A new altcoin market rally may be underway, spearheaded by decentralized trading platform Hyperliquid (HYPE).
Crypto analyst Michael van de Poppe notes its recent all-time high signals a deep appetite for alternative assets, calling HYPE the premier indicator for market momentum.
Van de Poppe is fully allocated to his altcoin portfolio, citing strength in protocols such as NEAR Protocol (NEAR), Bittensor (TAO), and Sui (SUI).
Speaking live from the New York Stock Exchange on CoinDesk’s Markets Outlook, Van de Poppe claimed, “Hyperliquid can easily go to $100+ from here.” He added, “Hyperliquid is structurally undervalued. European traders can’t access perps anywhere else, that’s why HYPE has been growing as fast as it has.”
The analyst outlined high targets for decentralized networks, asserting, “Bittensor going to $1,000-$2,000 would put it at fair value given the growth it has seen. NEAR can hit $10-$20 on the same logic.” Contrarily, he cautioned against traditional tech market listings: “AI IPOs valued at $1T+ right now? The chance of 50-75% correction is significantly larger than the chance of 4x upside.”
 
However, for long-term conviction, the analyst says he would “hold Solana over Hyperliquid. Every year, there’s been a different leading trading venue. Solana’s institutional transition is real.”
Concurrently, macro shifts are shaping the outlook for large-cap assets. Van de Poppe considers this range an ideal accumulation zone for Ethereum ($ETH), which has lagged the macro trend due to a negative correlation between DeFi and rising government bond yields, even as it sits near macro support after a 0.0325 BTC rejection.
Bitcoin ($BTC) also appears ready to move higher after reclaiming key resistance. Analyst van de Poppe believes a potential Middle East peace deal in the coming days could lower oil prices and bond yields, pushing “Bitcoin breaks above $80k+ again” and ensuring “Altcoins will have their time for the entire summer.”
Meanwhile, CoinMarketCap Altcoin Season Index is at 32/100, indicating “Bitcoin Season.” The metric matches yesterday’s 37, shifting from last week’s 34, last month’s 42, a 2025 high of 78, and a low of 14. Top 90-day performers include Binance Life (+616.73%), VVV (+415.19%), DEXE (406.95%), A EDGE (244.81%), ZEC (+182.92%), NEAR (+177.10%), HYPE (+134.42%), LUNC (+133.05%), Yu M (+105.34%), and JST (101.73%).
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