Hyperliquid’s HYPE Surges as It Targets $45 After Flipping Deribit in Bitcoin Perpetuals Market

HYP’s surge in the cryptocurrency market marks a pivotal moment as Hyperliquid overtakes Deribit in Bitcoin perpetual swaps, raising expectations for further growth.

  • Hyperliquid flipped Deribit in the Bitcoin perps market and could go for OKX as the next target.

  • HYPE was forming a bullish pattern that could rally it to $45 if validated.

Hyperliquid [HYPE] has gained a Bloomberg spotlight after breaking into the CEX (centralized exchange)-dominated Bitcoin perpetual swaps (perps) market. Is this the larger trend that could fuel its native token, HYPE, higher?

Hyperliquid Growth Surge Continues

Bitcoin perpetual swaps are gaining traction among retail investors due to their straightforward design based on Funding Rates. This segment has been heavily dominated by centralized platforms like Binance, Bybit, OKX, and Deribit.

However, Hyperliquid, a DEX (decentralized exchange) operating on its own blockchain, is steadily capturing market share from these established players.

A source from the Bloomberg report attributed Hyperliquid’s rapid growth to a user-focused approach, particularly appealing to those desiring anonymity in trading.

“It consolidated a fragmented DeFi trader user base with good UX, kept the advanced retail around with deep liquidity and solid tech, then made everyone an owner with airdrops, creating an organic, but cult-like following.”

According to Velo data, Hyperliquid’s BTC open interest (OI) has soared to $1.8 billion, exceeding Deribit’s $1.14 billion.

Hyperliquid

OKX’s $2.56 billion could be the next to be toppled if Hyperliquid maintains its growth trajectory. Notably, Hyperliquid’s total OI reached an all-time high of $5.6 billion across all available tokens, including SOL and ETH.

Since its launch, the DEX has executed over $1 trillion in total trading volumes.

Hyperliquid HYPE

Source: Hyperliquid

The adoption rate has been remarkable. Since the market rebound in April, new daily users surged from 200 to over 2,000, translating to a staggering 900% increase in adoption.

During this period, HYPE, the DEX’s native token, appreciated over 170%. HYPE holders stand to benefit from fee discounts, and an active deflationary program (buyback) further reduces supply, enhancing demand and potential value appreciation.

On the daily price chart, there are indications of a bullish inverted head and shoulders pattern.

If validated, HYPE could potentially soar to a new high of $45. However, it must first clear the neckline at $27 and overhead resistance at $35 for this ascent.

Hyperliquid

Source: HYPE/USDT, TradingView

In terms of risk management, the 50-day Exponential Moving Average (EMA) positioned at $19.6 could serve as support should a significant pullback occur.

Conclusion

In summary, Hyperliquid’s impressive growth trajectory in the Bitcoin perps market not only signifies a shift in trading dynamics but also sparks curiosity about HYPE’s future performance. As the crypto landscape evolves, keeping an eye on these developments will be critical for investors looking to navigate opportunities while managing risks.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

a16z Transfers 300,000 COMP Tokens to Coinbase Prime, Retains 500,000 COMP Holdings

According to recent on-chain analysis by Loma, the prominent...

Bitcoin Spot ETF Sees Massive $5.01 Billion Net Inflow Driven by BlackRock and Fidelity Investments

According to recent data from Farside Investors, the U.S....

Ethereum Spot ETF Sees $77.5 Million Net Inflow Driven by BlackRock and Fidelity Investments

According to COINOTAG News on June 28th, data from...

SharpLink Gaming Expands Ethereum Holdings with $4.82M OTC Purchase Following $4.7B Buy

SharpLink Gaming has expanded its cryptocurrency holdings with a...

Binance Alpha Trading Volume Hits $486M with BR Leading at $314M on June 27

According to data from the @pandajackson42 dashboard, Binance Alpha's...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img