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Title: Hyperliquid reaps the benefit as Bitcoin, altcoins take a backseat
As the cryptocurrency market has been in a state of turmoil, one particular player has managed to stand out amidst the chaos – Hyperliquid. Despite the decline of its competitors’ decentralized exchange (DEX) volume, HYPE has continued to soar and is now a top 20 cryptocurrency.
Over the past month, HYPE has seen an impressive 780% Year-To-Date (YTD) growth, solidifying its position in the market. This remarkable performance can be attributed to its strategic focus on the core pillars of the crypto ecosystem, which sets it apart from other altcoins.
In stark contrast, Bitcoin and the majority of altcoins have been struggling to make any significant gains, with many of them experiencing a sharp decline in value. It seems that investors are increasingly turning their attention towards HYPE as an alternative to these underperforming assets.
One major factor contributing to HYPE’s success is its unique integration of spot & derivatives exchanges and blockspace (HyperEVM). This innovative technology allows for the seamless execution of trades across both spot and derivatives exchanges, providing users with unparalleled convenience.
Source: ambcrypto.com
