It's not all HYPE: Privacy and quantum-resistant coins advance as bitcoin marks time
Key takeaways
- Bitcoin BTC$77,262.60, ether (ETH), XRP (XRP), solana (SOL) and other top 10 coins have had a tough time lately, with each falling at least 2% in the past seven days.
- Coins associated with derivatives protocols, particularly those focused on perpetual futures such as HYPE and LIT, have surged by 40% or more.
- HYPE has been rallying since Trade.xyz, a trading interface based on the Hyperliquid blockchain, listed the Space pre-IPO perpetual contract on Monday, valuing the company at $1.78 trillion.
Bitcoin BTC$77,262.60, ether (ETH), XRP (XRP), solana (SOL) and other top 10 coins have had a tough time lately, with each falling at least 2% in the past seven days. Still, there is always a bull market somewhere, and several crypto sub-sectors have chalked up impressive gains.
Coins associated with derivatives protocols, particularly those focused on perpetual futures such as HYPE and LIT, have surged by 40% or more.
HYPE has been rallying since Trade.xyz, a trading interface based on the Hyperliquid blockchain, listed the Space pre-IPO perpetual contract on Monday, valuing the company at $1.78 trillion. Trading volume on the contract topped $30 million on its first day. The protocol consistently earns millions in fee revenue per week, accounting for over 40% of total marketwide fee revenue, according to data source DefiLlama.