Hyperliquid currently controls 43% of the cryptocurrency fee market, registering $11 million per week. Ethereum (ETH), on the other hand, had 13% of the share, while Solana (SOL) had 10%. Hyperliquid’s surge comes amid Goldman Sachs taking a substantial position in initiatives related to the project.
Hyperliquid Surges Amid Goldman Sachs Investment
According to Goldman Sachs’ recent 13F filing with the SEC, the financial institution has sold its XRP and Solana (SOL) holdings, while retaining some of its Bitcoin (BTC) and Ethereum (ETH) ETF exposure. However, the financial institution has instead made an investment in Hyperliquid-related Hyperliquid Strategies Inc. According to the filing, the firm has purchased 654,630 shares of Hyperliquid Strategies Inc. (PURR), worth around $3.3 million. Moreover, the purchases comes days after Hyperliquid’s ETF launch in the US.
Also Read: Goldman Sachs Sells Its XRP And Solana ETFs: Why?
The move seems to have elevated Hyperliquid (HYPE) prices. While most major cryptocurrencies faced price corrections, HYPE is trading in the green zone across all time frames. According to CoinGecko data, HYPE’s price has surged by 1.1% in the last 24 hours, 21% in the last week, 9.6% in the 14-day charts, and 18.9% over the previous month. Moreover, Hyperliquid (HYPE) is inching closer to its all-time high of $59.30, currently down by just about 18%. If the upswing continues, there is a chance that HYPE could hit a new all-time high.
While Hyperliquid’s (HYPE) rally is commendable, there is also a chance that the asset will face a price correction soon. The larger market is still weak, and macroeconomic factors could lead to investors booking profits and moving their funds to safer bets. Inflation data came in higher than expected, which could lead to the Federal Reserve keeping rates unchanged, or hiking them. Such a move could lead to an exodus of investors from high-risk assets. Hyperliquid (HYPE) could see a price dip under such circumstances.
