Bitwise Acquires Additional $10 Million in HYPE Tokens

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 45 minutes ago

ALT-4.755%

HYPE-0.98%

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HYPE Token Acquisition: On May 26, Bitwise purchased an additional 162,367 HYPE tokens worth approximately $10.11 million, bringing its total HYPE holdings to over $40 million, reflecting ongoing confidence in the Hyperliquid platform.
Market Dynamics: Despite pressure in the crypto market, institutional investors continue to selectively buy certain altcoins, with HYPE gaining attention due to its derivatives trading activity and token buyback mechanism, attracting significant capital inflows.
Platform Performance: Hyperliquid, as a decentralized perpetual futures trading platform, has garnered attention for its rising trading volume and revenue generation, with market participants closely monitoring its on-chain metrics, indicating strong interest in the platform.
Market Environment Impact: Although HYPE has attracted institutional buyers, the overall crypto market remains volatile, particularly with Bitcoin ETF outflows and geopolitical tensions in the Middle East increasing uncertainty in digital asset trading.

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Technical Analysis for ALT

Technical Sentiment Analysis for Altlayer (ALT). As of , Altlayer (ALT) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 5 indicators are flashing buy, while 2 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ALT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, ALT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Altlayer (ALT) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.000893	0.00365	0.00547	0.00823	0.0101	0.0128	0.0146
Fibonacci	0.00365	0.0054	0.00648	0.00823	0.00998	0.0111	0.0128

About ALT

AltLayer is an open and decentralized protocol for rollups. AltLayer brings together a novel idea of Restaked Rollups which takes rollups (spun from any rollup stack such as OP Stack, Arbitrum Orbit, Polygon CDK, ZK Stack, etc.) and provides them with enhanced security, decentralization, interoperability and crypto-economic fast finality by leveraging restaking mechanism.ALT is AltLayer's native utility token and is used in the following functions:Economic bond: ALT token will be used alongside restaked assets to provide economic stake. This stake can be slashed if a malicious behavior is detected.Governance: ALT token holders can vote on governance decisions.Protocol Incentivization: Operators in the AltLayer ecosystem can earn ALT tokens as rewards for their services.Protocol Fees: Network participants will need to pay for intra-network services in ALT tokens.AltLayer’s core offering of restaked rollups consists of three key products: VITAL: An Actively Validated Service (AVS), where operators verify blocks and the corresponding states committed by the rollup sequencer and raise fraud proof challenges if necessary.MACH: A protocol to provide faster finality to rollups by allowing operators to restake Ethereum-based assets to back any claims on the rollup state.SQUAD: Offer decentralized sequencing with economic backing. Decentralized sequencing eliminates short-term liveness concerns, bad MEV, rent extractions and other issues associated with rollups that operate with a single sequencer.AltLayer has raised 22.8MM USD from two rounds of private token sales, where 18.50% of the ALT total token supply has been sold at 0.008 USD / ALT and 0.018 USD / ALT respectively.AltLayer’s investors include Polychain Capital, Binance Labs, Jump Crypto, Breyer Capital, DAO5, Balaji Srinivasan (former CTO of Coinbase and former GP of a16z), Gavin Wood (Co-Founder of Ethereum and Parity), Sean Neville (Circle Co-Founder and USDC architect) and Ryan Selkis (Founder of Messari), among others.As of January 17th 2024, the total supply of ALT is 10,000,000,000 and the circulating supply upon listing will be 1,100,000,000 (11.00% of the total token supply.)

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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