The hyperlink prediction task, that of proposing new links between webpages, can be used to improve search engines, expand the visibility of web pages, and increase the connectivity and navigability of the web. Hyperlink prediction is typically performed on webgraphs composed by thousands or millions of vertices, where on average each webpage contains less than fifty links. Algorithms processing graphs so large and sparse require to be both scalable and precise, a challenging combination. Similarity-based algorithms are among the most scalable solutions within the link prediction field, due to their parallel nature and computational simplicity. These algorithms independently explore the nearby topological features of every missing link from the graph in order to determine its likelihood. Unfortunately, the precision of similarity-based algorithms is limited, which has prevented their broad application so far. In this work we explore the performance of similarity-based algorithms for the particular problem of hyperlink prediction on large webgraphs, and propose a novel method which assumes the existence of hierarchical properties. We evaluate this new approach on several webgraphs and compare its performance with that of the current best similarity-based algorithms. Its remarkable performance leads us to argue on the applicability of the proposal, identifying several use cases of hyperlink prediction. We also describes the approach we took for the computation of large-scale graphs from the perspective of high-performance computing, providing details on the implementation and parallelization of code.