A new altcoin market rally may be underway, with decentralized trading platform Hyperliquid (HYPE) drawing attention after reaching a new all-time high. Crypto analyst Michael van de Poppe views the move as a signal of broader appetite for alternative assets, calling HYPE a premier indicator for market momentum.
Speaking live from the New York Stock Exchange on CoinDesk’s Markets Outlook, van de Poppe said, “Hyperliquid can easily go to $100+ from here,” adding, “Hyperliquid is structurally undervalued. European traders can’t access perps anywhere else, that’s why HYPE has been growing as fast as it has.”
Van de Poppe says he is fully allocated to his altcoin portfolio, citing strength in NEAR Protocol (NEAR), Bittensor (TAO), and Sui (SUI). He outlined ambitious targets for those networks: “Bittensor going to $1,000–$2,000 would put it at fair value given the growth it has seen. NEAR can hit $10–$20 on the same logic.”
Despite his altcoin optimism, he expressed caution about AI-related equity listings: “AI IPOs valued at $1T+ right now? The chance of 50–75% correction is significantly larger than the chance of 4x upside.”
For longer-term conviction, van de Poppe leaned toward Solana over Hyperliquid: “Every year, there’s been a different leading trading venue. Solana’s institutional transition is real.”
On the macro side, van de Poppe identified Ethereum’s current range as a potential accumulation zone, noting the asset has lagged broader trends partly due to a negative correlation between DeFi and rising government bond yields. He also suggested that a potential Middle East peace deal could push oil prices and bond yields lower, creating conditions for Bitcoin to break above $80,000 and for altcoins to rally through the summer.
The CoinMarketCap Altcoin Season Index currently sits at 32 out of 100, indicating “Bitcoin Season.” Among the top 90-day performers tracked by the index are Binance Life (+616.73%), VVV (+415.19%), DEXE (+406.95%), ZEC (+182.92%), NEAR (+177.10%), and HYPE (+134.42%).
Source: Analyst Flags Hyperliquid as Leading Indicator for Altcoin Season