Hyperliquid's Strong Momentum Tested After 3% Pullback

Hyperliquid's price hit an all-time high but then pulled back by 3%. Despite this, strong momentum remains intact.

The token recorded a weekly perpetual trading volume of roughly $70 billion and saw open interest increase by $1 billion. This suggests traders continue to participate in the market, despite rising volatility risks.

The broader crypto market experienced a powerful week from August 19 through 23, with large-cap cryptocurrencies posting several green daily and weekly candles. Total crypto market capitalization gained more than $480 billion during this period, with Bitcoin attracting over 62% of those inflows.