TL; DR
- The crypto market started the week on a positive note, with BTC trading near $112,000.
- HYPE has overtaken Chainlink’s LINK in market capitalization, rising nearly 8% today.
HYPE Surpasses LINK in Market Capitalization
The cryptocurrency market opened the week with gains driven by a rise in Bitcoin and several other major tokens. BTC, the largest cryptocurrency by market cap, climbed about 1% over the past 24 hours and is currently trading around $111,800 per coin.
The positive momentum has carried over to altcoins, with HYPE leading the pack. Ether is trading above $4,300 after a 0.4% increase, while XRP is approaching $3 following a more than 3% gain in the last 24 hours.
Among the top 20 tokens, Dogecoin’s DOGE and Hyperliquid’s HYPE are the best performers. HYPE surged nearly 20% in the last day, outperforming other major cryptocurrencies in recent hours.
At the time of publication, HYPE is trading at $50.70 after briefly reaching $51 earlier today. Thanks to this strong performance, HYPE has now surpassed Chainlink’s LINK and sits as the eleventh-largest cryptocurrency by market capitalization.
HYPE Nears a New All-Time High
HYPE is less than 1% below its all-time high of $51.04, which was set 12 days ago. If bullish momentum continues, the token could reach a new record within hours.
The 4-hour HYPE/USD chart looks bullish and intact, suggesting buyers may be preparing for another push higher. An RSI reading of 73 indicates HYPE could soon enter overbought territory if the uptrend persists. MACD lines have also crossed into positive territory, signaling solid buyer control.
If the bullish trend holds, HYPE could break above $51 and set a new all-time high near $55 within the next few hours. A sustained rally could push the token toward $60 over the coming days or weeks.
However, HYPE currently faces rejection around the $51 level. In the event of a market correction, HYPE may retest the $48 low within the next few hours. The $46.85 support level should keep the token supported in the short term unless market sentiment turns highly negative.