PANews reported on May 23 that, according to CoinDesk, market analyst Michael van de Poppe stated that the altcoin market is showing signs of a recovery in risk appetite as Hyperliquid continues to rise and AI-related crypto projects regain attention.

He pointed out that Hyperliquid has significantly outperformed the overall market recently, with its token HYPE hitting an all-time high after the launch of two related ETFs in the United States. Meanwhile, European traders are accelerating their migration to the platform due to the limited access to perpetual contracts on regulated platforms.

Van de Poppe believes that Hyperliquid's expansion into tokenized stocks, commodities, and pre-IPO assets is reinforcing the trend of on-chain asset tokenization, and that with continued improvement in market sentiment, HYPE's price could potentially reach $100 or even higher. However, he also emphasizes that while Hyperliquid has a short-term advantage, Solana offers greater investment certainty in the long term and is transforming from a "speculative ecosystem" into institutional-grade infrastructure.

Regarding the AI ​​sector, Van de Poppe pointed out that NEAR Protocol and Bittensor are still significantly undervalued, believing their fundamental growth is disconnected from their valuations. He suggested that NEAR's revenue growth potential and Bittensor's sub-network expansion could support a higher valuation range. Furthermore, he stated that the privacy sector will continue to have long-term demand, but fully anonymous systems face regulatory pressure, and the future is more likely to be dominated by zero-knowledge proofs and compliant privacy solutions. At the macro level, bond yields and central bank policies remain the core drivers of the crypto market, with changes in Japanese government bond yields potentially becoming a key indicator.