ASTER’s price surge has garnered attention in the crypto space. Could the decentralized token with support from top leaders be on track to challenge HYPE’s dominance in the coming weeks?
Summary
- ASTER price is up 14% on the day, driven by strong market momentum.
- The protocol recently trolled Hyperliquid as competition between the two heats up.
- Despite ASTER’s rapid rise, HYPE leads with a $6.5 billion TVL and a $16.19 billion market cap.
- ASTER’s growth is promising, but market fluctuations may influence whether it can continue its upward trajectory and challenge HYPE for the top spot.
The ASTER token has seen a huge ascent over the past week. Currently trading at $1.72, the token is up roughly 14% on the 24-hour chart, according to market data from crypto.news.
Launched about a week ago, ASTER (ASTER) has surged by over 1,940%, quickly climbing to a market cap of over $2 billion and placing it among the top 50 cryptocurrencies. Despite some pullbacks, it is just 13.69% below its all-time high of $1.97, which indicates strong underlying momentum.
The project has gained support from industry heavyweights like Changpeng Zhao (CZ), who has hinted at plans to contribute to the decentralized ecosystem. CZ’s backing could provide further stability and growth, as his involvement signals confidence in the project’s potential. If market momentum continues to build, ASTER could cross the $2 mark in the coming weeks.
ASTER vs. Hyperliquid
Meanwhile, the competition between ASTER and its rival Hyperliquid (HYPE) has continued to heat up. Since its debut, ASTER has been compared to HYPE and is being touted as a potential contender to dethrone it as a top player in the market.
The rivalry spiked recently when the decentralized perpetual exchange took a playful jab at HYPE. ASTER recently announced it would allow users to short HYPE with up to 300x leverage, a direct response to Hyperliquid’s earlier move to list ASTER with a far more cautious 3x leverage.
“Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for,” Aster reposted on X, using Hyperliquid’s disclaimer almost word-for-word.
While this competition is interesting, the real question is whether ASTER can sustain its recent surge and outperform HYPE in the long term.
Currently, HYPE has a significant lead in terms of total value locked (TVL) and market cap. Hyperliquid boasts a TVL of $6.5 billion, almost five times greater than ASTER’s TVL of $1.39 billion. Moreover, HYPE has a market cap of $16.19 billion, while ASTER’s is at $2 billion.
Recent developments, including HYPE’s upcoming USDH stablecoin and growing profitability, have also drawn substantial attention to the protocol, which further solidifies its position as a major player in the market.
While Aster’s rapid ascent is noteworthy, its ability to maintain this momentum amidst market volatility remains to be seen. However, the token’s potential to challenge HYPE is undeniable, especially with continued support from influential figures like CZ, who has expressed confidence in its long-term viability.
