Crypto : Aster, Hyperliquid, and Hedera resist while macro cools the market

The session was not a true “victory day” for the crypto market. Yet, one fact stands out clearly: some altcoins resisted while the overall mood remained heavy. Aster, Hyperliquid, and Hedera moved counter-currently, as if the market was testing a new foothold rather than celebrating a lasting return to risk-on.

Aster, Hyperliquid, Hedera: the altcoins’ sprint… on slippery ground

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

The context must be considered: a few days ago, crypto took a hit linked to the US employment market. A strong job number tends to cool hopes for rate cuts, thus tightening financial conditions. And when rates “stay high longer,” risky assets fare worse.

This is precisely why altcoin rebounds are sometimes misleading: they could be just a technical recovery, fueled by short positions covering, liquidity grabs, or a return of risk appetite, but without durable foundation.

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

The market clearly “repriced” the rate path after the job creation release. Lower chances of a rate cut short-term often means more pressure on Bitcoin… and thus on the rest of crypto. Altcoins can rise one day, and volatility can rebound the next, simply because the Fed remains the invisible arbiter.

Now, attention turns to inflation. When an inflation data point arrives, the question isn’t just “is it good or bad?”, but “does it change market psychology?”. Lower inflation can revive the idea of monetary easing. Sticky inflation can reignite the opposite scenario: high rates, stronger dollar, and a tense crypto market.

This is where Tim Sun’s (HashKey) phrase makes sense: no “structural inversion” yet. We are not yet in a solid new bullish trend. We are in a zone where the market hesitates, tests, stabilizes, and can still fall again without warning.

Sentiment and predictions: when fear coexists with the rise

The most telling detail is the contrast. While some tokens rise, sentiment remains fearful. On Myriad, many bet more on a downward movement of Bitcoin (toward $55,000) than on a rebound to $84,000. It’s not an “oracle,” but a snapshot of the mood: the market is not convinced.

Hyperliquid illustrates this paradox well. The crypto can show strength in a short window, while still being perceived as fragile in the next stage. When a majority expects a drop rather than a bullish extension, it often means the rise lacks psychological fuel. And without fuel, crypto becomes a market of sharp moves: rapid accelerations, then just as quick returns.

The most useful reading is therefore: the crypto rebound exists, but it looks like a stabilization phase more than a tipping point. On-chain data and some flows can suggest support for buying, okay. But as long as macro is a headwind and sentiment remains fragile, the day’s altcoin “leaders” can become tomorrow’s “laggards” again.

In short, Aster, Hyperliquid, and Hedera lead the charge… but on a road where the next turn is called inflation, rates, and the overall nervousness of the crypto market, despite MicroStrategy’s assurance to never sell.