Hyperliquid Outpaces Monero and Bitcoin in Potential for New All-Time High
Key Summary
Hyperliquid is poised to reach a new all-time high before Monero and Bitcoin, with only a 22.9% increase needed to hit its record, compared to 42.9% for Monero and 54.7% for Bitcoin. However, Hyperliquid faces challenges from token dilution, scheduled token unlocks, and reduced trading activity, while Monero struggles with liquidity and the lack of a US spot ETF.
Precedent & Market Context Hyperliquid recently hit its peak of around $98 on September 23, while Monero reached about $798 on January 14, and Bitcoin set its record at $126,080 on October 6, 2025. Market capitalization shows the dollar value needed to reach each record, with Hyperliquid needing a market cap of about $21.8 billion, Monero around $15 billion, and Bitcoin requiring a valuation of around $1.64 trillion. However, supply dilution makes it harder for older prices to repeat, with Hyperliquid having around 222.4 million tokens in circulation out of a total supply of 955.3 million, and Bitcoin having around 20.1 million coins in circulation with a hard cap of 21 million.
Main Event Hyperliquid operates as a crypto exchange, specializing in perpetual futures, and spends about 97% to 99% of its trading fees to buy back and burn HYPE tokens. The platform currently has around 47.5 million HYPE tokens removed from circulation, costing roughly $1.32 billion. On October 15, Ripple Prime launched swaps on Hyperliquid markets, and on October 16, Pump. fun introduced Hyperliquid-powered perpetual futures. Despite these events, HYPE rose only 0.8% on Ripple’s launch day. Monero, known for its privacy features, needs to maintain its upward momentum. Over the week leading up to October 17, it rose 8.1%, while Bitcoin fell 1.5% and Hyperliquid fell 5.2%. In the last 30 days, Monero is up 13.5% and is up 85.7% over the past year.
Analysis & Market Impact Hyperliquid faces challenges from scheduled token unlocks, which release team and community tokens and could increase selling pressure. Additionally, when trading activity slows, its buyback mechanism weakens, often during price declines. Deribit is introducing over 90 USDC-settled contracts, which could split institutional trading volume across exchanges. Monero’s primary challenge is liquidity, with many exchanges having delisted privacy coins due to stricter compliance measures. This makes Monero’s price susceptible to large swings with small orders. Furthermore, it currently lacks a US spot ETF. Bitcoin also faces a potential hurdle from index provider MSCI, which will implement new rules in November. These rules will affect companies holding large amounts of digital assets, and Strategy Inc. (NASDAQ: STRA), which holds 846,000 bitcoins.
Implications & Outlook The sustainability of interest in privacy-focused cryptocurrencies, such as Monero, will greatly affect its next price move. Hyperliquid’s challenges from token dilution and reduced trading activity may hinder its ability to reach a new all-time high. Bitcoin’s climb relies on renewed interest from spot ETF buyers, but the potential hurdle from MSCI’s new rules may impact its recovery. The introduction of Deribit’s USDC-settled contracts could also split institutional trading volume across exchanges, affecting the market as a whole.