Hyperliquid (HYPE) has climbed into the top 10 cryptocurrencies by market cap, overtaking Zcash after a 25% rally in three days. Its market cap has reached $21.78 billion, trading around $92.
The rally has drawn attention as the overall crypto market struggles after the Binance $6.3 billion hack, which triggered $1.53 billion in liquidations.
ICE Partnership Pushes HYPE Into Crypto’s Top 10 List
HYPE’s rally picked up after Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced a partnership with Trade[XYZ] on October 29. The deal aims to bring regulated, 24/7 perpetual futures trading to U.S. users using Hyperliquid’s technology.
The partnership will move Trade[XYZ]’s existing perpetual markets to the U.S., giving more traders access to these products. It also brings Hyperliquid closer to traditional financial markets and could increase its visibility among major institutions and investors.
The announcement got further attention after billionaire founder Elon Musk reacted to the partnership with a one-word, “Interesting,” following investor Stanley Druckenmiller’s public endorsement of the deal.
Following the announcement, HYPE climbed to nearly $98, recording around 19% weekly gains and outperforming the overall crypto market.
Nearly 50 Million HYPE Tokens Burned
Institutional interest is not the only factor supporting the rally. Hyperliquid’s token burn has also reduced its available supply.
On October 29, Hyperliquid permanently burned 49.87 million HYPE tokens, representing 4.99% of its maximum supply of one billion tokens. Around 19,700 HYPE, worth approximately $1.59 million, were burned in the latest 24 hours.
The platform’s growing revenue supports this activity. Hyperliquid has generated $1.38 billion in lifetime revenue, while estimated daily fees reached $1.69 million.
Binance Hack Brought Hyperliquid into the Spotlight
The Binance security breach has also brought more attention to decentralized exchanges as traders reconsider the risks of centralized platforms.
Hyperliquid is already one of the largest perpetual DEXs, with $7.87 billion in open interest. Its daily perpetual futures volume recently reached $17.4 billion, alongside $6.36 million in daily fees.
The platform also generated $16.5 million in holder revenue over the past seven days, leading all chains in this category.
Was this writing helpful?
Story Ends Here
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Read the Next News
