TL;DR
The crypto market has begun the new week positively, with BTC trading close to $112k.
HYPE has overtaken Chainlink’s LINK, up nearly 8% today.
HYPE overtakes LINK on the market cap list
The cryptocurrency market is having a positive start to the week, thanks to Bitcoin and other major coins rallying higher. BTC, the leading cryptocurrency by market cap, is up 1% in the last 24 hours and is now trading at $111,800 per coin.
The positive performance also sees altcoins rallying higher, with HYPE leading the way. Ether is trading above $4,300 after adding 0.4% to its value, while XRP is approaching $3 as it is up by more than 3% in the last 24 hours.
Dogecoin’s DOGE and Hyperliquid’s HYPE are the best performers in the top 20. HYPE is up by nearly 20% in the last 24 hours, outperforming other major cryptocurrencies over the past few hours.
At press time, HYPE is trading at $50.7 after hitting the $51 mark earlier today. Thanks to this positive performance, HYPE has now surpassed Chainlink’s LINK and is now the eleventh-largest cryptocurrency by market cap.
HYPE eyes a new all-time high
HYPE is currently less than 1% away from the all-time high price of $51.04 it set 12 days ago. The coin could rally to a new all-time high in the coming hours as the trend remains bullish.
The HYPE/USD 4-hour chart is bullish and efficient, suggesting that the bulls could be gearing up for another leg up. The RSI of 73 shows that HYPE could soon enter the overbought region if the bullish trend continues. The MACD lines have also crossed into the positive region, suggesting that buyers are firmly in control.
If the bullish trend continues, HYPE could surge past $51 and set a new all-time high around $55 over the next few hours. An extended bullish run would see HYPE hit $60 in the coming days or weeks.
However, HYPE currently faces a rejection candle at the $51 mark. If the market undergoes a correction, HYPE could retest the $48 low over the next few hours. The support level at $46.85 should hold HYPE in the near term, unless the market sentiment turns extremely bearish.
