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- HYPE token hits record $59.29 with $2.7 billion locked on Hyperliquid.
- Circle backs the ecosystem with the USDC launch and first HYPE investment.
Hyperliquid is back in the spotlight after its HYPE token climbed to a fresh all-time high. The price touched $59.29 in early trading on September 18 before easing to $58.68. This single-day move added more than $1.2 billion to its market value.
The rally occurs at a time when trading activity is increasing and the total value locked (TVL) on the platform has reached $2.7 billion.
HYPE Gains on Trading Activity and Strong Demand
HYPE has quickly become one of the most talked-about tokens this week. CoinMarketCap data shows daily trading volume jumped 50% to about $467 million. That surge in demand has given the token steady upward pressure.
Meanwhile, Nansen, an on-chain analytics firm, highlighted one trader who placed a large leveraged bet on HYPE. The position was worth over $30 million and showed a profit of more than $1.3 million. The fact that the trader kept adding to the position sent a strong signal of confidence to the wider market.
Market figures like BitMEX founder Arthur Hayes also joined the discussion. Hayes marked the new high with a short post on social media that read “All-time Hype.” He had earlier suggested HYPE could see a major rise if stablecoin growth continues.
Charts show the token trading close to a key resistance level at $55, down 3.31% in 24 hours. As previously mentioned in our report, a push beyond that point could lead to further gains toward $65. At the same time, some caution is advised as the token is nearing overbought levels. If momentum slows, support can be found near $52 and deeper around the mid-$40 range.
The growing TVL of $2.7 billion shows that more funds are being locked in the Hyperliquid ecosystem. This has added to trust and interest from both traders and new users. In related news, CNF reported that Hyperliquid processed more than $1.5 trillion in perpetual futures trading volume over the past year.
Circle Brings USDC to Hyperliquid
Another driver for Hyperliquid has been its partnership with Circle. The exchange recently launched native USDC and CCTP V2 on its HyperEVM network. This gives users access to one of the most widely used dollar stablecoins with direct deposits and cross-chain movement.
Notably, Circle has also become a direct stakeholder in Hyperliquid with an initial investment in HYPE tokens. The company said it will support builders working on HyperEVM and HIP-3 projects and is looking into becoming a validator.
With its token at record levels, billions locked in the platform, and backing from Circle, Hyperliquid is shaping into a major force in the crypto market. Still, as noted in our previous news brief, Hyperliquid has a strong rally. This was fueled by the announcement that BitGo will provide custody services for institutional investors.
