Hyperliquid Crypto Breaks ATH, Displaces Chainlink as 11th Largest Asset

Hyperliquid (HYPE) crypto has surged to peak levels, hitting a new all-time high (ATH). Following its latest rebound, Hyperliquid displaced Chainlink (LINK) to become the 11th-largest cryptocurrency by market cap.

The recent rally coincides with an integration between Circle and Hyperliquid. It also comes amid the introduction of a new Hyperliquid competitor.

Hyperliquid Crypto Registers Momentum

According to CoinMarketCap data, HYPE has risen to $58.13, a 5.09% increase in the last 24 hours. This spike pushed the weekly and monthly increases to 8.89% and 35%, respectively.

HYPE hit an ATH of $59.5 earlier today before dropping to current levels. Investors remain active, pushing trading volume up 47.2% to $472.7 million.

This suggests renewed interest from HYPE holders in the market. The increased activity supported a spike in the total market capitalization.

HYPE now has a market cap of $19.3 billion. As a result, it flipped LINK from the 11th position to 12th. Chainlink has a market cap pegged at $16.4 billion.

If Hyperliquid sustains bullish momentum, it could take on Cardano (ADA). Notably, ADA has a market cap of $32.6 billion and is trading as the 10th-biggest crypto.

HYPE is about $13.4 billion away from catching up with ADA. If HYPE must surpass ADA, it would need to continue on its ongoing momentum. This assumption would, however, depend on ADA pausing its rally, which is not likely.

As of press time, ADA maintained a 24-hour price growth of 4.7% against HYPE’s 5.09%.

Circle Taps Partnership with Hyperliquid Crypto

Hyperliquid crypto is a high-performance blockchain optimized for Decentralized Finance (DeFi), particularly derivatives trading.

Circle, the issuer of USDC, the world’s second-largest stablecoin with $73.4 billion market cap, recently announced a major push into Hyperliquid.

Leveraging the partnership, Circle launched native USDC on HyperEVM, an Ethereum-compatible layer for smart contracts and general-purpose apps.

Accordingly, USDC holders can now mint and hold the stablecoin as a native asset on Hyperliquid’s EVM layer. This removes the need for wrapped tokens and bridge exposure. No bridge exposure means lower hack risk.

Additionally, Circle’s primary liquidity infrastructure now flows into Hyperliquid, funneling fresh capital into its markets. The primary liquidity is its backbone for creating and redeeming USDC, handling over $1 trillion in volume since inception.

For Hyperliquid, the partnership adds to credibility. Circle’s stake and validator potential signal long-term alignment. It cements Hyperliquid as a DeFi leader, rivaling Solana for speed and volume.

New Hyperliquid Competitor to Watch

Meanwhile, Binance’s former CEO Changpeng Zhao (CZ) has celebrated ASTER, the native token of Aster DEX, on X.

This is not just another endorsement, but the first time CZ has chart-posted a non-BNB token since his CEO days. It is seen as a strategic move to challenge the Hyperliquid crypto dominance in on-chain perps trading.

This is especially as Hyperliquid has been siphoning market share from centralized exchanges like Binance. Hyperliquid’s average daily volume hit $790 million this month, compared to the $34 billion from Binance.

However, ASTER, which Binance Labs and YZi Labs back, is growing fast. It rebranded from Astherus in March 2025 after merging with APX Finance, positioning itself as a “next-gen perp DEX.”

Aster stealth-launched ASTER on its own spot market on September 17 via a 1:1 swap from APX. The token exploded 400-675% in hours, hitting over $300 million market cap from a $0.08 launch price.

As of September 18, ASTER trading volume has grown to over $500 billion, with total volume locked (TVL) of $400 million. Additionally, ASTER generated more than $50 million in revenue, while users have grown to over 2 million.

Arthur Hayes recently predicted a $5,000 surge for the HYPE token despite the competitive threat.