This week the crypto industry is likely to see lower volumes due to the holidays.
However, there are many trends to follow. Here are some of the top cryptocurrencies to keep an eye on this week.
The hyperliquidity price rally is gathering pace
Hyperliquid (HYPE), which dropped on November 29th, rose to a record high this week.
On Sunday, it reached a high of $35.18, up from the airdrop listing price of $11, bringing the total gain to nearly 200%. The market cap has risen to $9.2 billion and the fully diluted valuation to $33.7 billion.
Hyperliquid’s performance is likely due to its strong market share in the decentralized perpetual trading industry. Data compiled by DeFi Llama shows that Hyperliquid has transacted $52 billion in perpetual futures volume over the past seven days. Jupiter, the industry’s second-largest player, had $8.7 billion in volume, while SynFutures processed $6 billion.
Hyperliquid’s total value locked in its DeFi ecosystem also peaked at $3.4 billion, up from $188 million in October.
Technically, HYPE price needs to rise above $34.8 to confirm the bullish breakout. This price is both its all-time high and the top of the ascending triangle pattern. A move above this level suggests further gains – possibly to $40.
Hyperliquid was founded by Jeff Yan, the founder of Chameleon Trading.
Horizen rises to 2022 highs
Horizen (ZEN) price will be in the spotlight this week as the privacy-focused tokens continue to soar. It has risen for the last four consecutive days and has reached its highest level since May…
