PiCK
Hyperliquid Jumps to Record High on Hopes for US Market Entry
Forecast Trend Report by Period
Hyperliquid's HYPE token climbed to a record high.
HYPE rose as much as $77.55 intraday on Aug. 21, according to CoinMarketCap, topping its previous high set in June. The token has gained about 35% over the past week, bringing its market capitalization to nearly $17 billion.
Expectations for a US market entry fueled the rally. President Donald Trump said at the White House on Aug. 19 that Michael Selic, chairman of the Commodity Futures Trading Commission, was working to bring Hyperliquid into the US in a fully compliant and legal way. HYPE surged about 19% that day and extended gains for a second straight session to set a new record.
Hyperliquid is an on-chain trading platform focused on perpetual cryptocurrency futures. It allows users to trade cryptocurrencies, commodities and tokenized stocks without using a centralized exchange. Its native token, HYPE, is used for network staking and governance. A legal path into the US, the world's largest derivatives market, could significantly expand its user base and liquidity.
Improving sentiment across the broader crypto market also supported the advance. Bitcoin rebounded on expectations of additional purchases by the US government and expanded Treasury buybacks, helping drive buying into altcoins. Hyperliquid's structure of using part of platform fee revenue to buy HYPE has also supported the token's price.
