Crypto: Aster, Hyperliquid and Hedera hold up as macro cools the market

The session was not a real “victory day” for the crypto market. However, one fact clearly stands out: some altcoins resisted while the overall mood remained heavy. Aster, Hyperliquid and Hedera moved against the tide, as if the market was testing a new point of support rather than celebrating a lasting return of risk-on.

Aster, Hyperliquid, Hedera: the sprint of altcoins… on a slippery slope

The Aster crypto took the lead with almost 10% in 48 hours, dragging Hyperliquid, Hedera, Zcash and Toncoin in its wake. This type of grouped rise gives the impression of an “altcoin comeback”. In reality, it is often a more ambiguous signal: when everything goes up at the same time, it is not necessarily because each crypto project is suddenly “better”, but because the market is repositioning itself.

You have to look at the context: a few days ago, the crypto had suffered a shock linked to the American job market. A solid jobs figure tends to dampen hopes of a rate cut, and therefore tighten financial conditions. And when rates “stay high for longer”, risky assets breathe less well.

This is precisely why altcoin rebounds are sometimes misleading: they can be a simple technical recovery, fueled by buybacks of short positions, liquidity taking, or a return of risk appetite, but without a lasting foundation.

Macro dictates the tempo: jobs, inflation, and the shadow of the Fed

The market has clearly “resumed” the trajectory of rates after the publication of job creations. Less chance of falling rates in the short term often means more pressure on Bitcoin… and therefore on the rest of crypto. We can have altcoins rising one day, and a resumption of volatility the next day, simply because the Fed remains the invisible arbiter.

Now eyes are turning to inflation. When inflation data arrives, the question is not only “is it good or bad?”, but “does it change the psychology of the market?”. Lower inflation may revive the idea of ​​monetary easing. Stickier inflation can reignite the opposite scenario: high rates, a firmer dollar, and a tense crypto market.

This is where we understand the phrase from Tim Sun (HashKey): no “structural inversion” for the moment. We are not yet in a new solid uptrend. We are in a zone where the market hesitates, tests, stabilizes and can fall again without warning.

Sentiment and predictions: when fear coexists with the rise

The most telling detail is the contrast. While some tokens are rising, sentiment remains fearful. On Myriad, many are betting more on a downward movement in Bitcoin (towards $55,000) than on a rebound towards $84,000. It is not an “oracle”, but it is a snapshot of the mood: the market is not convinced.

Hyperliquid illustrates this paradox well. The crypto can show strength over a short window, while remaining perceived as fragile over the next stage. When a majority expects a decline rather than a bullish extension, it often means the rise lacks psychological fuel. And without fuel, crypto becomes a market of sudden movements: rapid accelerations, then equally rapid reversals.

The most useful reading is therefore the following: the crypto rebound exists, but it resembles a stabilization phase more than a shift. On-chain data and some feeds may suggest buying support, okay. But as long as macro remains a headwind and sentiment remains fragile, “today’s leaders” altcoins can become “today’s laggards” again.

Clearly, Aster, Hyperliquid and Hedera are leading the charge… but on a road where the next turn is inflation, rates and overall nervousness of the crypto market, despite MicroStrategy's assurance of never selling.