HYPE, Tron, Zcash and Monero in the green: the unexpected winners of the Binance hack – The altcoins point

Four survivors in a field of ruins. Binance counted its $6.3 billion gone, and bitcoin fell below $77,000. However, four assets in the top 15 ended the night on the rise. Hyperliquid (HYPE) leads the way with a 16% gain over 24 hours, followed by Tron, Zcash and Monero. CoinGecko figures taken Friday October 30 at 10 a.m. Paris time.

The rest of the market is cashing in. Ether, XRP, Solana and BNB lose between 3 and 6%. In total, capitalization fell by 4.8% to $2,630 billion.

Hyperliquid (HYPE): +17% when the owner of the NYSE knocks on the door

The timing is almost cheeky. Thursday October 29, Intercontinental Exchange, the parent company of the New York Stock Exchange, joined forces with trade[XYZ]. Together, they want to open in the United States a regulated market for perpetual contracts built on Hyperliquid, open 24 hours a day, 7 days a week. Le Journal du Coin detailed this agreement. A perpetual contract is a derivative product with no maturity that allows you to bet on a price with leverage. Hyperliquid is the first decentralized market.

The same evening, Binance was emptied of its hot wallets. The market therefore read the two news together. On the one hand, a centralized exchange which suspends its withdrawals. On the other, a decentralized platform which is gaining the support of the largest American stock exchange operator. HYPE quotes $91.70 at 10 a.m., up 16.2% over 24 hours and 16.6% over seven days. In one day, 3.7 billion dollars changed hands, for 22 billion capitalization.

Tron, Zcash, Monero: histories that don’t move like the others

Tron (TRX) gained 8% in one hour overnight, to $0.359. This jump liquidated $940,000 of short positions, according to TokenPost. At 10 a.m., it only remains up a meager 0.2%, at $0.332. The rebound is mainly due to this forced repurchase of short positions. However, the network is not immune to hacking. According to TRM Labs, the hacker emptied Binance's Tron hot wallet of 612.7 million USDT and 46.4 million TRX, or approximately $628 million.

Zcash (ZEC) gained 0.3% to $1,246 and Monero (XMR) gained 0.8% to $598. The two confidential cryptocurrencies regain their role as a safe haven when a centralized exchange falters. Monero shows an increase of 8.5% over 30 days when bitcoin loses 6% over the same period. Finally, its price remains around 25% of its record. The network has not announced anything. Its selling point is precisely to never be at the mercy of a hot wallet.

Bitcoin Cash is hovering around $279.

Ether, XRP, Solana, BNB: the hard core cashes in on the Binance hack

Ether is trading at $2,226, down 3.9% over 24 hours and 16% over 30 days. He carries the weight of the hack. Indeed, $3.79 billion left Binance on Ethereum, and the hacker still holds more than 420,000 ETH that he can sell at any time. Spot Ethereum ETFs are not helping, with $105 million in outflows on October 29, the fourth consecutive session in the red.

BNB is the most affected of the core: it loses 6.2% to $705. No wonder the exchange’s house token was hacked. XRP fell 3% to $1.25, despite the 233 million XRP taken in the theft. In addition, Ripple is among the issuers who have frozen stablecoins linked to the attack. For their part, Solana and Litecoin lost 2.8% and 2.4%, respectively, to $97.27 and $55.60. Over 30 days, everyone loses between 7 and 18%.

Chainlink (LINK) and Cardano (ADA) bring up the rear with more than 20% monthly decline each.