- Hyperliquid has experienced explosive growth, climbing 1,067% in six months to reach US$37.23 with a US$12.4 billion market cap, making it the 11th largest cryptocurrency.
- The platform operates as a decentralised exchange and Layer 1 blockchain using an order book model for perpetual trading, whilst avoiding VC funding in favour of community participation.
- Analyst Miles Deutscher believes HYPE could reach US$70-$100 conservatively or potentially US$580, citing concerns that major exchanges like Binance view Hyperliquid as a competitive threat.
- Despite bullish predictions from figures like Arthur Hayes who thinks HYPE could flip Solana, the platform faces risks from its relatively centralised structure with only four validators and past security exploits.
Hyperliquid has been the centre of attention in the crypto space. The platform has climbed the ranks in market capitalisation and currently sits as the eleventh-largest asset.
At the time of writing HYPE trades at US$37.23 (AU$57.39) with a US$12.4 billion (AU$19.1 billion) market cap – just behind Tron (TRX) with US$25.9 billion (AU$39.9 billion) and Cardano with US$26.9 billion (AU$41.4 billion).
That’s a whopping 1,067 per cent increase in just half a year, as data from CoinMarketCap shows.
Hyperliquid is a decentralised exchange (DEX) and Layer 1 blockchain designed for fast, low-cost on-chain perpetual trading using an order book model rather than automated market makers (AMMs).
The HYPE token launch deliberately avoided venture capital funding and private allocations, instead prioritising broad community participation.
So, after this phenomenal performance, what’s next for HYPE?
Australian crypto analyst Miles Deutscher believes there is still room to grow, posting on Crypto Twitter that US$100 + for Hyperliquid “may be coming sooner than you think”.
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Analyst Says Binance Worried About HYPE’s Growth
But Deutscher isn’t just jumping on the HYPE train now; he’s been talking about the project in several videos before the token even existed. He noticed how the platform provided a seamless user experience and strong fundamentals.
If you’d bought HYPE when the analyst began dollar-cost-averaging, you’d already be up 4× – so, should you ape in now for a potential 8× gain?
Deutscher believes it could happen, and he says big exchanges are worried that Hyperliquid will take away from their market share.
I think in many ways Hyperliquid is viewed as a threat by Binance. And funnily enough, it feels like it’s almost like buying into Binance’s growth in the early days.
Miles DeutscherHyperliquid’s transparent token buyback and burn also makes him bullish, since it benefits token holders rather than leaving the token “full of insiders and dilution”.
And The Downsides?
Despite being a fan of the network, Deutscher admits there are downsides as well. Despite being a decentralised platform, he says Hyperliquid is still “a relatively centralised protocol with only four active validators”.
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This raises concerns around security, and indeed in March the network suffered a US$12 million (AU$18.8 million) exploit involving JELLY, you can read more about that over here.
Despite this making the protocol also somewhat risky, Deutscher believes that a conservative price target for HYPE is somewhere around US$70–$100 (AU$107–$154), but if things really take off, it could land at US$580 (AU$893.61).
Hayes Believes HYPE Can Flip SOL
Another HYPE-bull is Arthur Hayes, the co-founder and former CEO of BitMEX, who believes Hyperliquid could soon surpass Solana. He said:
My main goal for this bull season is for the HYPE token to surpass SOL and enter the top ten cryptocurrencies by market value.
Arthur HayesHayes is no stranger to at times seemingly over-optimistic predictions. For example, in a recent prediction and following Ethereum’s rally, Hayes said he expects Ether to reach US$10k (AU$15.5k) or even US$15k (AU$23.3k) soon.
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In that case he based his evaluation on ETH’s underperformance relative to other altcoins – it remains to be seen if these wild predictions for Ethereum and Hyperliquid will really come to play.
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