Aster (ASTER) and Hyperliquid (HYPE) lead decentralized exchange gains with surges up to 10% following a spike in trading volume.
Hedera (HBAR) rebounds 6% as Wyoming begins live testing of its state-backed stablecoin, FRNT, on the network.
Bitcoin (BTC) remains steady near $68,000, showing a 1% gain while long-term “digital gold” narratives face scrutiny.
The cryptocurrency market witnessed a notable divergence on Thursday as several prominent altcoins decoupled from Bitcoin’s range-bound price action. While the largest digital asset struggled to break past immediate resistance, decentralized exchange (DEX) tokens and infrastructure-focused projects captured significant capital inflows, signaling a rotation toward high-beta assets and protocol-specific catalysts.
Perpetual DEX Aster (ASTER) outperformed the broader market, jumping 10% to reach approximately $0.66. The rally coincided with a sharp increase in platform activity, with Aster’s DEX processing over $3 billion in 24-hour volume. Traders are increasingly focused on the project’s transition to its own Layer 1 blockchain, slated for late March, which promises privacy-centric derivatives trading. However, analysts remain cautious ahead of a scheduled token unlock on Feb. 17, which could introduce fresh sell-side pressure.
Hyperliquid (HYPE), another leader in the decentralized derivatives space, gained 7% in the same period. The token has benefited from a significant reduction in its monthly unlock schedule and the recent launch of its HIP-3 upgrade, which expanded its reach into non-crypto markets such as commodities. This growth has propelled HYPE into the ranks of the top 15 cryptocurrencies by market capitalization, currently holding an $8 billion valuation.
Hedera (HBAR) also joined the upward trend, rising 6% following news that the Wyoming Stable Token Commission has begun live testing of FRNT, a state-backed stablecoin, on the Hedera network. While HBAR has faced a 19% decline over the past month due to slumping on-chain revenue, the network continues to lead in Real-World Asset (RWA) developer activity. “The institutional-grade performance and regulatory alignment of Hedera make it a primary candidate for government-issued digital dollars,” noted observers regarding the Wyoming pilot.
In the AI sector, the PIPPIN agent project climbed into the Top 100 after its value more than tripled over the last week. Despite the price surge to $0.54, on-chain analysts have raised red flags regarding insider control. Reports indicate a cluster of approximately 50 wallets holds nearly half of the total supply, leading to warnings of a potential “bull trap” fueled by liquidity-engineered short squeezes rather than organic community growth.
Meanwhile, Bitcoin maintains a standard performance for what many describe as a “grinding” market. After sliding below $66,000 on Wednesday, the benchmark asset recovered to $67,883 by mid-morning. Market sentiment remains mixed as recent Grayscale research suggests BTC is currently trading more like a high-risk growth asset or software stock than the traditional “digital gold” safe-haven, particularly as it remains down roughly 30% from its 2025 peaks.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
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