HYPE (Hyperliquid) rises 11.59% in 24 hours

Gate News Bot news, on October 13, according to CoinMarketCap, as of the time of writing, HYPE (Hyperliquid) is currently priced at $42.15, with an 11.59% rise in the last 24 hours, peaking at $49.49 and dipping to a low of $26.26, with a 24-hour volume of $767 million. The current market capitalization is approximately $14.192 billion, an increase of $1.474 billion compared to yesterday.

Important news about HYPE recently:

1️⃣ Market sentiment is cautious, with some altcoins experiencing a rise in volume In the past 24 hours, the overall cryptocurrency market has warmed up, with volume significantly increasing. The liquidation amount of short positions on the Hyperliquid platform reached 62.5 million USD. The total trading volume of the three major mainstream coins, BTC, ETH, and SOL, reached 8.666 billion USD. It is worth noting that the sentiment in the futures market remains relatively cautious; although some altcoins such as SOL, DOGE, BNB, and ASTER have seen price rises, the funding rates remain negative.

2️⃣ HYPE token faces potential selling pressure Recent market fluctuations have led to some users facing liquidation, and the HYPE tokens pledged by these users may be unstaked to raise funds. This trend may exert some selling pressure on the HYPE market, and investors should closely monitor subsequent market movements.

3️⃣ Whale Accumulation Plan On-chain data shows that a large address plans to increase its position by 122,000 HYPE, worth approximately $4.83 million. The address has already deposited 8 million USDC into Hyperliquid and set a TWAP buy order. Currently, the address holds HYPE worth $5.5 million, which may provide certain support for the HYPE price.

The price of HYPE has rebounded significantly in the past 24 hours, rising from a low of $26.26 to $42.15. However, market sentiment remains cautious, and some users may face pressure to unbond. At the same time, the accumulation plan by large holders may inject positive factors into the market. Investors should continuously monitor market dynamics and weigh potential risks and opportunities.

This message is not to be considered investment advice; investors should be aware of market volatility risks.