The efficiency of Bitcoin (CRYPTO:BTC) this yr has been merely extraordinary. It’s now up about 46% for the reason that November 5 election and 146% for the reason that begin of the yr. Higher but, Bitcoin not too long ago crossed the $100,000 worth stage to succeed in one other all-time excessive simply north of $108,000.
However what if I advised you there’s one other prime cryptocurrency that is up over 120% for the reason that election and 430% yr up to now? And that this cryptocurrency has additionally simply set a brand new all-time excessive? This cryptocurrency is Sui (CRYPTO: SUI)which now ranks 14th amongst all cryptocurrencies with a market capitalization of $13 billion.
If you happen to’ve by no means heard of Sui, that is comprehensible. The cryptocurrency solely launched in Might 2023, simply because the market was rising from the crypto winter of 2022. So in some ways its launch flew underneath the radar of buyers. There have been extra essential points to think about. The business was nonetheless coping with the aftermath of the crypto change collapse and scandal. FTX in November 2022, and nobody was very taken with listening to about one other new cryptocurrency launch.
However quick ahead to August 2024. That is when 21Shares, the corporate that partnered with Cathie Wooden’s Ark Make investments to launch spot exchange-traded funds (ETFs) for Bitcoin and Ethereum (CRYPTO: ETH) — revealed a analysis report on Sui, detailing all of its distinctive options. For instance, he describes how a brand new technical improve instantly made Sui quicker than another main blockchain by far. He highlighted Sui’s fast progress by way of complete worth locked (TVL), which is a key metric displaying the relative energy of a specific blockchain.
The title of the report (“Is Sui a Solana (CRYPTO: SOL) Killer?”) was very provocative, at the least to crypto buyers. It steered that Sui had the technological chops to sort out this downside. Solanawhich now ranks fifth amongst cryptocurrencies. For a number of years now, Solana has been positioning itself as the following Ethereum, so Sui being seen as a possible Solana killer is an enormous deal. In actual fact, 21Shares steered that there might be a $68 billion market alternative for Sui if it manages to tackle Solana and win.
My most important concern proper now with Sui is that there might be overheating. Similar to Bitcoin, it’s breaking one all-time excessive after one other. Presently, Sui is buying and selling at round $4.50 after briefly testing the $5 worth stage. From a crypto merchants perspective, $5 presents the identical psychological worth barrier for Sui as $100,000 does for Bitcoin. It took some time for Bitcoin to cross the $100,000 stage, so Sui might not have the ability to cross the $5 worth stage by the top of this yr.
