Hyperliquid recently reached an all-time high price of $86, driven by a token buyback program. The project has utilized over $400 million in revenue to repurchase its tokens from the open market.
Alice Liu, Head of Research at CoinMarketCap, notes that Hyperliquid faces competition from centralized exchanges. Binance has captured approximately 50% of the market share for perpetual futures backed by tokenized assets.
While Hyperliquid maintains a leading position among decentralized exchanges, its future price performance remains tied to the revenue available for buybacks. The project currently has a limited supply of unlocked tokens.
Regarding the broader market, Liu observed that Bitcoin reached $81,600 in early September. She suggests that the asset likely reached its bottom in June at $59,000, which was 53% below its October high of $126,100.
Liu expressed skepticism toward AI-related crypto tokens lacking utility, suggesting their value could drop to zero due to competition from traditional AI stocks. She maintains a conservative outlook on Bitcoin's long-term price targets.
