Hyperliquid Enters Top 10 Crypto With New ATH, But How High Will It Be If It Overtakes Ethereum?
Hyperliquid (HYPE) recently broke into the top 10 cryptocurrencies by market capitalization, sitting alongside top players like Bitcoin (BTC) and Ethereum (ETH), after its price surged past $50 and set a new all-time high. Now, on-chain analytics platforms are showing what HYPE’s ultimate price could become if it surpasses .
Hyperliquid’s ATH Price If It Surpasses Ethereum’s Market Cap
Hyperliquid skyrocketed past $50 a few days ago, to take the 9th spot as one of the largest cryptocurrencies in terms of market capitalization. The move marks the first time the token has traded above this zone since late October 2025.
Currently, HYPE has . The breakout reflects a strong shift in trading activity around the token, as well as renewed interest and confidence in DeFi protocols and AI-backed tokens. HYPE’s move back into this historic price range also suggests that traders and investors are once again engaging more actively with .
Interestingly, the recent rally in the HYPE price has brought renewed focus on Ethereum, one of Hyperliquid’s biggest crypto and DeFi rivals. While Ethereum remains a dominant benchmark for , Hyperliquid is designed specifically for financial trading and derivatives.
Nevertheless, data from Marketcapof has how high HYPE’s price could reach if its market capitalization of $15.99 billion surpasses Ethereum’s, which is around $250.99 billion. Projections indicate the token could move well beyond its previous all-time high, potentially reaching approximately $1,127, marking a 17.92x from present levels.
At more extreme ATH levels, where market euphoria is likely at its peak, estimates place HYPE as high as $2,633. This would represent a gain of about 42x from current prices, underscoring the scale of the cryptocurrency’s potential upside.
Competition Intensifies As HYPE Captures More ETF Inflows Than ETH
Before recording an ATH, Hyperliquid has been strengthening its market position as capital continues to rotate away from major legacy assets like Bitcoin and Ethereum toward newer, high-growth protocols. HYPE’s recent performance reflects both rising adoption of its DEX platform and a broader shift in liquidity across the crypto sector.
A key driver behind the bullish momentum was the launch of by investment management firms Bitwise and 21Shares in May. The products have attracted millions of dollars in inflows, underscoring steady institutional demand for HYPE amid heightened derivatives activity.
Earlier in the year, market volatility linked to triggered record perpetual futures volume on Hyperliquid, pushing activity on the platform to new highs. Liquidity conditions also improved after Coinbase, the world’s largest crypto exchange, became .
Against this backdrop, Ethereum dominance is significantly. The cryptocurrency’s price has struggled to maintain momentum, falling roughly 30% year-to-date. ETF flow data this shift, with about $1 billion exiting Bitcoin and Ethereum products while XRP and HYPE funds recorded about $94 million in combined inflows.
