Hyperliquid’s HYPE Flies to 2-Month High, Bitcoin (BTC) Taps $89K: Market Watch

Bitcoin’s gradual price recovery drove the asset to $89,500 hours ago, where it faced some resistance and now sits around $89,000.

While most larger-cap altcoins have produced gains over the past 24 hours, the same trading period belongs to Hyperliquid’s HYPE, which has rocketed by another 25% to a multi-month peak.

BTC Taps $89K

After nosediving last week from over $95,000 to under $88,000 in the span of just a few days following the latest rise in geopolitical tension, BTC tried to recover some ground on Friday when it bounced to $91,000. However, that was another fakeout, and it quickly lost that level, going south to $89,000, where it spent most of the weekend.

Sunday evening and Monday morning brought fresh losses as bitcoin dumped to $86,000 for the first time in well over a month. The bulls finally stepped up at this point and helped the cryptocurrency recover some ground to around $88,000.

The past 24 hours were slightly more positive for the asset. After a minor dip to $87,500, it bounced off and surged to $89,500 to market a four-day high. It couldn’t penetrate that level and now sits around $89,000, but it’s still roughly 1% up on the day.

Its market capitalization has neared $1.780 trillion, while its dominance over the altcoins on CG is down to 57.3%.

HYPE Keeps Pumping

Hyperliquid’s native token has emerged as the top gainer for a second consecutive day. It has doubled down on its 25% price increases and, after another similar surge, has risen to over $34 for the first time in almost two months.

Although most larger-cap alts are in the green, even the top performers have charted significantly less impressive increases over the past day. DOGE, AVAX, and MNT are up by 3%, while ETH, BNB, and SOL have risen by up to 2.5%.

Nevertheless, the total crypto market cap has added more than $50 billion daily and has reclaimed the $3.1 trillion level on CG.