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Crypto market update: Hyperliquid on the rise

Bitcoin starts the new trading week on a positive note and climbs to just under the $110,000 mark.

By Mike Hesp
• 2 min read
Crypto market update: Hyperliquid on the rise

Bitcoin starts the new trading week on a positive note and climbs to just under the $110,000 mark. Hyperliquid is also extending its upside trend and even flirted with the $40 level. The popular Perpetuals-DEX is fueling growing FOMO among crypto investors, after breaking its previous all-time high.

In the last 24 hours, the HYPE token posted gains of more than 13 percent. By comparison: Ethereum (ETH) and Solana (SOL) are up only about 2 percent. The hype around Hyperliquid is leading more investors to see the project as a potential successor to Solana.

But Hyperliquid isn't the only standout in the altcoin market. COOKIE, the token of an AI-agent analytics platform, rose in the same period by over 21 percent. The surge is helped by the viral Snaps campaign. Also Virtuals Protocol, a launchpad for AI bots, is posting gains of about 12 percent.

The positive market sentiment is driven mainly by geopolitical news: US President Donald Trump on Sunday evening, after talks with EU Commission President Ursula von der Leyen, postponed the imposition of 50% import tariffs on European goods to July 9.

Traditional markets also reacted positively. S&P 500 futures are about 1% higher, while the Nikkei 225 in Tokyo is up roughly 0.8%. In crypto, traders are betting on a continuation of the Bitcoin rally and, in time, the start of a new altcoin season.

Bitcoin's dominance remains above 64%. For comparison, the previous high was December 2020, when dominance was nearly 71%.

Investors are also bracing for new estimates of US GDP and core inflation (PCE) this week. In addition, the situation in the Japanese bond market is stirring unease among institutional investors.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.