BlockBeats news, on May 23, crypto trader Michael van de Poppe told CoinDesk that market risk appetite is currently rebounding, and the strong performance of Hyperliquid alongside the renewed activity in AI-related crypto assets may signal the start of the next round of altcoin rallies.
van de Poppe noted that HYPE recently reached a new all-time high, partly due to the launch of ETF products related to Hyperliquid in the U.S. market and European traders shifting to the platform for perpetual contracts. He believes that Hyperliquid’s expansion into tokenized stocks, commodities, and pre-IPO assets is accelerating the trend of asset onboarding onto the blockchain in the crypto market.
However, he also noted that, in the medium to long term, Solana remains more investment-attractive than Hyperliquid, as it gradually transitions from a retail-driven ecosystem to institutional-grade infrastructure.
In the AI sector, he believes NEAR Protocol and Bittensor are still significantly undervalued, as their valuations lag behind traditional AI companies despite ongoing ecosystem growth. He notes that AI tokens may regain investor attention in the future.
Van de Poppe also emphasized that current crypto market liquidity is concentrating toward a few high-growth protocols, while the macro environment remains a key variable, including bond yields and the policy directions of central banks worldwide. He warned that persistent inflation or a resumption of rate hikes could put pressure on risk assets.