HYPE stood out as a rare outperformer amid a sharply declining crypto market, with its price hitting a new all-time high at the beginning of the month.
However, it has since pulled back by about 25% from the peak, and some analysts warn that the drop is far from finished.
The Bears Take Over
It was just days ago when Hyperliquid’s native token soared to a record high of over $75. Meanwhile, its market capitalization neared $17 billion, making HYPE one of the 10 largest cryptocurrencies.
However, the harsh bearish environment, combined with Arthur Hayes dumping all his positions in the asset, made the rally short-lived. As of this writing, HYPE is worth around $56 and has a market cap of roughly $12.5 billion.
According to many analysts, the worst is just beginning for the asset. The popular X user Altcoin Sherpa said, “some cool off is pretty normal,” predicting a slump to as low as $44 if the price drops below $54. At the same time, they still believe this is among the best altc
We współpracy z: https://cryptopotato.com/why-hyperliquid-hype-could-be-headed-for-a-much-bigger-correction/
