I Price of Hyperliquid is seeing renewed bullish momentum, recording gains that doubled last week and offsetting the decline of the broader crypto market. This comes as a result of fundamentals in the token ecosystem, including rising interest in decentralized exchanges (DEX).
Why Hyperliquid Prices Are Rising
Hyperliquid’s price has risen more than 58% in the past seven days, outperforming the broader crypto market as Bitcoin trades just below the psychological level of $90,000. This price increase came after the hike HIP-3 open interest for Hyperliquid. DEX announced on X post that open interest reached an all-time high of $790 million, driven recently by an increase in commodity trading.
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The exchange added that the open interest of HIP-3 has been hitting the highest level every week, after it was just $260 million last month. HIP-3 empowers anyone introducing an endless custom market for crypto, assets such as gold and silver, and other assets such as stocks. Due to this development, the DEX is seeing an increase in trading activity, which has led to an increase in the price of Hyperliquid.
Notably, the price of Hyperliquid has benefited from the rise of precious metals, the permanent silver market on the DEX is seeing a lot of trading activity. CoinGecko data shows that the Silver perpetuals market is the third largest in the last 24 hours, behind Bitcoin and Ethereum, with a trading volume of just over $1 billion.
In an X postHyperliquid founder Jeff Yan noted that the DEX has reached an important milestone of becoming the most liquid place for the discovery of crypto values in the world. This came as he highlighted order books for BTC perps on Binance and his DEX. He added that Hyperliquid has also grown to become the most liquid place for traditional-finance assets (TradFi).
Less Pressure to Sell and More Pressure to Buy HYPE
In an X postHyperliquid contributor Henrik noted that the price of Hyperliquid is also rising now that most of the selling pressure has gone. On the other hand, HYPE is seeing a lot of demand, including from digital heritage companies like Hyperliquid Techniques. He also highlighted the imminent Kraken HYPE listing, which is bullish for the token. Meanwhile, Henrik said Hyperliquid dominates all trading metrics, including volume and open interest.
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The increase in DEX trading activity is also significant and powerful for the price of Hyperliquid, as most of the income from the protocol is directed Relief Fundwhich is used to return HYPE tokens to the open market. DeFiLlama data shows that DEX is currently among the top five deals with funds generated in the last 24 hours.
At the time of writing, the price of Hyperliquid is around $34, up more than 27% in the last 24 hours, according to the report. data from CoinMarketCap.
Featured image from Medium, chart from Tradingview.com
