Altcoins IP and HYPE Surge Amid Crypto Market Rebound

Crypto traders have found solace in the recent market rebound, with two altcoins, Story Protocol's IP and Hyperliquid's HYPE, leading the pack. IP, an intellectual property upstart, has surged nearly 40%, outpacing the 5.20% rally in major tokens tracked by the CoinDesk 20. Meanwhile, HYPE has seen a 15% increase.

IP's impressive performance can be attributed to growing demand and trader enthusiasm. Open interest in IP-tracked futures rose by 52% to $162 million on Wednesday, indicating a strong appetite for the token. Story Protocol tokenizes creative assets, such as art, music, and AI-generated content, into programmable, tradable entities that grant holders or owners the right to the underlying asset.

Story ecosystem project Aria Protocol announced on Wednesday that it had acquired partial rights to "The Truth Untold" by Korean band BTS, a song with over 670 million streams. This acquisition further solidifies Story's position in the music industry and could attract more investors to the platform.

HYPE's strong fundamentals are also driving demand for the token. Hyperliquid, the mothership exchange, saw over $190 billion in trading volumes in January and $167 billion in February. All revenue generated was used for token buybacks from the open market, creating steady buying pressure for HYPE regardless of broader market movements. On Tuesday alone, Hyperliquid made $3.5 million, with nearly $40 million generated so far this month.

Monitoring outperforming tokens during market rallies or rebounds can help traders identify potential opportunities. As the crypto market continues to evolve, investors should keep an eye on IP and HYPE, as any future dips could present profitable trading opportunities.