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Hyperliquid (HYPE) is up 21% in August, but can it sustain the rally?

  • Hyperliquid hits $3B daily spot volume, $87M monthly revenue.
  • Hyperliquid now controls nearly 80% of the decentralised perpetuals market.
  • However, risks like validator centralisation and volume dependence still persist.

Hyperliquid’s native token HYPE has climbed 21.7% so far in August, cementing its position among the best-performing large-cap cryptocurrencies.

At around $45, the token is just below its July all-time high of $49.75, while daily trading volumes continue to surge.

The question many investors are asking is whether this momentum can last, or if the rally risks losing steam as broader market conditions shift.

Momentum builds on strong fundamentals

Unlike most altcoins that struggled during this month’s market pullback, HYPE has remained resilient.

While Bitcoin slipped back to $111,000 from a $117,000 peak after Jerome Powell hinted at possible rate cuts in September, Hyperliquid’s numbers kept growing.

Spot trading on the platform hit a record $3 billion in a single day, including $1.5 billion in Bitcoin alone, making it the second-largest venue for spot BTC trading across both centralised and decentralised exchanges.

At the same time, the exchange generated $93.5 million in fees and nearly $87 million in revenue this month, marking its strongest month on record.

These metrics highlight a platform that is not only attracting traders but also converting activity into substantial cash flow. This contrasts with rivals that often struggle to scale revenues despite surging volumes.

A rising star in the perpetual futures market

Hyperliquid’s rapid rise has also been fueled by its dominance in decentralised perpetuals, where it now controls close to 80% of the market.

On the broader decentralised exchanges category, Hyperliquid controls 18.4%, the largest market share, according to data from Coingecko.

At its peak, the platform processed as much as $30 billion in daily trades, a level that only a handful of decentralised exchanges have ever reached.

The exchange’s success comes from a combination of technical efficiency, including sub-second finality through its HyperBFT consensus, and a community-first approach with fee-sharing incentives for traders and developers.

The strategy has allowed Hyperliquid to eclipse established rivals such as dYdX, which saw its market share shrink from 30% at the start of 2024 to just 7% by year-end.

Today, Hyperliquid’s trading share has stabilised above 65% and at times touched 80%, cementing its position as the leading decentralised exchange for perpetuals.

Big predictions, bigger risks

The platform’s rise has not gone unnoticed. During a keynote at WebX Tokyo, BitMEX co-founder Arthur Hayes predicted HYPE could climb 126 times over the next three years if its fee revenue scales from $1.2 billion to more than $250 billion.

Markets reacted quickly, with HYPE’s price briefly spiking and trading volume surging more than 60% in 24 hours.

Still, Hayes himself admits his bold calls are only right about a quarter of the time. Analysts have also cautioned that Hyperliquid faces risks.

The platform relies heavily on sustained trading volumes, leaving it vulnerable to downturns in a prolonged bear market.

With only 16 validators, concerns around centralisation and transparency remain.

A lack of open-source code and reliance on a small team also expose it to execution risks.

Can the Hyperliquid price rally last?

For now, HYPE’s fundamentals appear strong enough to support its recent rally.

Its growing fee revenue, record spot volumes, and overwhelming market share in perpetual futures point to a platform that is executing with remarkable precision.

Valuation estimates from OAK Research put HYPE’s fair value between $32 and $49, suggesting it is trading near the higher end of conservative models but not wildly overstretched.

Whether the rally can extend depends on broader market conditions and Hyperliquid’s ability to manage its risks.

If on-chain trading continues to grow and the platform sustains its current pace of adoption, HYPE may well have room to climb higher.

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Bitcoin drops to $111K as post-Jackson Hole bounce fades

  • Bitcoin price has dropped to lows of $110,956 as gains seen on Friday disappear.
  • The downturn has accelerated amid the BTC sell-off and decline in dominance.
  • Analysts say Bitcoin can extend losses below $110k amid wider fall.

Bitcoin’s downturn since the brief surge post Federal Reserve chair Jerome Powell’s speech at Jackson Hole on Friday has extended to below $111k.

The benchmark digital asset has slipped more than 3% to drop to lows of $110,956 across major exchanges, with BTC struggling as the bounce that followed Powell’s comments on cryptocurrency quickly fades.

Bitcoin’s dominance was also falling sharply, down to around 57%.

Analysts remain bullish, but could Bitcoin price drop below $110k and trigger further losses?

Bitcoin extends dip to $111k

Cryptocurrencies spiked on Friday as risk assets exploded amid comments by Powell that the central bank could consider cutting rates sooner.

However, the brief rally that followed the Jackson Hole economic symposium has since swiftly unravelled, with Bitcoin plummeting to touch lows of $110k.

On Aug. 22, BTC saw an intraday peak of $117k – up from lows of $113k earlier in the day.

