• Aster’s recent surge in $11.8B daily futures volume surpasses Hyperliquid’s $9.9B.
  • Market sentiments turn bullish as activity picks up across multiple networks.
  • Dogecoin is poised for a significant breakout amid rising ETF speculation.

Signs of recovery are evident in the digital tokens today after Monday’s dips, with the global cryptocurrency market capitalisation stabilising at $3.9 trillion following a modest 0.15% increase in the past day.

Aster Threatens Hyperliquid’s Market Dominance

The perpetual futures market has recently gained substantial attention as traders gravitate towards high leverage opportunities.

After capturing interest in previous weeks, Aster has positioned itself strongly following an endorsement from Binance’s CEO, Changpeng Zhao.

Claiming a remarkable milestone, the decentralised exchange (DEX) recorded over $11 billion in perpetual trading volume in just 24 hours.

This accolade now places Aster ahead of Hyperliquid, which managed to secure $9.9 billion over the same timeframe. For the first time, Aster surpassing Hyperliquid indicates an increasing interest among traders in this emerging DEX.

Aster’s impressive volume illustrates a shifting landscape of liquidity and could reshape the competition among the leading DEXs. Factors contributing to Aster’s meteoric rise include Binance’s endorsement, interest from well-known traders, and lucrative liquidity incentives.

Furthermore, the adoption of cross-chain capabilities appears to have spurred activity on the DEX. In contrast, other futures trading platforms show a resurgence of engagement, with Lighter recording $6.89 billion and edgeX reporting $5.06 billion in daily volumes. This points towards a growing trend of heightened participation in derivatives trading.

In conjunction with this momentum, Aster’s native token, ASTER, has experienced significant gains, rising over 40% in the past day to reach an all-time high of $2.05 after a staggering 2,000% increase over the past month.

Conversely, Hyperliquid is losing ground as momentum wanes due to key stakeholders exiting. Recent selling activity by BitMEX co-founder Arthur Hayes raised concerns as he divested his HYPE tokens amid concerns over pressure from upcoming unlocks.

Hayes’ actions drew attention, especially since this occurred shortly after he predicted heightened growth for Hyperliquid tokens.

Dogecoin on the Verge of a Rebound

Amidst creatures of wallets, the original meme coin, Dogecoin, continues to attract considerable attention as optimistic developments unfold.

Specifically, buzz surrounding Dogecoin is linked to its new exchange-traded fund (ETF). The 21Shares DOGE ETF, designated with the ticker TDOG, has recently surfaced on the DTCC (Depository Trust & Clearing Corporation) website.

Although this step does not guarantee approval from the SEC, it marks significant progress toward a possible launch. Analysts are now closely monitoring DOGE’s price movements amid this ETF excitement.

Currently trading at $0.2400, Dogecoin has seen a slight decline over the past 24 hours. Respected analyst @Ali_Chart has set a target of $0.50 as Dogecoin’s next milestone amid positive recovery trends.

A movement towards that figure would represent over a 100% increase from Dogecoin’s current market price. Nevertheless, for bulls to sustain the upward momentum, they must first tackle resistance levels at $0.28.

A successful ETF launch, coupled with broader market enthusiasm, may drive Dogecoin’s rally further.

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