Hyperliquid (HYPE) is arguably one of the best-performing cryptocurrencies in 2026. The exchange and its native token have seen incredible growth over the last year. The upswing is especially commendable given the larger bearish market environment. Hyperliquid (HYPE) has now overtaken Dogecoin (DOGE) to become the ninth-largest cryptocurrency project by market cap. HYPE’s price has risen by 3.4% in the daily charts and 13.3% in the weekly charts, according to CoinGecko data. Hyperliquid (HYPE) is currently down by just 8.8% from its all-time high of $76.87. Let’s discuss why the cryptocurrency has gained such traction this year and if it can hit a new peak soon.

Why Is Hyperliquid Surging?

Hyperliquid’s (HYPE) surge came after a rise in the the sue of the Hyperliquid exchange. Oil futures saw massive trade volume in 2026 amid heightened Middle East tensions. Unlike other exchanges that were closed for a certain period of the day, Hyperliquid was open 24/7. This made is extremely popular among traders. The exchange’s popularity was further propelled by its low fees. As a result, Hyperliquid’s native token, HYPE, climbed to an all-time high of $76.87 on June 16, 2026.

Hyperliquid continues to garner users to its platform as its native token overtakes Dogecoin (DOGE). The surge in the number of users and also returning clients has directly led to a surge in the exchange’s native token. Hyperliquid also uses a majority of its fees for buy backs. The surge in fee collection from increased trading on the platform has led to higher buy backs, consequently leading to a supply dip.

Will The Asset Hit Another All-Time High?

Hyperliquid (HYPE) delivered incredible gains in bearish times. Therefore, it is difficult to predict the asset’s trajectory. The larger cryptocurrency market seems to be rebounding from its recent dip. The rally comes amid softer jobs data for June 2026. The low jobs may have led to a re-thinking of the Federal Reserve’s chances of raising interest rates.

Also Read: XRP Makes a Comeback, Rising 10% in a Week: Is $1.50 the Next Stop?

If the market continues its upswing Hyperliquid (HYPE) could hit a new all-time high very soon. However, bearish forces loom overhead and fresh volatility could change the tide ever so quickly.