TL; DR
- The crypto market started the week on a positive note, with BTC trading near $112,000.
- HYPE has overtaken LINK (Chainlink), rising nearly 8% today.
HYPE overtakes LINK in market capitalization rankings
The cryptocurrency market opened the week with broad gains as Bitcoin and several major coins extended their rallies. BTC, the largest cryptocurrency by market capitalization, rose about 1% over the past 24 hours and is now trading near $111,800 per coin.
Positive momentum across the market lifted many altcoins, led by HYPE. Ether traded above $4,300 after adding roughly 0.4% to its value, while XRP climbed more than 3% in the past day and approached the $3 level.
Among the top 20 cryptocurrencies, Dogecoin (DOGE) and Hyperliquid (HYPE) were the top performers. HYPE surged almost 20% over 24 hours at its peak, outperforming other major crypto assets during the recent trading session.
At the time of writing, HYPE traded around $50.70 after touching $51 earlier today. That strong performance pushed HYPE ahead of LINK (Chainlink) in market capitalization, making it the eleventh-largest cryptocurrency by market cap.
HYPE targets a new all-time high
HYPE is trading less than 1% below its all-time high of $51.04 set 12 days ago. The coin appears poised to test a new record if the bullish trend continues over the coming hours.
The 4-hour HYPE/USD chart shows a clear bullish structure, suggesting buyers may be preparing for further gains. The Relative Strength Index (RSI) sits around 73, indicating the token could enter overbought territory if the rally persists. The MACD line has crossed into positive territory as well, signaling that buyers are firmly in control.
If bullish momentum continues, HYPE could break above $51 and establish a new all-time high near $55 within hours. A sustained uptrend could carry the token to $60 over the coming days or weeks.
However, HYPE is currently encountering a rejection candle around the $51 level. In the event of a market pullback, HYPE could retest the $48 area in the short term. Support near $46.85 should hold the downside unless overall market sentiment turns sharply bearish.