tech
Bitcoin soars to nearly $80,000—but crypto’s new favorite coin, Hyperliquid, is stealing its thunder
Bitcoin is surging again. The cryptocurrency climbed above $78,200 on Friday for the first time since May. But it wasn’t the only crypto asset posting big gains. Hyperliquid, the decentralized perpetual futures exchange, reached a record $75, leaving its HYPE token up over 195% so far this year, according to CoinGecko.
TL;DR
- Hyperliquid is capturing Bitcoin's momentum as traders opt for perpetual futures during the current crypto rally.
- The platform's popularity is drawing market share that might otherwise have gone to direct Bitcoin purchases.
- Hyperliquid processed over $633 billion in volume in Q1 2026, a significant increase from Q2 2024.
- Perpetual futures on Hyperliquid allow traders to speculate on price without holding the underlying token, making it attractive to active traders.
- President Trump has expressed support for bringing Hyperliquid to the U.S. in a compliant manner.
- Bitcoin's rally was influenced by macro factors like a Treasury Department bond-buyback announcement and significant short liquidations.
- Political actions, including Trump urging Congress to pass the Clarity Act and the CFTC developing clearer rules, are supporting the crypto market.
- Worries over U.S. debt and a weakening dollar are increasing investor interest in alternative assets like Bitcoin.