Hyperliquid (HYPE) Climbs the Market Cap Rankings, Attracting Attention from Arthur Hayes and Miles Deutscher

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.

Hyperliquid (HYPE) has been a hot topic in the crypto space as the platform has risen in the ranks of the top ten coins. At the time of writing, HYPE is trading at US$37.23 with a market cap of US$12.4 billion – just behind Tron (TRX) with US$25.9 billion and Cardano with US$26.9 billion.

This represents a 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 also deliberately avoided venture capital funding and private allocations, instead prioritising broad community participation.

So, after this phenomenal performance, what’s next for HYPE? Well, according to Australian crypto analyst Miles Deutscher, we may be able to see triple-digit prices "sooner than you think".

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Monday, August 7, 2023 9:41 PM

Deutscher has been following the project for some time now, making several videos about it even before the token existed. As he highlights in one of his recent YouTube videos, he was drawn to the project due to its seamless user experience and strong fundamentals.

If you'd bought HYPE when the analyst began dollar-cost-averaging, you'd already be up 4x. But should you ape in now for a potential 8x gain? Well, Deutscher believes it could happen, and he says that big exchanges are worried that Hyperliquid will take away from their market share.

This is also thanks to Hyperliquid's transparent token buyback and burn, which benefits token holders rather than leaving the token "full of insiders and dilution".

However, despite being a fan of the network, Deutscher does note that there are downsides as well. Despite being a decentralised platform, he says that Hyperliquid is still "a relatively centralised protocol with only four active validators".

This does raise concerns around security, and indeed in March the network suffered a US$12 million exploit involving JELLY, which you can read more about over here.

But despite this making the protocol also somewhat risky, Deutscher believes that a conservative price target for HYPE is somewhere around US$70–$100, but if things really take off, it could land at US$580.

Another HYPE bull is Arthur Hayes, the co-founder and former CEO of BitMEX, who believes Hyperliquid could soon surpass Solana. As he stated in a recent tweet, he's putting his money on Hyperliquid to outlast and outperform SOL in the coming months.

Hayes 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 or even US$15k soon. 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.