Hyperliquid (HYPE) Flips Cardano (ADA) in Market Cap as Arthur Hayes Sets $150 Price Target

Published by

Debashree Patra and Anjali Belgaumkar

March 20, 2026

Hyperliquid (HYPE) Flips Cardano (ADA) in Market Cap as Arthur Hayes Sets $150 Price Target

The crypto market just saw an unexpected change. Hyperliquid briefly moved to the top 10 ahead of Cardano in market capitalization, showing how quickly positions can change.

As per data, HYPE has been rising steadily, gaining around 21% this week and trading near the $40–$43 range. ADA also saw gains near $0.29, but the increase wasn’t enough to hold its position. Even with both assets moving up, HYPE managed to edge ahead.

Why HYPE Is Gaining Attention

HYPE’s rise is driven by strong platform activity. Hyperliquid runs a decentralized exchange that offers fast execution and deep liquidity, attracting high trading volume, reaching around $500 million in a day.

It’s also expanding with new products, like bringing the S&P 500 on-chain.

BitMEX Founder, Arthur Hayes, adds that Hyperliquid stands out because it generates real revenue, with about 97% used to buy back HYPE, directly linking the token to platform earnings. He believes this model can help it keep taking share from centralized exchanges while growing further. Looking at the current market, Hayes is projecting a $150 price target for Hype by August 2026, nearly 5x from earlier levels around $30.

Cardano Under Pressure, But Not Out

Cardano, on the other hand, has seen slower growth in recent months. Its price action has been uneven, and its DeFi ecosystem has not expanded as quickly as some newer platforms.

Still, there are signs of a possible recovery. Crypto analyst Ali Martinez recently highlighted a bullish signal on ADA:

“Cardano $ADA has printed a buy signal.”

He noted that the recent downtrend may be ending. For this setup to remain valid, ADA needs to hold the $0.23 support level. If it does, the next targets could be $0 .3 2 and $0.37. A drop below this level would weaken the outlook.

What This Flip Suggests

This shift between HYPE and ADA reflects a broader change in the market. Projects with strong user activity and trading demand are getting more attention, while slower-growing ecosystems are facing pressure.

HYPE is currently benefiting from increased usage on its platform, while ADA needs stronger participation to regain ground.

FAQs

What is driving Hyperliquid’s recent price surge?

HYPE is rising from high platform activity, deep liquidity, and real revenue generation, with most earnings used for token buybacks, supporting price growth.

Is Cardano (ADA) still a good investment in 2026?

ADA shows recovery signs with a bullish signal. Holding above $0.23 could push prices to $0.32–$0.37, but growth depends on stronger DeFi adoption.

What does the HYPE and ADA flip mean for the crypto market?

The flip highlights a shift in market focus toward platforms with strong user activity and tangible revenue, showing that newer exchanges with high trading volume can overtake established ecosystems that are growing more slowly.

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