Bitcoin Crashes Below $90K for First Time in 7 Months: Why Crypto Whales Are Buying HYPER Instead

The crypto selloff just got a whole lot worse. Bitcoin plummeted below $90,000 for the first time since April on Tuesday, dealing another blow to an already painful market. Is the crypto bull run finally over?

If it were, it’d align with the four-year cycle theory. But what’s interesting is that as Bitcoin slips below $90,000, many traders have started rotating into an alternative play, signaling that there is still hope and investor appetite in the market.

The project, Bitcoin Hyper (HYPER), has added 351 new holders in the past 24 hours. Right now, HYPER is in a presale, having raised $27.8 million to date – making it one of the strongest-performing ICOs currently underway.

But this raises the question: why are crypto whales buying HYPER, even while Bitcoin is dumping? Is this a classic case of early-stage, hype-driven momentum? Or could we be looking at the next long-term breakout play?

This publication is sponsored. CryptoDnes does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other materials on this page.

Bitcoin’s Potential Biggest Monthly Market Cap Loss Ever

Bitcoin opened in November at $109,500 and fell to $90,000 by this morning. This represents a market capitalization loss of $386 million, or 17.8% of BTC’s total value.

It’s not the largest percentile correction in Bitcoin’s history – but it would be the largest market-cap loss on record if BTC closes the month here. Currently, May 2021 holds the title with a $376 million decline.

May 2021’s downfall was caused by China’s crackdown on Bitcoin mining, Tesla’s suspension of BTC payments, and a cascade of leveraged liquidations that accelerated the sell-off.

This time, BitMine co-founder Tom Lee argues there are two core drivers behind Bitcoin’s demise: the $19 billion liquidation event on October 10, and uncertainty surrounding whether the Fed will cut interest rates at the next FOMC meeting.

And while Lee believes that a rebound could ensue any day, many investors aren’t so sure. BlackRock’s IBIT fund, for instance, has shed $902.2 million in the past four trading days. Yet as Bitcoin plummets, Bitcoin Hyper (HYPER) is experiencing massive success with huge capital inflows to its presale.

HYPER Attracts Whale Interest as Bitcoin Craters

Bitcoin Hyper’s presale has attracted roughly $1 million in inflows over the past week and over $27 million since fundraising began. It’s a clear testament to HYPER’s status as a credible player in the altcoin space, capable of carving its own narrative even as the broader market is in disarray.

The project is a Bitcoin Layer 2 with one core goal: making Bitcoin more usable. Bitcoin has historically been used as a store of value, with minimal utility outside of hoarding wealth and fighting inflation. Bitcoin Hyper, on the other hand, turns Bitcoin into a more active ecosystem.

It can process thousands of transactions per second and supports smart contracts, paving the way for the same kinds of use cases Ethereum supports, only with much faster execution. That’s because it runs on the Solana Virtual Machine (SVM), known for its market-leading performance.

Bitcoin Hyper’s combination of a promising use case, early-stage status, and investor appeal is catching the attention of top industry players, with Borch Crypto recently predicting a 100x rally.

Could Bitcoin Hyper Realistically Explode 100x?

Let’s face it: until the market returns to risk-on mode, or a breakout narrative captivates investor attention, it’s going to be hard to find cryptos that could realistically deliver 100x gains. But as seen with Zcash recently, there’s tons of potential for projects to deliver 10x ROI or more if they have strong use cases and community support.

Bitcoin Hyper, with its ambition of reshaping Bitcoin, is already attracting massive investor interest. Should Bitcoin continue showing weakness from here, more investors may start to sell, and many will look for the new hot crypto – and that might just be HYPER.

On the other hand, imagine the market rebounds here and Bitcoin returns to new highs. As Tom Lee predicts, investor risk appetite could return – and those projects that showed strength in the dip could be set to outperform. That’s when Borch Crypto’s 100x forecast would come into play.