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BTC Bitcoin is unlikely to fall, and blockchain assets show advantages.
Cryptocurrency enthusiasts have been closely watching Bitcoin's recent fluctuations near the US$80,000 mark. Alice Liu, head of research at CoinMarketCap, pointed out that Bitcoin is unlikely to return to its lows earlier this year. Although it once fell to about $59,000 in June, Liu believes that level may mark an important bottom area, reducing the possibility of retesting that depth.
Has Bitcoin hit bottom?
Bitcoin climbed to US$81,600 in early September, achieving a significant 28% rebound since mid-August. This upward trend also prompted the CoinMarketCrypto Fear and Greed Index to re-enter the "greedy" range. Still, Liu believes the low observed in June (about $59,000) may have established a solid level of support.
However, the hotspots in the crypto market are not limited to Bitcoin. Liu pointed out that there has been a significant increase in activity in the areas of tokenized real-world assets (RWA) and perpetual contracts. Especially in these development contexts, Hyperliquid reveals differences between network activity and price performance.
Is competition intensified in the RWA perpetual contract space?
In fact, Liu found in his analysis over the past two months that RWA perpetual contracts based on tokenized stocks, ETFs and indices have received increasing attention. Although initially led by Hyperliquid, market share may be reallocated with the introduction of centralized exchanges.
Currently, Binance accounts for approximately 50% of the RWA perpetual contract market, while Hyperliquid maintains a leading position in the decentralized exchanges (DEX) space. Liu emphasized that thanks to large-scale repurchase operations, Hyperliquid has achieved an impressive 47.50% increase in the past month. Its recent high of native tokens reached US$86, which is the result of the project spending more than US$400 million on token repurchase. The limited amount of tokens in circulation also helps support its controlled release strategy.
AI token demand should be treated with caution?
Although Liu is positive about Hyperliquid, she is more cautious about artificial intelligence-themed cryptocurrency assets. Emerging trends emerging at the end of 2023 show that AI tokens are weak in competition with real technology stocks and AI companies. They tend to rely more on conceptual hype than on substantive infrastructure or application scenarios.
Liu warned that projects that lack practical utility may face more serious depreciation risks. Although projects with solid backgrounds may still find market segments, they will also face pricing pressure. She remains optimistic about Bitcoin's long-term prospects, but is conservative about her forecast of reaching US$1 million by 2030.
