Right now, my favorite cryptocurrency to purchase isn't bitcoin.
my favorite cryptocurrency to purchase isn’t bitcoin This year, Bitcoin’s (CRYPTO: BTC) performance has been nothing short of remarkable. As of right moment, it has increased by roughly 46% after the November 5 election and 146% so far this year. The best part is that Bitcoin just surpassed the $100,000 price mark and reached a new all-time high that is slightly above $108,000. my favorite cryptocurrency to purchase isn’t bitcoin
However, what if I told you that another popular cryptocurrency has increased by over 120% since the election and by 430% so far this year? And that the price of this coin recently hit a new peak? That cryptocurrency is Sui (CRYPTO: SUI), which has a $13 billion market value and is currently ranked 14th out of all cryptocurrencies. my favorite cryptocurrency to purchase isn’t bitcoin
Why haven't I heard of Sui before, and what is it?
It makes sense if you’ve never heard of Sui. Only in May 2023, when the market was beginning to recover from the 2022 crypto winter, did the cryptocurrency make its debut. As a result, investors were largely unaware of its introduction. There were more important things to think about. Nobody was particularly interested in learning about another new cryptocurrency launch because the industry was still dealing with the fallout from the bankruptcy and scandal of cryptocurrency exchange FTX in November 2022. my favorite cryptocurrency to purchase isn’t bitcoin
But August 2024 comes around. At that point, 21Shares, the business that collaborated with Cathie Wood’s Ark Invest to introduce spot exchange-traded funds (ETFs) for Ethereum (CRYPTO: ETH) and Bitcoin, published a study report on Sui that included all of its distinctive features. It explained, for instance, how a recent technological advancement abruptly made Sui far faster than any other leading blockchain. It highlighted how Sui was expanding quickly in terms of total value locked (TVL), a crucial indicator of a blockchain’s relative strength. my favorite cryptocurrency to purchase isn’t bitcoin
At least for cryptocurrency investors, the report’s title, “Is Sui a Solana (CRYPTO: SOL) Killer?” was highly inflammatory. It implied that Sui possessed the technological know-how to defeat Solana, the fifth-largest cryptocurrency at the moment. Sui being mentioned as a possible Solana killer is significant because Solana has been positioned as the future Ethereum for a number of years. In fact, according to 21Shares, if Sui were successful in defeating Solana, there might be a $68 billion market potential. my favorite cryptocurrency to purchase isn’t bitcoin
In 2025, how high can Sui go?
Sui may be overheating, which is my main worry at the moment. It is breaking through record high after record high, much like Bitcoin. After briefly testing the $5 price mark, Sui is currently trading at roughly $4.50. $5 represents the same psychological price barrier for Sui as $100,000 did for Bitcoin, according to cryptocurrency speculators. Sui might not be able to break through the $5 price threshold before the end of this year because it took Bitcoin some time to surpass the $100,000 mark. my favorite cryptocurrency to purchase isn’t bitcoin
Frequently Asked Question
Sui stands out due to its innovative technology that has made it faster than any other leading blockchain. Additionally, its rapid growth in total value locked (TVL) indicates its increasing strength as a blockchain platform. These advancements have positioned Sui as a potential competitor to Solana, often referred to as a “Solana killer.”
Sui gained significant traction after a report by 21Shares highlighted its unique features and potential market impact. The report noted Sui’s technological advancements and rapid adoption, sparking interest among cryptocurrency investors. This attention has driven its price growth and increased its market value.
While Sui’s growth has been impressive, reaching new record highs, it’s essential to consider the risks of market overheating. Sui’s ability to break through key price thresholds like $5 will likely influence its performance in 2025. Investors should carefully monitor its progress and market dynamics.
Sui debuted in May 2023, during a period when the cryptocurrency market was recovering from the 2022 crypto winter and the FTX scandal. As a result, many investors overlooked new launches like Sui until its recent performance and technological breakthroughs brought it into the spotlight.
The report by 21Shares suggested that Sui’s technology and rapid growth give it the potential to challenge Solana’s dominance. However, whether Sui can achieve this depends on its sustained development, adoption, and ability to navigate market challenges.
Viral Topics
Bitcoin crosses $101,000. || Bitcoin: The Calm Before the Storm of Gains
You can also read about cryptocurrency from our website.
myselfcrypto || insightbitmarket || truthofcrypto || buybitmarket || defidiary || tweetcrypto || cryptocosmosworld
