Hyperliquid tops weekly crypto gainers with a 17% advance despite wider market sell-off

• A 17% weekly rise put Hyperliquid at the top of the gainers, backed by institutional partnerships involving ICE, trade[XYZ] and Kraken parent Payward.
• Despite falling 10.7% in the past 24 hours as selling pressure returned across the market, MemeCore recorded a 9% weekly advance.
• Growing institutional interest in blockchain interoperability and tokenised financial infrastructure continued to support Quant's price, with the token gaining 7%.

Weekly gains of 17%, 9% and 7%, respectively, placed Hyperliquid (HYPE), MemeCore (M) and Quant (QNT) among the strongest-performing cryptocurrencies, even as pressure on the wider crypto market increased.

At $2.69 trillion on Friday, global crypto market capitalisation declined as Bitcoin (BTC) briefly slipped below $77,000. Bitcoin subsequently recovered towards the $78,000 support level, which it has maintained for over a month. The downturn prompted $1.67 billion in crypto futures liquidations, of which Bitcoin accounted for $562 million.

Major altcoins also came under selling pressure over the past 24 hours: Ethereum (ETH) lost 3.9%, XRP declined 3.8% and BNB fell 6.3%.

A $6.3 billion hack at crypto exchange Binance coincided with the fresh weakness and set off widespread crypto market liquidations. Selling gathered pace after technology shares fell on Friday, when the S&P 500 lost 2.2% and the Nasdaq declined 3.6%.

As market losses extended towards the weekend, six cryptocurrencies stood out as the week's leading gainers despite the downturn.

HYPE, M and QNT lead the week's best-performing cryptocurrencies

Hyperliquid (HYPE) tops the weekly ranking

Week-on-week gain: 17%

A 17% advance placed Hyperliquid first in the weekly ranking. Increasing institutional interest in its HIP-3 perpetual futures markets, alongside broader partnerships with traditional finance firms, supported the rise.

A strategic investment in Trade[XYZ] was announced on Thursday by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). Trade[XYZ] is a leading deployer of real-world asset (RWA) perpetual markets on Hyperliquid.

Subject to regulatory approvals, the agreement gives ICE exclusive responsibility for operating Trade[XYZ]'s regulated markets and establishing a dedicated US trading and clearing structure. Perpetual contracts tracking equities, commodities, foreign exchange and other assets will be available on the proposed platform.

Before the announcement, Hyperliquid had confirmed plans by Kraken parent Payward to become its first CFTC-regulated HIP-3* deployer. Under the proposed arrangement, Bitnomial would handle market deployment, clearing and settlement, potentially broadening US customers' access to on-chain perpetual futures.

Taken together, these developments underline the increasing institutional interest in Hyperliquid's derivatives infrastructure.

At the time of writing, HYPE trades at $91 following a 1.5% rise over the past 24 hours.

MemeCore (M) records a weekly advance

Week-on-week gain: 9%

With its cross-chain capabilities expanding, meme-focused blockchain MemeCore followed with a weekly rise of 9%.

Through its recent integration of LayerZero and Stargate, the network now supports transfers to BNB Chain and Base of its native M token and stablecoins, including USDC and USDT.

By allowing MemeCore assets to move between multiple blockchain ecosystems, the integration broadens access and potential liquidity.

The wider crypto sell-off has nevertheless left M 10.7% lower over the past 24 hours.

Quant (QNT) gains institutional support

Week-on-week gain: 7%

Continued institutional interest in blockchain interoperability and tokenised financial infrastructure helped support Quant's price as it rose 5%.

In late September, The Clearing House said it had chosen Quant to power its On-Chain Money Initiative. This interoperable payments network is designed to facilitate clearing and settlement for tokenised bank deposits.

At the time of writing, QNT has fallen 1.2% over the past 24 hours.

Pepe (PEPE) extends its weekly gains

Week-on-week gain: 5%

A 5% rise over the past 7 days extended Pepe's run of weekly gains. Last week, the token recorded a similar advance after Coinbase founder Brian Armstrong tweeted a frog-themed Pepe meme.

Despite the wider sell-off and renewed macroeconomic pressure, the popular memecoin has held on to a positive weekly return.

Thursday's Binance exploit hit PEPE particularly hard. With the effects of the hack still weighing on its price, the memecoin has lost 5.6% over the past 24 hours.

LEO Token (LEO) posts a weekly rise

Week-on-week gain: 4.1%

A 4.9% weekly advance was recorded by LEO Token, the utility token issued by crypto exchange Bitfinex. Holders receive trading fee discounts and other benefits throughout its ecosystem.

Under the token's buyback-and-burn mechanism, iFinex commits at least 27% of its monthly consolidated revenues to buying back tokens and permanently taking them out of circulation.

At the time of writing, LEO has declined 0.7% over the past 24 hours.