As of Friday morning in Asia, Hyperliquid's HYPE experienced a remarkable increase of over 11%, reaching nearly $89, making it the top performer among major cryptocurrencies, according to data from CoinDesk. Zcash's ZEC rose by 8% to approximately $1,472, while Solana's SOL climbed 6% to just above $106.
Both BNB and DOGE saw gains of around 4%, with XRP, Ether, and Bitcoin each rising by 2%. Conversely, TRX lagged behind with an increase of less than 1%.
Bitcoin was trading slightly below $78,000 after dipping to $75,972 during U.S. trading hours, successfully recovering from that overnight decline and marking its third consecutive day of gains. The overall cryptocurrency market capitalization increased by 2%, reaching approximately $2.66 trillion.
According to Alex Kuptsikevich, chief market analyst at FxPro, none of the 40 most liquid cryptocurrencies experienced declines during this period. He noted that traders are "cautiously shifting their focus towards altcoins," even though the altcoin season index remains low. NEAR led the altcoin charge with a 30% rise, followed by UNI at 26% and APT at 18%.
This surge coincided with rising equities and a growing appetite for risk, following the Federal Reserve's quarter-point interest rate hike, which did not elicit the expected reactions from traditional markets.
Bitcoin is approaching the upper limit of its trading range near $82,000. Kuptsikevich anticipates that profit-taking as the weekend approaches may impede any immediate attempts to breach this level.