours, including about $32 million in short positions.
Hyperliquid's gains accelerated this week. CoinMarketCap data showed the token has risen nearly 43% over the past seven days.
A US spot Hyperliquid ETF also recorded $25.5 million in net inflows on May 21, the largest since its May 12 launch.
Hyperliquid has been rapidly gaining market share in the on-chain perpetual futures and derivatives market. The Hyperliquid network accounted for about 42% of total blockchain fees this week, according to The Block. Tron followed with 22.6%, ahead of Solana at 10.6% and Ethereum at 8%.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
