Bitcoin (BTC) has recorded a new all-time high (ATH), and HYPE, the native token of Hyperliquid, could be next.
The token's prospects look very promising due to recent Bybit listing, Grayscale's third-quarter asset consideration list, and expanding influence in the DeFi sector of Hyperliquid.
HYPE Token, All-Time High in July?
BeInCrypto previously reported that HYPE experienced a price correction after reaching a record high on June 16. However, the token maintained its resilience and recovered most of its gains. In fact, the rally has been accelerating since the beginning of this week, with HYPE experiencing consecutive sharp increases.
According to the latest data, HYPE rose 7.62% in the past day. At the time of writing, the altcoin is trading at $44.55, which is 2.2% below its previous high.
Meanwhile, the 24-hour trading volume surged to $421.8 million, representing a 40.2% increase and reflecting increased trader activity.
The positive momentum is not isolated, with the overall market also showing an upward trend. HYPE has several additional factors supporting its price increase. Today, Bybit, a major centralized cryptocurrency exchange, announced the listing of HYPE on its spot trading platform.
"We are pleased to announce the listing of Hyperliquid (HYPE) on the spot trading platform! Hyperliquid (HYPE) and its pair will be listed in the main trading zone." – Announcement
The exchange added that HYPE deposits will open at 3:00 AM UTC, with official trading beginning at 9:00 AM. HYPE withdrawals will be possible from 10:00 AM.
Grayscale's decision to include HYPE in its 2025 third-quarter asset consideration list further fueled optimism. This indicates that institutional investors recognize the token's growth potential, which could attract additional interest and enhance HYPE's legitimacy and future adoption possibilities.
Additionally, the growth of the Hyperliquid platform has contributed to HYPE's growth. Earlier this week, BeInCrypto reported that Hyperliquid's daily revenue has consistently exceeded Ethereum and Solana over the past three months.
Moreover, the DeFi protocol leads the perpetual trading market with a 60% market share. Hyperliquid's recent integration with Phantom Wallet has further expanded its reach.
Therefore, all these factors paint a positive outlook for the HYPE token. It remains to be seen when and how the 2.2% gap from the ATH will be closed.
