The cryptocurrency market has resumed its bearish trend after a temporary relief on Thursday. The hawkish FOMC minutes released on Thursday dented hopes of a September rate cut by the US Federal Reserve. The news saw BTC drop below $113k while Ether is still struggling to surpass the $4,300 mark. HYPE, the native coin of the Hyperliquid network, is not spared from the selling pressure despite positive news within the ecosystem. Hyperliquid now dominates the derivatives market Data provider RedStone has published a new report on Hyperliquid, one of the leading decentralized perpetual exchanges in the crypto space. According to the report, Hyperliquid has grown to capture more than 80% of the decentralized perps market within a year. This amazing feat sees Hyperliquid recording a daily trading volume of over $30 billion, rivaling some of the leading centralized exchanges in the world. Hyperliquid has achieved this feat by coupling CEX-level performance with permissionless technology, enabling it to become not just a trading venue but also a potential backbone for the next phase of on-chain trading. The report added that the Hyperliquid network, on which the Hyperliquid DEX is based, currently has around $2.2 billion in TVL. The DEX has accumulated nearly $330 billion in trading volume over the last 30 days. Hyperliquid’s fully on-chain order book that now delivers spreads and execution speeds on par with centralized platforms makes it a category king, the report added. RedStone also pointed out that HIP-3, Hyperliquid’s new permissionless market creation framework, has created one of the most active builder ecosystems in DeFi, with revenue-sharing economics that pay developers more than the protocol itself. These two technologies have become key to Hyperliquid’s success in the derivatives market. RedStone added that Hyperliquid is setting a new standard as the DEX’s dual-layer design and community-driven growth model are creating unprecedented opportunities for builders and institutions alike. HYPE stays above $40, targets the $50 mark The HYPE/USD 4-hour chart is bearish and efficient thanks to the broader market’s ongoing correction. The technical indicators show that HYPE is currently stronger than other leading cryptos like BTC and XRP. The MACD lines crossed over into the bearish zone earlier this week, suggesting that sellers are in control. The RSI of 45 shows that HYPE is not yet within the oversold region, and the bulls can embark on a swift recovery. At press time, HYPE is trading at $41.7 per coin. If the selling pressure continues ahead of Powell’s speech, HYPE could drop below the $40.4 low and retest the August low of $35.3. However, if the market embarks on a recovery, HYPE could be one of the biggest winners thanks to the positive news from the Hyperliquid ecosystem. It could rally past the first major level at $47 before hitting a new all-time high of $50. The post HYPE targets $50 as Hyperliquid dominates derivatives market appeared first on Invezz
