HYPE Temporarily Hits $10 Billion Market Cap, Surpasses ADA in Rankings

Hyperliquid [HYPE] has been making waves in crypto lately, and it’s starting to show. What was once a niche platform is now getting mainstream attention, thanks to new developments that are pulling in more traders.

At the center of it all… is something that could change how people trade altogether.

HYPE, temporarily, pushed its way into the top 10 cryptocurrencies by market cap, overtaking Cardano [ADA] in the process. While it had retraced at press time, HYPE was valued at around $39 a few hours prior, giving it a market cap of roughly $10.06 billion; just ahead of Cardano’s $9.64 billion.

This, after a strong weekly performance from HYPE, which gained by over 4% over the past week compared to Cardano’s 1.4% hike. While both assets saw some dips in the last 24 hours, HYPE’s relative strength helped it push past ADA. Again, briefly.

The gap between both tokens becomes even clearer when looking at their YTD performance. HYPE has climbed over the past few months, posting gains of nearly 57% and consistently putting up higher highs along the way.

Cardano, on the other hand, has struggled. The daily chart revealed that ADA was down over 23% in the same period, with weak price action despite brief recoveries.

While ADA has seen slower, uneven movement, HYPE benefited from better pace and buying interest.

In partnership with S&P Dow Jones Indices and Trade [XYZ], Hyperliquid is all set to bring the S&P 500 on-chain through a perpetual contract. This is something that hasn’t existed in this form before.

The accessibility is notable. Instead of being limited by market hours or intermediaries, traders can now gain exposure to one of the world’s most tracked indices at any time. With official index data backing it, the product also carries the kind of credibility that could attract more money.