Hyperliquid (HYPE) recently entered the top 10 cryptocurrencies by market capitalization, joining the ranks of Bitcoin (BTC) and Ethereum (ETH), after its price surpassed $50 and reached a new all-time high. On-chain analytics platforms are now examining HYPE’s potential price if it surpasses Ethereum’s market cap.
Hyperliquid’s Potential Price if It Surpasses Ethereum’s Market Cap
Hyperliquid’s price surged past $50 a few days ago, surpassing Dogecoin to become the ninth-largest cryptocurrency by market capitalization. This marks the first time the token has traded above this level since late October 2025.
Currently, HYPE has extended its rally beyond $60. This breakout reflects a significant shift in trading activity, as well as renewed interest and confidence in DeFi protocols and AI-backed tokens. HYPE’s return to this historic price range also suggests increased engagement with Hyperliquid’s perpetual futures DEX.
The recent rally in HYPE has drawn renewed attention to Ethereum, one of Hyperliquid’s primary competitors in the crypto and DeFi space. While Ethereum remains a dominant benchmark for decentralized applications, Hyperliquid is specifically designed for financial trading and derivatives.
Data from Marketcapof suggests that HYPE’s price could reach approximately $1,127 if its market capitalization of $15.99 billion surpasses Ethereum’s, which is around $250.99 billion. This would represent a 17.92x increase from current levels. In more extreme scenarios, with market euphoria at its peak, estimates place HYPE as high as $2,633, a gain of about 42x from current prices.
Competition Intensifies
Hyperliquid has been strengthening its market position as capital shifts from major assets like Bitcoin and Ethereum toward newer, high-growth protocols. HYPE’s recent performance reflects both the growing 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 spot HYPE ETFs by investment management firms Bitwise and 21Shares in May. These products have attracted millions of dollars in inflows, indicating steady institutional demand for HYPE amid increased derivatives activity.
Earlier in the year, market volatility linked to the US-Iran war triggered record perpetual futures volume on Hyperliquid, pushing platform activity to new highs. Liquidity conditions also improved after Coinbase, the world’s largest crypto exchange, became the official USDC provider on Hyperliquid.
Against this backdrop, Ethereum’s dominance is waning. The cryptocurrency’s price has struggled to maintain momentum, falling roughly 30% year-to-date. ETF flow data reflects this shift, with approximately $1 billion exiting Bitcoin and Ethereum products while XRP and HYPE funds recorded about $94 million in combined inflows.
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