Hyperliquid Ranks Ninth on One Oct. 20 Crypto List, 11th on Another

Hyperliquid (HYPE) ranked ninth on one crypto market capitalization list and 11th on another in an Oct. 20 comparison, as the lists used different supply estimates and ranked different assets.

At about 3:47 p.m. ET (19:47 UTC) on Oct. 20, the first list valued HYPE and Zcash (ZEC) at about $20.2 billion each. HYPE ranked ninth and ZEC 10th. ZEC was priced at $1,193.73, up 6% over 24 hours, while HYPE was $79.59, up 2.41%.

The other list put ZEC 10th at $20.35 billion and HYPE 11th at $17.79 billion. Figure Heloc (FIGR_HELOC), a tokenized private credit asset, held ninth place on that list.

A token’s market capitalization is its price multiplied by its circulating supply. The list placing HYPE ninth counted about 253.89 million tokens in circulation; the list placing it 11th counted about 222.45 million. That difference of roughly 31.4 million tokens represents about $2.5 billion at a price near $80.

The supply gap does not explain the rankings by itself. The list with Figure Heloc in ninth place included it in the ranked top 10, while the list placing HYPE ninth did not assign Figure Heloc a verified market capitalization rank.

The assets also serve different purposes. Zcash supports shielded payments that keep transaction details private and transparent transfers that do not. Hyperliquid operates on-chain order books for spot and perpetual futures trading, and HYPE is the gas token for its HyperEVM.