Analysis: Hyperliquid and AI tokens may lead the next wave of Altcoin increases.

According to Mars Finance, on May 23, crypto trader Michael van de Poppe stated in an interview with CoinDesk that market risk appetite is currently recovering, and the strong performance of Hyperliquid and the renewed activity of AI-related crypto assets may foreshadow the start of the next Altcoin rally. Van de Poppe pointed out that HYPE recently hit a new all-time high, partly due to the launch of Hyperliquid-related ETFs in the US market and European traders turning to the platform for perpetual contract trading. He believes that Hyperliquid's expansion in tokenized stocks, commodities, and pre-IPO assets is accelerating the trend of on-chain assets in the crypto market. However, he also stated that in the medium to long term, Solana remains more attractive for investment than Hyperliquid, gradually shifting from a "retail-driven ecosystem" to institutional-grade infrastructure. Regarding the AI ​​sector, he believes that NEAR Protocol and Bittensor are still significantly undervalued, and despite the continued growth of their ecosystems, their valuations still lag behind traditional AI companies. He pointed out that AI tokens may regain investor attention in the future. van de Poppe also emphasized that current liquidity in the crypto market is concentrating on a few high-growth protocols, while the macroeconomic environment remains a key variable, including bond yields and the policy direction of central banks worldwide. He warned that persistent inflation or a resumption of interest rate hikes would put pressure on risk assets.