The cryptocurrency market has been volatile since the start of the week. Bitcoin briefly dropped below $110k earlier this week but clawed its way back above $112k a few hours ago. The world’s leading cryptocurrency has now slightly declined and is trading above $111,500. Its positive performance allowed altcoins to rally, with one setting a new all-time high. Hyperliquid’s HYPE set a new all-time high of $51 after adding 12% to its value in the last seven days. HYPE hits $51 amid growing volume HYPE, the native coin of the Hyperliquid decentralized exchange, rallied to a new all-time high of $51 on Wednesday. The coin has since then lost 6% of its value and is now trading at $47 per coin. The coin’s new milestone comes as the decentralized exchange recorded a derivatives volume of over $357 billion in August , up nearly 10 times from the same period last year. Hyperliquid generated $105 million in trading fees, most of which were funneled to token buybacks. In addition to that, digital asset custodian BitGo added support earlier this week for the HyperEVM network. The HyperEVM network powers the Hyperliquid ecosystem, with BitGo’s adoption unlocking institutional access to the HYPE token. Finally, the Hyperliquid team announced that they have implemented a protocol upgrade after a sudden 2.5x price spike in its pre-launch XPL perpetual market caused widespread liquidations. An analyst revealed that four addresses participated in short-squeezing XPL on Hyperliquid, with cumulative profits reaching over $46 million. Following this incident, Hyperliquid is rolling out two key updates in its next network upgrade. The first upgrade will introduce a new hard cap to limit hyperp mark prices to 10x the 8-hour exponential moving average. This will offer vercollateralized shorts clearer risk boundaries. The second upgrade involves incorporating external perpetual market data into the mark price formula for hyperps. This will help improve the robustness of price signals in thin markets, without altering realized profit and loss or funding mechanisms. HYPE could hit $60 if the rally persists The HYPE/USD 4-hour chart is bullish and efficient, thanks to HYPE adding 12% to its value in the last seven days. At press time, HYPE is trading at $47 but could rally higher and reclaim its all-time high in the near term. The technical indicators remain bullish, with the MACD lines deeply within the positive territory since the start of the week. The RSI of 59 also shows that HYPE still has room for growth. If the rally resumes, HYPE could reclaim its all-time high price of $51 in the coming hours or days before rallying to a new high around $55-$60. An extended rally would depend on the broader market. However, HYPE has lost 3% of its value in the last 24 hours and could face further correction. If the correction persists, HYPE could drop to the nearest support and TLQ level at $42.7. Failure to defend this level could see HYPE drop below $40 for the second time in a week. The post What's next for HYPE after hitting a new ATH of $51? Check forecast appeared first on Invezz
