BIT: HYPE has doubled since its lows in 2026, becoming the most momentum-driven token in the crypto market

Deep Tide TechFlow news: On May 20, according to independent analyst Markus Thielen’s analysis, HYPE has become one of the strongest-performing tokens in the crypto market since the outbreak of the Iran conflict, with a cumulative gain of over 100% from its 2026 lows—especially notable for its outperformance versus Bitcoin. The core driver behind its strong performance is that the Hyperliquid exchange has continued to expand beyond crypto into other asset classes, launching TradFi-linked products such as oil and SpaceX perpetual contracts one after another, drawing substantial capital inflows.

Markus Thielen noted that this trend reflects how crypto exchanges are accelerating their rollout of high-volatility, trend-driven traditional financial derivatives, and that the value of the crypto infrastructure itself is gradually beginning to surpass the crypto narrative. Although HYPE is already a high-confidence target with a relatively high level of bullish crowding in the market, its current momentum remains strong.

HYPE18.35%
BTC0.25%
SPACEX6.73%
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