Hyperliquid is gaining traction in the cryptocurrency market as traders shift their focus back to higher-risk assets. The platform’s HYPE token recently reached an all-time high following the introduction of two HYPE ETFs in the United States.
According to Michael van de Poppe, a cryptocurrency analyst, European traders are increasingly utilizing Hyperliquid due to the challenges associated with accessing perpetual futures trading on regulated platforms in Europe. He noted that Hyperliquid’s expansion into tokenized stocks, commodities, and pre-IPO assets is indicative of a broader trend toward tokenization within the crypto sector.
Van de Poppe suggested that if the appetite for cryptocurrencies continues to grow, the HYPE token could potentially rise to $100 or more. He made these comments during an appearance on CoinDesk’s Markets Outlook with Jennifer Sanasie.
While he views Hyperliquid as a strong short-term performer, he expressed a more favorable long-term outlook for Solana. He highlighted that liquidity in the crypto market is becoming concentrated among a select group of protocols that are experiencing significant user growth and revenue. Although Hyperliquid currently benefits from this trend, van de Poppe cautioned that increased competition could challenge its market position in the future.
He described Solana as successfully evolving from a speculative ecosystem to one that appeals to institutional investors, making it a more compelling long-term investment compared to Hyperliquid.
Van de Poppe also discussed the current valuation of AI-related crypto projects, asserting that they remain undervalued when compared to traditional AI companies. He identified NEAR and Bittensor as two promising infrastructure projects linked to AI adoption in the cryptocurrency space. He argued that while valuations for AI companies in both private and public sectors have surged, crypto AI tokens have seen significant declines despite ongoing growth in their ecosystems.
He projected that NEAR’s revenue could increase from approximately $10 million in 2025 to as high as $100 million this year, indicating a potential for a much higher valuation. Bittensor’s expanding ecosystem and subnet structure could also justify valuations between $1,000 and $2,000 if adoption continues to rise.
On the topic of privacy in cryptocurrency, van de Poppe noted that it remains a critical long-term issue. He pointed out that both institutional and retail users desire greater transactional privacy on blockchains. However, he warned that fully anonymous systems face significant regulatory challenges, as governments are unlikely to endorse privacy coins that lack transaction visibility. He highlighted that funds in Europe are already facing restrictions when engaging with certain privacy-focused assets.
Van de Poppe suggested that zero-knowledge proof systems and permissioned privacy models may offer more sustainable solutions for institutional adoption in the future.
In terms of macroeconomic factors, he identified bond yields and central bank policies as key influences on the cryptocurrency market in the near term. He emphasized that Japanese bond yields could serve as an important market signal, impacting overall risk appetite. Falling yields could bolster equities and crypto markets, while persistent inflation may pose challenges. He does not anticipate aggressive rate cuts or renewed monetary easing from the Federal Reserve soon, warning that additional rate hikes could exert pressure on cryptocurrencies and other risk assets.
Hyperliquid is experiencing significant growth as traders return to higher-risk assets, with its HYPE token hitting new highs. Analyst Michael van de Poppe emphasizes the potential of AI-linked cryptocurrencies and the evolving landscape of privacy in the sector.