According to QCP, the downturn to current prices comes as an early whale offloaded a substantial $2.7 billion in BTC.

This rapid sell-off has accelerated a dip in BTC dominance, which hovers around 57%.

Meanwhile, Bitcoin’s weakness has been evidenced by a dip in spot exchange-traded funds (ETFs) flows, with six consecutive sessions of outflows putting bulls under pressure.

What next for BTC? Analysts’ take

Bitcoin’s long-term trajectory remains largely bullish, and a bounce to the all-time high above $124k is not an impossibility.

However, analysts at Glassnode are pointing to a short-term downside arc.

Particularly, all Bitcoin cohorts, with those in the 10- 100 BTC group biggest sellers, are in a distribution phase.

Increased selling could be bad news for bulls as a breakdown below $110k could ensue.

But despite this outlook, analysts at QCP Group maintain that Bitcoin is bullish.

The analysts say that despite the current sell-off, buyers can easily absorb the pressure as happened in July.

With BTC dominance slipping, it is Ethereum that may benefit, the analysts said.

“BTC dominance slipped from 60% to 57%. Still above the sub-50% levels of 2021, but enough to fuel speculation that whales expect $ETH to outperform, especially if ETH staking ETFs secure approval later this year,” QCP noted.

Bitcoin price currently hovers around $111,200, bouncing off lows last seen in early July. Investors will be watching that $110k level as well as broader market conditions.

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Ontology price skyrockets 55% to hit six-month high

  • Ontology price rose more than 50% to lead the top gainers across crypto.
  • The altcoin gained as Bitcoin and Ethereum dropped, with the ONT price hitting a six-month high.
  • ONT could retreat amid profit-taking.

Ontology has defied broader crypto dumping to skyrocket more than 55% to highs near $0.22, hitting its highest level in six months.

The uptick for Ontology (ONT) comes as the cryptocurrency market witnesses a significant uptick in sell-off pressure, with Bitcoin dropping to under $112k and Ethereum giving up gains after a new all-time high.

But as these top headline makers struggle, ONT is grabbing most attention amid its 55% price surge.

Ontology price spikes 55% to 6-month high

Ontology (ONT) has seen a remarkable 55% price surge, reaching an intraday peak of near $0.22, its highest level in six months.

The altcoin traded at lows of $0.13 in the morning session, but marched higher to reach levels seen at the start of February 2025.

With trading volume soaring by over 4,600% to more than $337 million, Ontology price stands out as one of the outperformers on the day.

As BTC and ETH pare gains, Ontology’s 24-hour gains come amid heightened activity around the decentralised identity protocol’s native token.

Mainstream adoption of artificial intelligence and blockchain has Ontology’s infrastructure for decentralised identity and data privacy, drawing significant interest.

The project’s focus on regulatory compliance for digital identity solutions and blockchain interoperability is a key cog in its adoption curve.

Analysts predict ONT could benefit from this outlook to target more gains.

Ontology price forecast: What’s the technical picture?

The price of Ontology breaking out as the rest of the market fights to hold onto recent gains suggests holders may have to deal with incoming downside pressure.

ONT going vertical will welcome a pullback, likely to a demand reload zone.

However, open interest in ONT has increased by over 617% to nearly $60 million.

This indicates trader confidence and speculative interest amid the token’s upward trajectory.

Ontology’s price outlook as open interest rises, combined with high trading volumes, suggests a potential bullish continuation.

Ontology Price Chart
ONT price chart by TradingView

From a technical perspective, ONT is trading Relative Strength Index (RSI) on the daily chart at 81.

RSI at these levels shows the asset firmly in the overbought territory and thus leaning toward a reversal.

The Moving Average Convergence Divergence (MACD), however, shows a bullish crossover, indicating bulls have the upper hand and that a sustained rally may yet unfold if a retest allows buyers to establish a footing at key support levels.

On the daily chart, these areas lie around $0.20 and $0.17.

On the flipside, a break above $0.27 will allow buyers to aim for $0.40.

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ZRO targets $2.60 as Stargate approves LayerZero’s acquisition proposal

TL;DR

  • ZRO is down 7.5% and is now trading at $2.01.
  • The bearish performance comes despite Stargate DAO approving LayerZero’s acquisition proposal.

Stargate DAO approves LayerZero’s acquisition proposal

The cryptocurrency market was volatile over the weekend, with massive gains recorded on Friday wiped out on Sunday. Bitcoin briefly dropped to the $110k region while Ether is now trading above $4,700 after setting a new all-time high of $4,953.

The bearish performance affected LayerZero’s ZRO as the coin has now lost more than 7.5% of its value in the last 24 hours. Thanks to this bearish trend, ZRO is now trading at $2.01.

