TL;DR
- Hyperliquid jumped 8% on the day, hitting a new all-time high of $45.59 and locking in a 385% gain in Q2.
- USDC inflows into Hyperliquid climbed from $2.72B to $2.957B, securing its lead as the top DeFi derivatives exchange.
- With a $15B market cap, HYPE narrowed the gap with Cardano to $7B and could overtake it by year-end if momentum holds.
Hyperliquid continues the bullish momentum that turned it into one of 2025’s top-performing tokens. This week, its price hit a fresh all-time high of $45.59, following an 8% intraday jump that secured a 385% gain for the second quarter. The rally fueled speculation about its potential entry into the top 10 cryptocurrencies by market capitalization.
The promotional push around Hyperliquid began in mid-June when Wintermute founder Evgeny Gaevoy suggested that a public debate between Jeff Yan and CZ on X had served as an unofficial marketing move to draw attention to the token. The announcement of HYPE’s Binance listing on June 3rd confirmed the rumors and triggered a wave of demand. In less than ten days, HYPE broke past its previous ATH of $39 and entered price discovery.
Institutional interest climbed as well. According to Dune Analytics, USDC flows tied to Hyperliquid rose from $2.72B to $2.957B within a few sessions. Meanwhile, the platform secured its position as the top decentralized derivatives exchange by trading volume in the first half of the year, gaining strong traction in a market that prioritizes liquidity and execution speed.
Hyperliquid (HYPE) on Track to Overtake Cardano (ADA)
A notable trigger for the bullish surge came from a whale opening a 4x leveraged long position on HYPE, posting a floating profit of over $13.7M after the latest price move. These trades often fuel short-term volatility and accelerate sharp price rallies.
With a market cap near $15B, Hyperliquid is now targeting Cardano’s 10th spot, currently at $22B. The $7B gap could narrow quickly before year-end if current momentum holds.
Looking ahead, analysts have set $50 as the immediate target. If achieved, the next levels of interest are $65 and $100 — figures that align with Fibonacci projections and key psychological thresholds. Holding support at $39 and $30 will be crucial to sustaining the bullish structure in the face of profit-taking.
