Hyperliquid's HYPE token climbed to a record high.

On Aug. 21, HYPE rose as much as $77.55 intraday, according to CoinMarketCap, surpassing its previous high set in June. The token has gained about 35% over the past week, lifting its market capitalization to nearly $17 billion.

The rally was driven by the prospect of Hyperliquid entering the US market. President Donald Trump said at the White House on Aug. 19 that Michael Cellik, chairman of the Commodity Futures Trading Commission, was working to bring Hyperliquid into the US in a fully compliant and legal way. HYPE jumped about 19% on the day of the remarks and extended gains for a second straight day to set a new record.

Hyperliquid is an on-chain trading platform focused on perpetual cryptocurrency futures. It allows users to trade cryptocurrencies, commodities and tokenized stocks without using a centralized exchange. Its native token, HYPE, is used for network staking and governance. A legal route into the US, the world's largest derivatives market, could significantly expand its user base and liquidity, helping fuel the price advance.

Improved sentiment across the broader crypto market also supported the rally. Bitcoin rebounded on expectations of additional purchases by the US government and expanded Treasury buybacks, helping buying spread to altcoins. Hyperliquid's model, which uses part of platform fee revenue to buy HYPE, also contributed to the gain.