The past few days have turned into a disaster for most prominent cryptocurrencies. Bitcoin (BTC) plummeted to levels not seen since 2024, while Ethereum (ETH) fell significantly below $2,000.

Interestingly, Hyperliquid (HYPE) has shown remarkable strength in this turmoil, experiencing a staggering 60% increase over the last two weeks. This article will explore the performances of these three cryptocurrencies.

Bitcoin’s Decline

Bitcoin began the year positively, even approaching the $100K mark at one point. Recently, however, it has faced severe losses, dropping to as low as $60,000 on February 5. Currently, BTC is trading at approximately $66,400, marking a 20% drop in just a week.

Analysts are showing pessimism, suggesting that bearish sentiment is taking over. Ali Martinez recently noted that since 2015, whenever BTC dips below the 100-week simple moving average (SMA), it has failed to quickly reclaim it and proceeded towards the 200-week SMA, with a potential drop to $57,600.

Moreover, PlanB (the anonymous creator of the Stock-to-Flow model) presented several grim scenarios, including a potential fall to $25,000.

Recent movements from major investors appear to back the bearish outlook. Data from Santiment indicates that major wallets have been selling BTC while smaller investors are ramping up their purchases.

“This combination of key stakeholders selling and retail buying is what historically creates bear cycles. Until there is a sign of clear capitulation from the crowd, smart money will continue to gladly sell off their bags and not have any urgency to buy back in until the crowd has decided to move on from crypto.”

The Fear & Greed Index is currently at 9, the lowest since summer 2022, reflecting extreme fear among investors, indicative of a potential market bottom.

Ethereum’s Challenges

Ethereum, the second-largest cryptocurrency, has also been hit hard, with its price dipping to a nine-month low around $1,750 before stabilizing near $1,900, which is a 30% decrease over the past week.

This negative trend is linked to substantial withdrawals from ETH ETFs, indicating a drop in institutional interest. Furthermore, Vitalik Buterin has sold millions worth of ETH as the market declines.

Analyst Ted reported that ETH’s next major support level might hit April 2025 lows when it plunged below $1,400. Ali Martinez also commented on the Market Value to Realized Value (MVRV) ratio, which historically sees dips below 0.80 as a sign that further declines could happen, currently at 0.96.

Hyperliquid’s Resilience

In contrast to Bitcoin, Ethereum, and several other cryptocurrencies, Hyperliquid has maintained its upward trajectory, seeing a 60% price increase in the last two weeks due to significant developments, including Ripple’s support and heightened interest in HIP-3 activity.

Recently, it was announced that HIP-3 markets reached new all-time highs in open interest and daily trading volume, generating new enthusiasm among investors.

Analysts like Crypto General and Zach remain optimistic, with predictions of possible short-term volatility but an eventual rise beyond $100 this year, citing compelling reasons to buy and hold HYPE.