Author
Hongji Feng
Author
Hongji Feng
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Altcoin season is not defined by a single rally, but by concentrated flows into tokens with liquidity and current catalysts. This week, that attention has shifted to Aster, Hyperliquid, and XPL. Each has drawn traders for different reasons, spanning exchange listings, derivatives activity, and pre-market speculation.
The common feature is participation. Aster has advanced through both listing exposure and the rotation of speculative flows.
Hyperliquid remains tied to its derivatives role but faces pressure from challengers. XPL has gained a place in altseason conversations despite being early, largely due to its presence in perpetual markets before broad spot access. Together, they represent the varied ways altcoin season expresses itself in late September.
Aster (ASTER): Exchange Access and Whale Rotation
Aster is trading around $1.57, up more than 17 times within the past month. Market capitalization sits near $2.6 billion, with a circulating supply of around 1.66 billion ASTER. Volume has accelerated, surpassing $1.1 billion in daily turnover.
The move has been tied to a wave of listings and a visible shift in market flows. Reports indicate that some large holders have reduced exposure to Hyperliquid and moved into Aster, suggesting a reallocation of speculative capital.
Analysts have pointed to Aster’s structure as a decentralized venue for both spot and perpetual trading, which supports its liquidity profile. The token’s advance of more than 40% across the past week confirms that the listings and rotation have brought real participation.
For altcoin season, Aster demonstrates how quickly a new derivatives venue can capture attention when liquidity deepens and traders reposition.
Hyperliquid (HYPE): Derivatives Anchor Holds Attention
Hyperliquid is trading near $44, with a market capitalization exceeding $14 billion and a daily turnover of over $390 million. The circulating supply is approximately 336 million HYPE out of a maximum of one billion.
HYPE Price (Source: CoinMarketCap)
HYPE continues to be one of the most liquid tokens tied to decentralized derivatives. Its pairs remain active across exchanges, and open interest levels show it is still heavily used by leveraged traders.
Yet, the token has struggled to build on its prior highs, partly due to rising competition. Aster’s recent growth has drawn some of the capital that was once concentrated in HYPE, and analysts note the pace of development updates has slowed in comparison to rivals.
Even so, HYPE remains a reference point for altseason flows. When derivatives activity expands, it is among the first tokens to see increased volume, ensuring its place in the current cycle.
XPL: Speculative Entry Through Perpetuals
XPL is trading close to $1.00, with a market capitalization of nearly $1.8 billion. Spot access remains limited, but XPL has been available through perpetual contracts on Hyperliquid. That structure has given traders an early way to speculate before broad exchange listings.
Recent sessions included sharp movements in open interest, with liquidations wiping out more than $100 million of positioning in late August.
Despite the volatility, XPL continues to attract traders interested in leveraged exposure. Its presence in perpetual markets makes it an unusual case: a token driving altcoin season attention before it gains deep spot liquidity.
Altcoin Season Outlook
Aster, Hyperliquid, and XPL together illustrate the different tracks of altcoin season. Aster shows how new exchange listings and whale flows can drive a rapid climb.
Hyperliquid demonstrates the ongoing importance of derivatives tokens even as competitors appear. XPL reflects how perpetual contracts can elevate a token into rotation before it reaches mainstream spot markets.
Altcoin season does not move the market uniformly. It rotates capital into tokens where liquidity and participation converge. This week, Aster, Hyperliquid, and XPL provide that convergence, showing how altseason continues to evolve through infrastructure, derivatives, and speculation.
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