Aster Surpasses Hyperliquid in Revenue Amid Intensifying DEX Competition: Americas Crypto Market Update

By Omkar Godbole (All times are in Eastern Time unless otherwise stated) Following a dip to lows of $111,000 to $112,800 during the Asian session, Bitcoin (BTC) rebounded to $85,408.68, mirroring a pattern observed on Tuesday. However, the cryptocurrency remains below its 50-day and 100-day simple moving averages, with liquidity analysis and retail sentiment suggesting potential for a further decline. The CoinDesk 20 Index declined by 0.7% over the past 24 hours, standing at 4,027. Notably, the competition between on-chain decentralized exchanges, Hyperliquid and Aster, has escalated, with Aster now leading Hyperliquid in daily revenue. According to DefiLlama, Aster generated $7.2 million in revenue over the past 24 hours, compared to Hyperliquid's $2.79 million. This disparity is also reflected in the performance of their native tokens, with ASTR's market capitalization soaring from $931 million to $3.74 billion in seven days, while HYPE's market capitalization dropped from $14.88 billion to $11.73 billion. ASTR has seen a 37% surge over 24 hours, representing the best performance among the top 100 tokens by market capitalization, whereas HYPE is among the worst performers. In recent months, Hyperliquid has experienced a decline in market share to competitors such as Aster and Lighter, making this a critical area for investors to monitor. Meanwhile, data from CryptoRank indicates a significant decline in Solana's launchpad activity, with combined volume reaching a four-month low of $117 million. Active wallets have fallen below 100,000, and the number of daily token project graduates – projects that have successfully completed their initial fundraising or token sale phases and transitioned to public trading – has dropped to just 88, indicating reduced user engagement and fewer new launches. Jeff Dorman, Chief Investment Officer at Arca, has challenged the notion of a broad crypto bull market, emphasizing that the 2025 rally is narrow and selective, focusing on specific coins backed by exchange-traded funds (ETFs) and digital asset trusts (DATs), such as BTC, ETH, and SOL. In traditional markets, the US dollar rose by 0.4%, likely influenced by Federal Reserve Chairman Jerome Powell's cautious remarks on rate cuts earlier in the week. Nasdaq futures showed gains, providing risk-on cues to the crypto market. Remain vigilant! Key Areas to Watch: Token Events Conferences Token Talk and Derivatives Positioning Market Movements Bitcoin Statistics Technical Analysis Crypto Equities Crypto Treasury Companies ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overview of the Previous Day