Bitwise Identifies HYPE as Undervalued Crypto Asset with 77% Yearly Growth

Bitwise's Chief Investment Officer Matt Hougan has made a striking statement about HYPE crypto in his latest note. According to him, the token is one of the most undervalued assets in the crypto market today.

Hougan argues that the market values Hyperliquid as a simple exchange, but it should be valued as a global super-app due to its wide range of services, including cryptocurrency trading, stock trading, commodity trading, and prediction markets. This means that the addressable universe for HYPE is not limited to the $3 trillion crypto market, but rather the global asset market estimated at $600 trillion.

Furthermore, Hougan distinguishes HYPE from first-generation tokens like UNI or AAVE, which were designed without direct value capture to avoid being reclassified as securities by the SEC. In contrast, HYPE is a second-generation token with significant growth potential.