Hyperliquid DEX is making waves with record volumes on perpetual contracts. Un unprecedented frenzy shakes the market, putting the HYPE token at the center of speculation. Will this boom push HYPE to $40... or is it a bubble about to burst? Analysis ahead.
Bitcoin derivatives products, especially perpetual contracts, are highly sought after by investors due to their user-friendly nature and attractive funding rates. Despite the dominance of centralized platforms like Binance and OKX, HYPE’s DEX has managed to establish itself in this market, leveraging its decentralized philosophy.
According to a Bloomberg report, Hyperliquid‘s user-centric approach, which allows anonymous trading, has been the driving force behind its rapid growth. The numbers are impressive: the Bitcoin open interest (OI) on Hyperliquid has surpassed $1.8 billion, more than Deribit. In total, the platform’s OI stands at $5.6 billion, having processed over $1 trillion since its inception.
Source: Hyperliquid
With this momentum, Hyperliquid could soon challenge OKX’s dominance in the Bitcoin perpetual contracts market. Moreover, HYPE holders enjoy fee discounts, while a buyback program reduces the circulating supply, creating increasing demand for this token.
Technically, HYPE is approaching an inverse head and shoulders pattern, a potentially very bullish signal. If this trend confirms, the token could reach a new high at $45. The condition is first to break through the $27 and $35 levels. On the downside, the $19.6 support (50-day exponential average) could be crucial.
In summary, Hyperliquid has made a significant breakthrough in the Bitcoin perpetual contracts market, disrupting the dominance of centralized platforms. This emerging dominance could propel its HYPE token to new heights in the coming months.
If you are considering buying HYPE, here’s how you can do it easily on one of the top exchange platforms:
Before investing, it is always advisable to gather information and adjust your strategy according to the market context.
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