The negative performance comes despite a massive development for the LayerZero ecosystem. LayerZero Foundation announced on Saturday that Stargate’s governance organization has approved its acquisition offer with nearly 95% of votes in favor.

The approval came despite Wormhole making a late $120 million cash offer. Furthermore, Across co-founder Hart Lambur and the Axelar Foundation both said they would make formal bids if the process was slowed.

ZRO could top $2.6 if bullish momentum returns

The ZRO/USD 4-hour chart is bearish and efficient as LayerZero has been underperforming, similar to the broader cryptocurrency market. The technical indicators are also bearish, indicating that the sellers are currently in control.

The RSI of 54 shows that ZRO is heading into the negative territory if the sell-off continues. The MACD lines are also close to switching into the bearish region. 

ZRO/USD 4H Chart

If the sell-off continues, ZRO could drop to the Friday low of $1.85 over the next few hours. Failure to defend this support level could see ZRO retest the monthly low of $1.625.

However, with the positive news coming from the LayerZero ecosystem, ZRO could bounce back and reclaim the first major resistance level at $2.38. An extended bullish run would see ZRO surpass its monthly high and hit $2.60.

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What sparked the sudden crypto market surge?

  • Crypto market cap has rebounded above $4T after Fed rate-cut signals.
  • Bitcoin reserve proposals boost confidence in digital assets.
  • Ethereum and Chainlink lead altcoin rally with double-digit gains.

The cryptocurrency market has staged a remarkable rebound, with total market capitalisation climbing more than 5% in the past 24 hours to reclaim the $4.01 trillion level.

Ethereum (ETH) has emerged as the standout performer among the top ten digital assets by market cap, soaring by 13.12%.

Chainlink (LINK) has also drawn attention with a rise of 10.37%, showing strong investor appetite for altcoins as momentum builds across the sector.

Fed shift fuels optimism

One of the biggest drivers behind the surge came from comments by US Federal Reserve Chair Jerome Powell at the Jackson Hole symposium.

Powell signalled that economic conditions may justify an interest-rate cut in September, reversing the hawkish stance that had weighed on markets for months.

Traders quickly interpreted this as a dovish pivot, sparking renewed appetite for risk assets.

Bitcoin (BTC) surged from local lows of $111,658 to above $116,000 within minutes of Powell’s remarks, setting the tone for the broader crypto market.

Lower interest rates generally encourage investors to move capital into higher-yielding assets, and cryptocurrencies are often prime beneficiaries of such flows.

The dollar weakened on Powell’s comments, adding to bullish sentiment across digital markets.

This macro backdrop provided the ideal setup for both Bitcoin and altcoins to rally in tandem, lifting total market capitalisation firmly back into the $4 trillion range.

Bitcoin reserves narrative builds

Another key factor has been the growing momentum around the idea of governments holding Bitcoin as a strategic reserve.

Most recently, the Philippines has introduced a bill to create a Bitcoin reserve, following similar proposals in the United States.

This development reinforced the narrative of Bitcoin’s institutional role in global finance and gave investors another reason to build exposure.

Market observers note that such proposals carry symbolic weight, even before they become policy.

They demonstrate that Bitcoin is increasingly being viewed not just as a speculative asset but as part of a broader macroeconomic conversation.

This narrative helped underpin the recovery in Bitcoin’s price while supporting the rally in altcoins tied to sovereign and institutional themes.

Altcoins take the spotlight

While Bitcoin’s rebound grabbed headlines, much of the excitement has come from the altcoin space.

The Altcoin Season Index has climbed sharply, reflecting a rotation of capital from Bitcoin into higher-beta assets.

ETH has broken through key resistance levels, while the likes of LINK have posted impressive gains.

Solana (SOL) and Binance Coin (BNB) have also posted strong gains, with traders positioning for extended rallies if momentum continues.

This rotation indicates a willingness among investors to take on more risk, a trend often seen during bullish phases of the market.

Although derivatives open interest has fallen, suggesting cautious leverage, spot buying has remained robust.

The move into altcoins highlights growing confidence that the rally is not confined to Bitcoin alone but is part of a broader recovery story.

Crypto market outlook

The sharp recovery in the crypto market underscores how sensitive digital assets remain to global economic cues.

Powell’s dovish shift, coupled with rising momentum behind Bitcoin’s reserve narrative, created the perfect storm for a swift surge.

The alignment with equity markets, particularly the Nasdaq-100, further amplified the move, as correlations between crypto and traditional risk assets strengthened.

For now, the return of the market cap above $4 trillion offers a strong signal of resilience. With altcoins leading gains, investors are watching closely to see whether the rally extends or faces resistance at higher levels.

However, much will depend on whether the Fed follows through with an actual rate cut in September and whether the Bitcoin reserve debate gains traction in the coming weeks.

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