Bitcoin Price May Not Revisit Lows as Hyperliquid's Hype Token Surges

Crypto researcher Alice Liu says Bitcoin's price may not revisit its lower levels this year. According to CoinMarketCap, the cryptocurrency recently reached $81,600 in early September, a 28% increase since mid-August.

Liu notes that while network activity doesn't necessarily translate to price, and vice versa, some interesting narratives are unfolding outside of Bitcoin. Specifically, she highlights tokenized real-world assets and perpetual futures markets.

Regarding Hyperliquid's Hype token, Liu points out that the project leads in decentralized exchange (DEX) market share but faces competition from centralized exchanges like Binance. Binance has taken 50% of the market share for RWA perps, which are backed onto tokenized stocks and indices.

Hype did hit an all-time high of $86 recently, with over $400 million USD spent on token buybacks by Hyperliquid. Liu notes that the Hype price is dependent on revenue flowing in to support these buybacks, raising questions about whether there will be enough network activity to generate the necessary revenue.