Hyperliquid Crypto Makes It Into The Top 10, Dethroning Cardano

Key Insights:

• Hyperliquid Crypto rides on demand driven by geopolitical trading, pushing its market cap past $10 billion.
• Leveraged S&P500 contracts on Hyperliquid drive appeal.
• Hyperliquid TVL pushes to $1.8 billion while daily open interest eyes $1.5 billion.

The Hyperliquid crypto has finally made it into the top 10 coins by market cap. This is the first time that it has achieved this goal, but savvy crypto analysts may have seen it coming from a mile away.

Hyperliquid joining the top 10 coins was a matter of when, rather than if. This is because its native DEX has been transformed into the go-to trading platform for those looking to trade geopolitical events.

The ease of launching tokenized assets on Hyperliquid through HIP-3 has certainly driven demand for the Hyperliquid crypto. The latter dethroned Cardano and its native coin to secure the 10th spot in the list of leading cryptos by market cap.

Hyperliquid Crypto Jumps into the Top 10 Crypto List | Source: CoinMarketCap

Cardano practically handed over the position, considering its price weakness over the last few weeks. It was still stuck within the sideways range while the Hyperliquid (HYPE) crypto adopted a steep uptrend since the last week of February.

Hyperliquid Crypto Benefits From Leveraged S&P500 On-chain Presence

Although Hyperliquid (HYPE) token market cap growth reflects the platform’s popularity, it has been outpacing other similar platforms offering tokenized assets.

This success was not just a fluke but the result of deliberate moves aimed at attracting big players.  Hyperliquid became the go-to platform for whales seeking a platform where they could execute leveraged trades.

Interestingly, the platform continues to deploy the same strategy. For example, recent data revealed that it will be offering perpetual contracts allowing leveraged on-chain access to the S&P500.

S&P 500 Perpetual Contract | Source: trade.xyz, X

Why is this exciting for crypto traders? This is the first time that the Dow Jones has officially licensed these indices in tokenized form. This move could potentially attract robust trading volumes to Hyperliquid.

Hyperliquid crypto demand is tied to the growth of these tokenized offerings through HIP-3. This has actually been one of the key reasons why the HYPE token has been rallying even as most of the other top cryptos were stuck moving sideways.

For context, HYPE token pulled off a 70% plus gain from its lowest price point in February ($25.6) to its recent high of $43.7 on 18 March.  It has since retreated after courtesy of a short-term profit-taking event to trade at $38.5 at press time.

Hyperliquid Key Metrics Recap

The recent strength and excitement around Hyperliquid (HYPE) crypto and its offerings were also accompanied by surging activity. This was quite evident through the HIP-3 open interest, which approached $1.5 billion in the last 24 hours.

Hyperliquid HIP-3 open interest | Source: ASXN

The HIP-3 open interest was less than $100 million in October last year. This rapid growth highlights just how rapidly the platform has gained popularity.

Another key metric that was noteworthy was Hyperliquid’s total value locked. It maintained an overall uptrend since late January, during which it bottomed out at $1.18 billion and has since surged to $1.78 billion at press time.

Transaction activity on Hyperliquid remained significantly elevated, as was the case in the last few months. Transactions on the platform crossed 11 million on Thursday after bouncing from 4.5 million transactions on Sunday.

Transaction Activity Reflects Hyperliquid Crypto Surge | Source: Artemis Analytics

The rising transaction activity signals that the assets recently tokenized through HIP-3 have been driving serious volumes.

The timing was also noteworthy, given that assets like gold and oil were among the most traded on the Hyperliquid (HYPE) platform.

In summary, Hyperliquid crypto has somehow managed to capitalize on unique opportunities under extreme market conditions. This suggests that it could perform even better once crypto winter ends.

The post Hyperliquid Crypto Makes It Into The Top 10, Dethroning Cardano appeared first on The Coin Republic.