4 hours ago
16
Cryptocurrencies dominated the financial space as Bitcoin broke past $110,000 with bullish momentum.
While most altcoins mirror Bitcoin’s bullish momentum with promising price structures, Hyperliquid (HYPE), Avalanche (AVAX), and Sui (SUI) topped trends for different reasons.
Let us find out more.
Hyperliquid breaks record as Bitcoin whales charge
HYPE was among the most-watched altcoins amid the ongoing broad-based rallies.
That comes as DEX Hyperliquid attained all-time highs in key metrics: Open Interest, daily fees, and USD Coin total value locked.
The surge came as a large-scale investor sparked the crypto market by increasing its existing 40x long BTC trade to $1.1 billion – the first-ever bet to exceed $1 billion on the Hyperliquid DEX.
X users and high-risk trader James Wynn claims to have opened the massive position, which sits well above the $103,790 liquidation price as Bitcoin hovers at $111,109.
I trade on #HyperLiquid. To support me, use my affiliate link that will save you $$ on fees. app.hyperliquid.xyz/join/WYNN Or use code: WYNN Follow proper risk management. Consult a financial specialist before making any investments. Follow proper risk management. Trade safely.
HYPE trades at $31.51 after rising from a daily low of $28.
Stability beyond $30 could support upswings to $35, above which the alt can soar to $48.
That would translate to a 52% increase from Hyperliquid’s current price.
AVAX soars on FIFA deal and tech upgrade
Avalanche jumped from $22 to surpass $25 in the past 24 hours, driven by broad market sentiments and bullish ecosystem progress.
Two announcements by the Avalanche Foundation fueled AVAX’s optimistic trajectory.
Firstly, the project has signed a strategic deal with FIFA to introduce web3 experiences for football fanatics.
Avalanche 🤝 @FIFAcom Come and get your Avalanche football scarf to celebrate! ⚽️🔺
The alliance will likely attract millions of new participants to the Avalanche ecosystem, a perfect catalyst for the blockchain’s long-term stability.
Moreover, the Avalanche Fusion launch added to the altcoin’s upside.
The new interoperability aims to connect Avalanche’s subnets with different networks more efficiently.
These developments have renewed interest in AVAX, extending recoveries that started mid-last month.
SUI’s price tumbles after massive hack
While most altcoins print green candlesticks, Sui investors experienced a devastating blow as hackers accessed the protocol’s top liquidity provider, draining $260 million in assets.
Meanwhile, the hacking news sent SUI down from $4.1923 to $3.7727 – a 10% dip- before a slight recovery to $3.95 at press time.
Its trading volume has increased by 166% in the past 24 hours, possibly signaling investors exiting positions to avoid further losses.
At the same time, CETUS plummeted from $0.2556 to $0.1488, losing over 40% minutes after the hack.
Source – CoinmarketcapThe Cetus attack has attracted widespread fears, raising worries about LP (liquidity provider) management and smart contract security.
Meanwhile, the incident showcases how fraudsters target innocent crypto enthusiasts, especially during market rallies.
The latest developments suggest that the team has frozen $160 million of the stolen $220 million, set for a return.
While the Sui team continues to recover the stolen assets, Bitcoin will set the market tone.
BTC trades at $111,419, targeting the $116,000 mark. Such trends will support extended gains in the altcoin market.
However, losing the $110,000 level will delay the uptrends in the short term.
The post Altcoins update: HYPE and AVAX rally as BTC hits new ATHs; SUI plunges after $260M hack appeared first on Invezz
English (US) ·