With assessments suggesting a renewed increase in risk appetite for altcoins in the cryptocurrency market, analysts believe the next bull run could be led particularly by the Hyperliquid ecosystem and AI-themed tokens.
Cryptocurrency investor Michael van de Poppe stated in his assessment that market risk appetite is showing signs of recovery, and that the activity in Hyperliquid’s native token $HYPE and AI-focused crypto assets in particular could signal the beginning of a new altcoin rally.
Van de Poppe stated that the recent record highs reached by the $HYPE token were influenced by the launch of Hyperliquid-linked ETF products in the US market. He also noted that European investors’ shift towards Hyperliquid as a perpetual trading platform supported the rise.
According to the analyst, Hyperliquid’s expansion plans into tokenized shares, commodities, and pre-IPO assets are accelerating the transition to on-chain asset transactions in the crypto market.
However, Van de Poppe stated that he considers the Solana network more attractive than Hyperliquid in terms of investment in the medium to long term. The analyst noted that Solana has gradually transformed from an “ecosystem focused on individual investors” to an institutional-level infrastructure, and that this transformation strengthens the network’s long-term potential.
Van de Poppe, who also commented on AI-themed crypto assets, argued that projects like NEAR Protocol and Bittensor still have significantly low valuations. According to the analyst, although the ecosystems of these projects continue to grow, their market capitalization lags behind traditional AI companies.
Van de Poppe also noted that under current market conditions, liquidity is concentrated only in a few protocols with high growth potential. Arguing that macroeconomic conditions remain decisive for the crypto market, the analyst stated that bond yields, central bank monetary policies, and the inflation outlook will have a direct impact on risky assets.
The analyst warned that risky assets, including the cryptocurrency market, could come under pressure if inflation becomes persistent or interest rate hikes resume.
