17% weekly rise puts Hyperliquid at the top of crypto gainers amid market sell-off

• 17% was Hyperliquid's weekly gain. Institutional partnerships involving ICE, trade[XYZ] and Kraken parent Payward supported its leading performance.
• 9% was MemeCore's advance over the week. Renewed market-wide selling nevertheless drove a 10.7% fall in the past 24 hours.
• 7% was Quant's gain. Growing institutional interest in blockchain interoperability and tokenised financial infrastructure continues to support its price.

17% was Hyperliquid (HYPE)'s weekly advance. Alongside MemeCore (M) and Quant (QNT), which gained 9% and 7%, respectively, it ranks among this week's strongest cryptocurrencies despite increasing pressure on the wider crypto market.

Friday saw global crypto market capitalisation fall to $2.69 trillion. Bitcoin (BTC) briefly slipped below $77,000, then recovered towards the $78,000 support level it has maintained for over a month. The retreat triggered $1.67 billion in crypto futures liquidations, including $562 million in Bitcoin positions.

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

A $6.3 billion hack on crypto exchange Binance coincided with the fresh weakness and set off widespread crypto liquidations. Selling accelerated after Friday's technology stock declines, with the S&P 500 losing 2.2% and Nasdaq falling 3.6%.

Even as losses extend into the weekend, six cryptocurrencies have led this week's gains against the market downturn.

17%, 9% and 7%: HYPE, M and QNT Lead Weekly Cryptocurrency Gains

Hyperliquid (HYPE): Weekly Performance

17% Week-on-Week

A 17% advance puts Hyperliquid at the top of the weekly rankings. Rising institutional interest in its HIP-3 perpetual futures markets and broader partnerships with traditional finance firms underpin the gain.

A strategic investment in Trade[XYZ] was announced on Thursday by Intercontinental Exchange (ICE), parent 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 operation of Trade[XYZ]'s regulated markets and provides for a dedicated US trading and clearing structure. Perpetual contracts linked to equities, commodities, foreign exchange and other assets would be available on the proposed platform.

Earlier, Hyperliquid confirmed that Kraken parent Payward plans to become its first CFTC-regulated HIP-3* deployer. Bitnomial would handle market deployment, clearing and settlement under the proposed arrangement, which could broaden US customers' access to on-chain perpetual futures.

These developments together underscore the increasing institutional appetite for Hyperliquid's derivatives infrastructure.

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

MemeCore (M): Weekly Performance

9% Week-on-Week

A 9% weekly rise put MemeCore next in the rankings as the meme-focused blockchain broadens its cross-chain capabilities.

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

By allowing MemeCore assets to circulate across several 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): Weekly Performance

7% Week-on-Week

With institutional interest in blockchain interoperability and tokenised financial infrastructure continuing to support its price, Quant advanced 5%.

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

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

Pepe (PEPE): Weekly Performance

5% Week-on-Week

A 5% increase over the past 7 days extended Pepe's positive weekly performance. Last week brought a similar advance after Coinbase founder Brian Armstrong tweeted a frog-themed Pepe meme.

Despite the market-wide sell-off and fresh macroeconomic pressure, the popular memecoin has kept its weekly return positive.

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

LEO Token (LEO): Weekly Performance

4.1% Week-on-Week

A 4.9% rise marked LEO Token's performance over the past week. Issued by crypto exchange Bitfinex, the utility token offers trading fee discounts and other benefits throughout its ecosystem.

Under the token's buyback-and-burn mechanism, iFinex commits at least 27% of monthly consolidated revenues to token repurchases and permanent removal from circulation.

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