Hyperliquid (HYPE) Overtakes Ethereum in Revenue! Is a Breakout Coming?

Hyperliquid (HYPE) has been one of the most talked-about crypto projects recently, with traders closely watching its market performance. Despite some price stagnation, optimism remains high as Hyperliquid continues to grow in both revenue and trading volume. 

The most notable development is that HYPE has now surpassed Ethereum in seven-day revenue, proving that the project is gaining real traction.

With its dominant position in the perpetual futures market and a rapidly increasing user base, many traders are asking if HYPE is on the verge of a breakout. 

The token has been consolidating between $19 and $27, but positive market sentiment suggests that a push toward new highs could be coming soon.

Hyperliquid is Beating Ethereum in Seven-Day Revenue

Hyperliquid’s growth has made it a serious competitor in the crypto derivatives space. Over the past seven days, Hyperliquid generated $12.8 million in revenue, surpassing Ethereum’s $11.5 million. 

^{Source: DefiLlama}

This is a major milestone, as Ethereum has long been the dominant force in decentralized finance. The ability of Hyperliquid to outpace Ethereum in revenue highlights its growing adoption and the increasing demand for its trading platform.

This success is largely due to Hyperliquid’s position in the perpetual futures market, where it now controls about 70% of the total trading volume. 

Perpetual futures trading has become one of the most popular methods for traders to gain exposure to crypto assets, and Hyperliquid has positioned itself as the go-to platform for these types of trades. 

Unlike traditional spot trading, perpetual contracts allow traders to hold positions indefinitely, making them ideal for both short-term speculation and long-term strategies. Daily trading volume on Hyperliquid has reached $470 million, doubling since the start of the year. 

This increase in volume reflects strong user engagement, with more traders moving away from traditional exchanges and toward newer platforms that offer better efficiency and lower fees.

Ethereum, on the other hand, has struggled to maintain its revenue dominance. The Dencun upgrade in March 2024 significantly reduced transaction fees, which was intended to make Ethereum more accessible but also lowered the network’s overall earnings. 

While Ethereum remains a major player in the industry, its decreasing revenue suggests that traders are looking for alternatives, and Hyperliquid has capitalized on that shift.

HYPE Price Consolidation and On-Chain Data

HYPE is currently trading around $25.90 and has been consolidating between $19 and $27 over the past week. This range suggests that the market is waiting for a breakout, with traders closely monitoring key resistance levels.

^{Source: Bitrue}

The all-time high for HYPE was recorded on December 22, 2024, at $34.96. While the token is still down about 25% from that level, it is significantly above its all-time low of $3.81, which was set in November. 

The fact that HYPE has gained 581% from its lowest point in just a few months highlights the strong investor demand and resilience of the asset.

Funding rates for HYPE remain positive, meaning that traders are willing to pay a premium to hold long positions. 

This is a key indicator of bullish sentiment, as it suggests that traders expect the price to rise soon. Consistent long interest has helped support the price, preventing major declines even during periods of low volatility.

One of the most interesting aspects of HYPE’s price action is its decoupling from Bitcoin. While Bitcoin is currently trading above $100,000, 

HYPE has been moving independently. Many altcoins follow Bitcoin’s price trends, but HYPE’s ability to trade on its fundamentals shows that investors see it as a strong project in its own right.

Is a Breakout Coming?

For HYPE to enter a new bullish phase, it must break through the key resistance level of $27. This price point has been tested multiple times, but the token has yet to sustain a move above it. If it does break through, the next major target would be $32, followed by a potential move toward $35.

If resistance holds, there is a chance that HYPE could retest support around $20 before making another attempt to break out. However, given the strong fundamentals and increasing adoption, the overall outlook remains positive.

The growing interest in Hyperliquid as a trading platform, combined with its revenue dominance over Ethereum, suggests that demand for HYPE is not slowing down. Market conditions can always shift, but the data shows that Hyperliquid is in a strong position moving forward.

Read more: Hyperliquid (HYPE) Price Prediction 2024-2030

Conclusion

Hyperliquid has quickly established itself as a leader in the crypto trading space, surpassing Ethereum in revenue and capturing a significant share of the perpetual futures market. 

Despite its price consolidating between $19 and $27, the overall sentiment remains bullish. If HYPE breaks above resistance, a move toward $32 or even new highs could be in play.

For those looking to trade crypto, Bitrue provides a secure and liquid trading environment, making it an ideal platform for traders who want to capitalize on the token’s potential.

Frequently Asked Questions

Why is Hyperliquid gaining so much attention?
Hyperliquid has surpassed Ethereum in revenue and now dominates the perpetual futures market, attracting both retail and institutional traders.

What is the next price level to watch for HYPE?
HYPE is currently testing resistance at $27. If it breaks above this level, the next targets are $32 and potentially $35.

Is HYPE a good investment for 2025?
With its strong revenue growth, rising trading volume, and increasing adoption, HYPE has positioned itself as one of the most promising assets in the crypto space.

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Investor Caution 

While the crypto hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.

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