TL;DR
- The cryptocurrency market opened the new week on a positive note, with BTC trading near $112,000.
- HYPE has overtaken Chainlink’s LINK in market capitalization and rose nearly 8% today.
HYPE Overtakes LINK on the Market Cap List
The cryptocurrency market has started the week strongly, helped by gains in Bitcoin and other major coins. Bitcoin, the largest crypto by market capitalization, gained about 1% over the past 24 hours and is currently trading around $111,800 per coin.
This positive momentum lifted many altcoins, with HYPE standing out among the movers. Ethereum climbed more than 0.4% and is trading above $4,300, while XRP rose over 3% in the last 24 hours and is approaching $3.
Dogecoin (DOGE) and Hyperliquid’s HYPE are among the top 20 best performers. HYPE surged nearly 20% in the past 24 hours, outperforming several major cryptocurrencies in recent hours.
At the time of writing, HYPE reached the $51 milestone earlier in the day and is trading around $50.70. Thanks to this strong performance, HYPE has now surpassed Chainlink’s LINK in market capitalization and ranks as the 11th-largest cryptocurrency by market cap.
HYPE Nears Its All-Time High
HYPE remains within less than 1% of its all-time high of $51.04 set 12 days ago. With the trend still bullish, the token could retest or exceed that record within the next few hours.
The HYPE/USD 4-hour chart shows a strong bullish structure, suggesting buyers may be preparing for further upside. The RSI stands at 73, indicating that continued bullish pressure could soon push HYPE into overbought territory. The MACD line is also in positive territory, signaling that buyers are firmly in control.
If the bullish momentum persists, HYPE could break above $51 and surge toward a new all-time high around $55 in the coming hours. A prolonged rally could push the token to $60 within days or weeks.
On the downside, HYPE is currently facing rejection near the $51 level. If the market corrects, HYPE could retest lows near $48 in the short term. Unless market sentiment turns sharply negative, the $46.85 support level should hold HYPE in the near term.