Despite the widespread decline in the cryptocurrency market over the weekend, one particular altcoin in the top 20 managed to defy the trend and experience significant growth.
HYPE, the token of the decentralized exchange Hyperliquid, has surged by over 40% in the last seven days.
In contrast, the overall crypto market cap decreased by nearly 9% during the same period, according to data from CoinGecko.
On Monday, HYPE’s impressive performance continued, with the 20th-ranked cryptocurrency by market cap seeing an increase of more than 13% at the time of writing.
Part of this recent surge was driven by Hyperliquid’s announcement that its trading engine, HyperCore, would now support outcome trading contracts for prediction markets.
The project stated,
“Outcomes introduce non-linear features, dated contracts, and a different type of derivative trading that does not involve leverage or liquidations. This new primitive enhances the capabilities of HyperCore and can be combined with other features like portfolio margin and the HyperEVM.”
“Outcomes are currently in testing on the testnet and will be deployed for real markets once technical development is completed. These markets will be denominated in USDH and may be extended for permissionless deployment based on user feedback.”
At the time of writing, HYPE is trading at $33.06.
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