Hyperliquid Price News: Spot Volumes Surpass Coinbase – Could HYPE Rise to $50?

Hyperliquid (HYPE) has shed an early 4% gain and has now retreated by 3% in the past 24 hours as the crypto sell-off has intensified today.

Trading volumes have jumped by 80% during this period as the token experienced strong selling pressure after hitting $47.

Just 13 hours ago, Hyperliquid reported that its 24-hour trading volumes in the spot market hit a new record at $3.4 billion, driven primarily by higher BTC trading activity.

According to data from CoinMarketCap, this means that Hyperliquid briefly surpassed Coinbase as the latter processed $3 billion in transactions during this same period.

This is an important platform for Hyperliquid, an independent decentralized exchange that runs on its own blockchain. Apart from Coinbase, Hyperliquid also overtook KuCoin, Kraken, and BitMart.

Meanwhile, this landmark figure also made Hyperliquid the largest protocol by 24-hour volume in the spot market as it surpassed both Uniswap and PancakeSwap. This DEX also remains the undisputable leader in the derivatives market among its peers with 24-hour volumes of $19.7 billion.

This Is Why HYPER Has Jumped by 93% This Year

Hyperliquid has thus far proven that it can eventually compete with the titan of the industry – Binance. Within the crypto community, some refer to the protocol as “The on-chain Binance”

Two competitive advantages could eventually make Hyperliquid more powerful than its toughest competitors. First, decentralization. Hyperliquid is a permissionless protocol that operates in a proprietary blockchain.

This removes the risk of unilateral account blocks and restrictions that are often associated with centralized alternatives. +In addition, it allows investors to maintain control over their assets as they interact with Hyperliquid via external wallets of which they hold the private keys.

Moreover, Hyperliquid does not require any kind of KYC, which allows traders and investors to operate anonymously through its platform.

Secondly, Hyperliquid offers lower fees for both spot and futures trading. This makes it more attractive to both traders and long-term holders who can use the platform to either speculate via short-term or high-frequency trading (HFT) or simply buy and hold.

Thus far, execution speeds are good enough, the platform has been quite reliable for many months, and incidents involving forced liquidations and downtimes have been scarce. Although it has a long way to go before overtaking Binance, Hyperliquid does meet the criteria to be a tough decentralized contender.

Key Support Areas to Watch for HYPE

Looking at the daily chart, HYPE has retreated twice already from the high 49s and has not yet touched the $50 level. The token made an all-time high at $49.86 and retreated right after.

HYPE/USD Daily Chart (Bitget) – Source: TradingView

This means that bulls were satisfied with taking profits at this level and started selling just a tad before. As the market moved lower, late sellers rushed to dump their assets to get the best price possible before an imminent correction.

We are now 13% off the $50 mark. The key area to watch for HYPE would be its trend line support at around $40 and then another relevant area of demand at around $31.50.

The outlook is still bullish as Hyperliquid continues to reach new levels of operational efficiency and capture a higher share of both the spot and futures markets.