ASTER strengthened in the latest altcoin rotation, rising to around $0.74 at one point before falling back to around $0.70. Market data shows that its 24-hour trading volume rose to approximately $256 million, a 300% increase from the previous day, reflecting a significant return of short-term funds.
This surge occurred against the backdrop of relatively weak Bitcoin performance. Some trading funds began to shift towards tokens with higher volatility and greater elasticity, thus bringing more attention to projects related to perpetual contracts and decentralized derivatives. Although ASTER experienced some profit-taking after its initial surge, it still maintained an upward trend throughout the day.
HYPE's strong performance drives the track's popularity.
Market attention to ASTER is also related to the recent continued strength of Hyperliquid. HYPE has risen more than 19% in the past 24 hours, with a cumulative increase of 46% in the past week, and rose above $62 on Thursday, setting a new all-time high.
The report noted that increased institutional demand was a key factor behind HYPE's strength. Asset management firm Grayscale Investments reportedly bought over 115,700 HYPE tokens that day, further reinforcing market focus on the perpetual contract sector.
SpaceX-related contracts fuel speculative interest.
Aster has launched a new perpetual contract product linked to SpaceX's pre-IPO equity, offering leverage up to 5x. Due to the high profile of the underlying asset, this product is believed to have attracted more short-term speculative capital.
From a market sentiment perspective, funds are not solely chasing single tokens, but rather rapidly shifting between highly volatile projects. ASTER's recent surge in trading volume is seen as one manifestation of this round of fund rotation.
Short-term focus is on $0.75 and $0.65.
Looking at the current price range, the area around $0.75 is a crucial level for further short-term upward movement. If the price can break through this level with increased volume, the market may continue to track the subsequent upward trend.
If buying pressure weakens, ASTER could face renewed selling pressure. The report mentions that if the price falls back and closes below $0.65, short-term funds may further withdraw, and the $0.65 to $0.60 range will become the main support level going forward.
