Bitcoin struggled to maintain price levels above $80,000 after its recent rally, but CoinMarketCap Head of Research Alice Liu stated that the leading cryptocurrency is unlikely to revisit the lower price points seen earlier this year.
Bitcoin holds gains above yearly lows
Liu referred to Bitcoin touching a low near $59,000 in June, which reflects a 53% decline from its October all-time high of $126,100. She remarked that this drop may have marked the cycle’s bottom, suggesting that significant retracements are now less likely.
Bitcoin recently reached $81,600 at the beginning of September, representing about a 28% rebound since mid-August. This price move pushed the CoinMarketCap Crypto Fear & Greed Index—which monitors collective market sentiment for cryptocurrencies—back into the Greed zone after months of showing widespread caution in the market.
CoinMarketCap, a widely used crypto data aggregator, is known for publishing metrics such as market capitalization, trading volume, and sentiment indices across major digital assets.
While Bitcoin’s recovery has dominated headlines, Liu shifted her focus to emerging trends outside of the core cryptocurrency market. She pointed to growing activity in the field of tokenized real-world assets and perpetual futures contracts.
Competition intensifies in RWA perpetuals and DEXs
Liu highlighted developments around Hyperliquid, a decentralized derivatives trading platform. She emphasized that network activity and token price can move independently and noted increased attention to real-world asset (RWA) perpetuals—derivatives backed by tokenized stocks, ETFs, and indices.
She reported that Hyperliquid initially captured a large share of trading volume for these RWA perpetuals. However, after Binance—the world’s largest cryptocurrency exchange by volume—launched its own RWA perpetuals, much of this activity shifted to Binance, which now accounts for about 50% market share. Despite this, Liu said Hyperliquid remains the leader among decentralized exchanges (DEXs) for these products.
Mini dictionary: Hyperliquid is a decentralized derivatives trading platform, allowing users to trade perpetual contracts on-chain, with an emphasis on real-world asset (RWA) integration and high on-chain liquidity.
| Platform | Market Share (RWA Perpetuals) |
|---|---|
| Binance | 50% |
| Hyperliquid | Leading among DEXs |
Hyperliquid’s native token, Hype, is up 47.50% over the past 30 days. Liu attributed recent price gains to significant token buybacks, citing more than $400 million spent on buybacks as a key factor supporting momentum. She added that the limited supply of unlocked tokens could further influence price movements as new tokens continue to be gradually released to the market.
Hyperliquid remains a venue where substantial liquidity is concentrated and much of the scale in RWA perpetuals is driven.
Alice Liu weighs in on AI-crypto tokens
According to Liu, the price outlook for Hype depends on ongoing project revenue to sustain buybacks. Although she maintains a positive stance on Hyperliquid, Liu expressed caution toward the broader narrative of AI-focused crypto tokens, especially those that peaked in popularity in late 2023 with limited real-world utility.
She argued that many meme-inspired AI tokens face intense competition from major technology and AI companies and may struggle to maintain value. “For previous cycle meme-ified AI tokens that lack tangible utility or infrastructure, there is a possibility they could become worthless,” she noted.
Liu acknowledged that some AI-related infrastructure projects in crypto show promise and provide utility, but she expects even these may trade at discounted valuations compared to expectations.
While discussing Bitcoin’s long-term prospects, Liu described the flagship cryptocurrency and the larger market as underestimated destination for investment in the current economic climate. She offered a more conservative perspective than Coinbase CEO Brian Armstrong and ARK Invest CEO Cathie Wood, who have both suggested Bitcoin could reach $1 million by 2030. Liu concluded that while such heights are not impossible, she prefers a cautious outlook.
