Hyperliquid HYPE surges 2.2% to $46.74 on Bitcoin breakout

Hyperliquid (HYPE) has recently surged to a new all-time high of $46.74, marking a significant milestone in its price discovery phase during the ongoing 2025 crypto bull market. This surge has positioned HYPE as a large-cap altcoin with a fully diluted valuation of approximately $46.7 billion, reflecting a 2.2% increase in value following Bitcoin’s breakout to $118K.

Despite the impressive performance, the likelihood of HYPE reaching $100 by the end of 2025 remains modest, with Polymarket indicating a 19% chance of this occurring. However, a majority of bets on Polymarket suggest that investors are optimistic about HYPE hitting $50 in 2025, particularly with the anticipation of an imminent listing on a major exchange.

The Hyperliquid platform, which focuses on perpetual futures trading, has grown to become a vital decentralized exchange (DEX) with over $10 billion in Open Interest. This growth has propelled HYPE to the 12th largest digital asset by market cap in less than a year, underscoring its rapid ascent in the crypto market.

On-chain data reveals that the HYPE token has garnered significant attention from both retail and whale investors. For instance, a newly created address withdrew 118,856 HYPE tokens at an average price of $46.27 per token over the past 24 hours. Additionally, the Assistance Fund, Hyperliquid’s treasury fund, purchased around 81,060 HYPE tokens from the secondary market in the last 24 hours, bringing its total holdings to 26,097,438.13 HYPE tokens, valued at approximately $1.205 billion.

Trading activity on the Hyperliquid platform remains robust, with the platform recording about $470 million in traded volume during the past 24 hours. This places Hyperliquid in the eighth spot in daily average volume among decentralized exchanges, further highlighting its growing influence in the crypto trading landscape.

Analysts are divided on the future price trajectory of HYPE. Some, such as crypto trader alias KNIGHT, predict that the price of HYPE will reach $100 before the end of 2025, driven by strong fundamentals and speculative momentum. However, the bullish outlook could be tempered if HYPE fails to maintain support between $31 and $37 in the coming weeks. Technical indicators, such as the daily MACD indicator, which recently flashed a buy signal, could provide confidence for trading HYPE amidst heightened volatility.