HYPE tokens closed at nearly $60 in an all-time high after 8% daily gains, while Binance-backed rival ASTER surged 350%.
The native token for the decentralized crypto derivatives exchange Hyperliquid hit a new peak price level on Thursday as altcoins outperformed on Fed rate cuts.
Hyperliquid (HYPE) hit an all-time high of $59.29 during early trading on Thursday following a daily gain of around 8%.
The asset, which has a market capitalization of just under $16 billion, has surged almost 40% over the past month, massively outperforming the top three cryptocurrencies by market capitalization: Bitcoin (BTC), Ether (ETH), and XRP (XRP).
Hyperliquid is a decentralized exchange for perpetual futures, derivative contracts without an expiry date, allowing speculators to take leveraged positions on crypto assets without owning them.
BitMEX founder Arthur Hayes was one of the first to comment on the milestone on Thursday, calling it an “All-time Hype.”
In August, Hayes said that the token has a potential 126 times upside, adding that stablecoin expansion would push the DEX’s annualized fees to $258 billion, from its current annualized revenue of $1.2 billion.
Nansen highlighted one trader who has a leveraged long position on HYPE with a position value of $30 million.
The analytics platform reported that the trader is currently holding an unrealized profit of $1.39 million and is still adding to the position. They first started longing around three hours ago, and have been adding around 123 HYPE to their position every 30 seconds.
Related: How Hyperliquid hit $330B in monthly trading volume with just 11 employees
HYPE is one of today’s top altcoin performers, with only Avalanche (AVAX) doing better in the top forty with a 9.5% gain on the day.
A few hours prior to the HYPE peak, former Binance CEO Changpeng Zhao posted a chart for ASTER, the native token of a rival derivatives DEX.
ASTER, which launched as Aster Chain in July, is a new crypto derivatives exchange backed by CZ-affiliated YZi Labs, formerly Binance Labs and BNB Chain’s leading DEX PancakeSwap, as a direct competitor to Hyperliquid.
The native token, which began trading on Wednesday, has already surged more than 350% to an all-time high of $0.50, according to CoinMarketCap.
“CZ rarely shares charts. But he posted ASTER. Why? Because it’s a direct Hyperliquid rival, and Hyperliquid keeps stealing Binance’s market share,” commented Hunters of Web3 founder ‘LANGERIUS’.
In April, Cointelegraph reported that Hyperliquid trading volumes were cutting into Binance’s share. However, the DEX has a long way to go with a current daily volume of $790 million, compared to Binance’s $34 billion, according to CoinGecko.
