Live updates: HYPE leads altcoin rally as bitcoin recovers toward $78,000
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Hyperliquid's HYPE rose more than 11% to nearly $89 as of Asian morning hours Friday, the strongest move among the majors, according to CoinDesk data. Zcash's ZEC added 8% to roughly $1,472 and Solana's SOL 6% to just above $106.
BNB and DOGE each gained about 4%, with XRP, ether and bitcoin up 2%. TRX was the laggard at under 1%.
Bitcoin traded just below $78,000 after touching $75,972 during U.S. hours, recovering the whole of that overnight drop and marking a third consecutive day of gains. Total crypto market value rose 2% to roughly $2.66 trillion.
None of the 40 most liquid coins fell over the period, according to FxPro chief market analyst Alex Kuptsikevich, who said traders are "cautiously shifting their focus towards altcoins" even with the altcoin season index still subdued. NEAR led that group at 30%, followed by UNI at 26% and APT at 18%.
The move came with equities rising and a broader appetite for risk, a day after the Fed's quarter-point hike landed without the reaction traditional markets had braced for.
Bitcoin faces the upper edge of its established trading range near $82,000. Kuptsikevich expects profit-taking into the weekend to delay any attempt at it.
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