Why Hyperliquid is Rallying and Why Bitwise CIO Predicts the Market to Hit $200 Trillion

Savvy traders know Hyperliquid as one of the top emerging projects in the crypto landscape. With its consistent bullish trend, Matt Hougan, CIO (chief investment officer) at Bitwise, expects more for the asset.

While Hyperliquid’s market cap currently stands at $20.24 billion, the Bitwise boss believes the asset’s valuation is poised to reach $200 trillion in the next decade, driven by strong investor demand and rising institutional adoption. Just within this year, HYPE has doubled its price, from $39.2 noted on March 28 to the current $80.32 traded today, September 12; that is a 205% spike.

Hougan predicts Hyperliquid to touch $100 trillion

Despite strong growth, Hougan said investors still underestimate Hyperliquid’s market potential. In a podcast shared today, the Bitwise boss believes that HYPE will be one of the top-performing large-cap crypto assets in the years to come, having already performed exceptionally in 2026.

On the broadcast, he’s convinced a massive increase in Hyperliquid adoption is coming. He shared two key reasons why Hyperliquid could reach the $100 trillion market valuation in the next decade.

Hyperliquid’s ‘super-app’ ambition

First, Hougan acknowledged that Hyperliquid is evolving into a super app (an all-inclusive platform) that SEC Chair Paul Atkins envisioned last year. On November 12, 2025, the SEC chair shared his vision for the capital markets over the next five years, predicting all markets will transition their operations onchain. He also predicted super apps in finance, where various investment assets are launched and traded under a single regulatory license.

According to Hougan, that’s what Hyperliquid is doing, beating competition with this unique approach. He said that although Hyperliquid originally started its operation as a crypto perpetual futures exchange, it has continued to evolve. The platform has remained committed to expanding its ecosystem to accommodate different financial assets, including traditional capital instruments including equities, S&P 500 futures, commodities, and several others, positioning itself to become the next-gen super app.

Embracing global regulation, not just the US

Lastly, based on his second reason, Hougan said Hyperliquid is not only becoming a super app but also a regulated platform that aims to offer global customers multi-asset-class trading exposure. 

As per his statement, the platform is still maturing. Currently, Hyperliquid is preparing to become accessible to US customers, making arrangements to get integrated into the US regulatory framework through collaboration with the CFTC. This matters because regulatory enforcement will spur global adoption, helping it become one of the fastest-growing financial businesses worldwide.