Altcoin updates: Grayscale’s LINK ETF launches, driving HYPE and ASTER up 13%

In a significant boost for the cryptocurrency market, altcoins have rebounded sharply. At the forefront is Grayscale’s launch of the first U.S.-based LINK ETF, while HYPE and ASTER have surged by as much as 13% following pivotal developments. This article explores these three notable altcoins that garnered attention today.

Grayscale Launches Chainlink LINK ETF

Grayscale has officially launched its Chainlink Trust as an Exchange-Traded Fund (ETF), marking a major milestone in cryptocurrency investment options in the U.S. This move is generating considerable excitement, particularly among the crypto community, which views Chainlink’s oracle infrastructure as vital for tokenized real-world assets and decentralized finance.

Inkoo Kand, Grayscale’s ETF lead, commented on the launch of GLINK:

The decentralized oracle network of Chainlink sets the benchmark for verifiable data and cross-chain connectivity, which underpins tokenization and DeFi on public blockchains. With GLINK, investors can gain exposure to this foundational infrastructure through a well-known ETP profile.

Furthermore, GLINK aims to streamline institutional access to Chainlink, allowing traditional investors to engage with cryptocurrency without having to directly handle the token. Following the ETF announcement, LINK’s value rose by over 12%, trading at $13.32.

HYPE Surges 10% Following Key Milestone

HYPE experienced a remarkable increase of over 10% in the past 24 hours, following confirmation from Sonnet of a significant structural advancement. In a press release, the company disclosed that shareholders approved the introduction of the Decentralized Autonomous Treasury (DAT) for Hyperliquid.

Sonnet BioTherapeutics Holdings, Inc. Announces Stockholder Approval of Proposed Business Combination with Hyperliquid Strategies $SONN

The plan involves merging Sonnet with Rorschach I LLC to form a unified entity named Hyperliquid Strategies, which aims to raise $1 billion to acquire HYPE. This substantial investment showcases steadfast institutional confidence in the altcoin. HYPE currently trades at $33.03 after its recent gains.

ASTER Gains After WLFI Alliance

Aster’s native coin has also shown impressive movement, rising by over 13% in the last 24 hours. This positive momentum coincides with a strategic partnership with World Liberty Financial, associated with Donald Trump. Leonard, founder and CEO of Aster, announced this alliance during a fintech and crypto conference in Dubai.

As part of the agreement, the decentralized exchange platform will integrate WLFI’s USD1, a measure aimed at enhancing the adoption of this stablecoin. ASTER is currently trading above the psychological threshold of $1 after a significant daily price increase. However, a decline in trading volumes over the past 24 hours indicates potential underlying weakness.

Overall, the crypto market remains buoyant today, recovering from significant declines in previous sessions. Bitcoin has surged by more than 7%, while Ethereum has climbed by 10%. The easing of quantitative tightening and renewed interest in ETFs are contributing to this upward momentum.