Bitcoin (BTC) recovered from Asian session lows of $111,000 to trade near $112,800, mirroring Tuesday's price action. The cryptocurrency continues trading below its key 50- and 100-day moving averages, with liquidity metrics and retail sentiment suggesting potential for further downside. The CoinDesk 20 Index declined 0.7% to 4,027 over 24 hours.
The decentralized exchange (DEX) competition between Hyperliquid and Aster has intensified significantly, with Aster now generating substantially higher daily revenue. DefiLlama data shows Aster produced $7.2 million in revenue compared to Hyperliquid's $2.79 million over the past 24 hours. This performance gap is reflected in their native tokens: ASTR's market capitalization surged from $931 million to $3.74 billion within seven days, while HYPE's market cap declined from $14.88 billion to $11.73 billion.
ASTR token rallied 37% in 24 hours, ranking as the top performer among the top 100 cryptocurrencies by market cap. Meanwhile, HYPE ranked among the worst performers. Hyperliquid has been losing market share to competitors like Aster and Lighter in recent months, making this sector crucial for investor monitoring.
Separately, CryptoRank data indicates Solana launchpad activity has declined sharply, with combined volume hitting a four-month low of $117 million. Active wallets dropped below 100,000, and daily token project graduates fell to just 88, signaling reduced user engagement and fewer new project launches.
Arca's Chief Investment Officer Jeff Dorman questioned the breadth of the current crypto bull market, noting the 2025 rally remains selective and concentrated around ETF-backed assets like BTC, ETH, and SOL.
In traditional markets, the U.S. dollar gained 0.4% following Federal Reserve Chairman Jerome Powell's cautious comments on rate cuts. Nasdaq futures advanced, providing risk-on support to cryptocurrency markets.