Key Takeaways
How have Aster and Hyperliquid performed in November?
The decentralized exchange perp trading volume was similar, while ASTER posted gains this month, while HYPE noted sizeable losses on the charts.
Is Aster overvalued?
The P/F ratio showed that, compared to its fees, Aster could be dramatically overvalued, while Hyperliquid was less extreme.
Aster saw a 0.56% price drop in the past 24 hours, with a daily trading volume of $514.92 million, measured at the time of writing. At the same time, Hyperliquid was down by 1.54%, and was trading at $31.17.
The altcoins were down for the day, partly due to the price action of Bitcoin in recent hours. Moreover, the market remained in a fearful state.
Neither decentralized exchange token would likely see a quick rally in the coming days.
Yet, Aster [ASTER] caught market participants’ attention for overshadowing Hyperliquid [HYPE] in a particular metric. This indicated that Aster had the potential to be the token that performs better on the price charts, something that it was already doing in November.
Aster vs Hyperliquid comparison illustrated in metrics
Source: Token Terminal
The Token Trading Volume for Aster has been higher than Hyperliquid in general, as the chart above illustrates. For a few days towards the end of October, HYPE volumes were greater.
As the 90-day sum showed, Aster comfortably had a greater cumulative token trading volume, though it has not seen its full quota of 90 days of trading yet.
The DEX Perp Volume, or volume of all perpetual futures contracts traded on the decentralized exchange, has been nearly equal for both. Aster saw a 7-day perp volume of $63.7 billion, compared to Hyperliquid’s $63.4 billion.
Valuation gap widens
Source: Token Terminal
The high Price-to-Fees ratio (P/F ratio) using the circulating supply showed that Aster had a much higher ratio than Hyperliquid. Lower ratios indicate the asset generates more revenue compared to its market valuation.
In this instance, Aster could be overvalued.
Investors could be looking at the Aster growth potential when valuing the token. It is also possible that the fee data is misrepresented, which would help explain the chasm in the P/F ratio.
Source: TradingView
Comparing the individual tokens’ price performance in November, the disparity is quite clear. Hyperliquid was down 28.92% for the month and witnessed a bearish market structure, facing resistance at the $34 mark.
In contrast, Aster was up 10.36% in November.
It, too, has been trending lower over the past week, but the rally from $0.82 to $1.4 earlier in November has helped.
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