BIT: HYPE Doubles from Its 2026 Low, Becoming the Most Momentum-Driven Token in the Crypto Market
According to independent analyst Markus Thielen, HYPE has become one of the strongest-performing tokens in the crypto market since the outbreak of the Iran conflict, surging over 100% from its 2026 lows—with particularly pronounced outperformance relative to Bitcoin. The core driver behind this strength lies in Hyperliquid’s ongoing expansion beyond crypto into other asset classes, having successively launched TradFi-linked products such as oil and SpaceX perpetual contracts, thereby attracting substantial capital inflows.
Thielen notes that this trend reflects a broader acceleration by crypto exchanges into high-volatility, topical traditional financial derivatives—and signals that the intrinsic value of crypto infrastructure itself is gradually surpassing the crypto narrative. Although HYPE is already a highly crowded long position with strong conviction among market participants, its current momentum remains robust.
