Crypto markets experienced a notable resurgence this week as Bitcoin prices peaked at $116,800 before stabilizing around $115,600, sparking discussions of a potential rebound towards the anticipated $124,000 mark. Ethereum also regained its footing, moving back above $4,700 and approaching its all-time high.
In other significant developments, Hyperliquid (HYPE) showcased impressive gains with a 530% rise, while XRP managed to breach the $3.05 mark, supported by a forthcoming golden cross. Mantle achieved a new all-time high, demonstrating bullish momentum, whereas Linea experienced a bewildering 93% drop shortly after its debut. Additional notable news included Grayscale’s latest ETF filings, MYX’s tumultuous 200% price surge, and CoinShares’ $1.2 billion push into the Nasdaq market.
### Hyperliquid’s HYPE Token Targets $100 as Ecosystem Expands
The HYPE token has surged an impressive 530% this year, reaching $57.68, thanks to rapid growth within the Hyperliquid network. The total value locked (TVL) increased to $8.17 billion, with stablecoins swelling to $6 billion. Trading volumes for August surpassed $398 billion, with analysts projecting potential price targets of $60 in the short term and $100 in the long term. Notably, $1.3 billion in tokens has already been burned, adding to the price momentum.
### XRP Bulls Eye $3.60 as Golden Cross Approaches
XRP’s recent breakthrough past the $3.05 resistance mark, its highest point in weeks, has generated bullish sentiment among traders. With a golden cross on the horizon, many are setting their sights on a target of $3.60. In a show of confidence, whales have accumulated $396 million worth of XRP tokens, despite delays from the SEC regarding ETF approvals. Market optimism remains high, with bettors on Polymarket estimating a 91% likelihood of approval by the end of the year.
### Mantle Smashes New ATH as Bybit Partnership Fuels Growth
Mantle (MNT) has crossed $1.58, surpassing its previous April 2024 high after enjoying a 60% rally over the past month. The integration with Bybit, which introduced 21 spot pairs and new derivatives, now generates 42% of MNT’s trading volume. Maintaining a market cap exceeding $5 billion, traders are optimistic, eyeing price levels of $1.70 to $1.90.
### Linea Token Plummets 93% After Chaotic Launch
Conversely, the launch of Linea (LINEA), developed by ConsenSys, was anything but smooth. Following its debut on September 10, the token plummeted by 93%, collapsing from $0.32 to just $0.024 amid chaotic airdrop claims. This dramatic selloff was partly fueled by Binance users accessing the tokens ahead of retail investors. Despite concerns over tokenomics and inflation, Linea’s decentralized finance (DeFi) metrics have shown strength, boasting a TVL of $2.5 billion and increasing activity.
### Grayscale Expands Altcoin ETF Offerings
Grayscale has filed with the SEC to launch new ETFs focusing on altcoins like Hedera, Litecoin, and Bitcoin Cash, broadening its ETF initiatives beyond Bitcoin and Ethereum. This move includes proposals to convert its long-standing trusts into ETFs. With decisions expected later this year, the competition in the ETF landscape within the cryptocurrency space is likely to intensify.
### MYX Finance Skyrockets 200% Despite Crash Warnings
MYX Finance skyrocketed over 200%, nearing $15, marking it as the week’s top performer after a rise from just $0.15 in July. The trading volume surged to $545 million; however, analysts caution that the rally may lack solid fundamentals. Indicators suggest overbought conditions, alongside warnings of profit-taking and negative funding rates, hint at the possibility of a significant pullback.
### CoinShares to Go Public with a $1.2B SPAC Merger
CoinShares is preparing to go public in the U.S. via a $1.2 billion SPAC merger with Vine Hill Capital, transitioning from its current listings in Stockholm to Nasdaq. This strategic move will provide Wall Street with direct exposure to Europe’s largest cryptocurrency asset manager, positioned alongside giants like BlackRock, Grayscale, and Fidelity. Trading is expected to commence by December 2025.
