The trajectory of Bitcoin (BTC -1.12%) this year has been nothing short of meteoric. Since the consequential election on November 5, it has surged a staggering 46%, reaching an astonishing 146% in year-to-date gains. Recently, Bitcoin eclipsed the formidable $100,000 threshold, soaring to a fresh all-time peak just above $108,000.
Image source: Getty Images.
Yet, what if I were to reveal to you that another cryptocurrency jewel has emerged, boasting an impressive ascent of over 120% since the election and a staggering year-to-date growth of 430%? Yes, that elusive cryptocurrency is none other than Sui (SUI -5.37%), now proudly sitting at the 14th spot among a plethora of cryptocurrencies with a formidable market capitalization of $13 billion.
What exactly is Sui, and why is it flying under the radar?
If Sui hasn’t crossed your radar yet, fret not. This cryptocurrency made its debut only in May 2023, emerging as the market began to shake off the dust of the 2022 crypto winter. Its launch, perhaps overshadowed by the impending issues of the time, went largely unnoticed amidst the chaos following the infamous collapse of the FTX exchange back in November 2022. Investors were understandably skittish, distracted by the tremors of a tumultuous market.
Jump forward to August 2024. It was during this critical juncture that 21Shares, the brain behind the collaboration with Cathie Wood’s Ark Invest for Bitcoin and Ethereum (ETH -1.71%) exchange-traded funds (ETFs), unveiled a research report on Sui. This document illuminated Sui’s unique features, revealing how a recent technological upgrade catapulted its speed ahead of all other leading blockchains by a considerable margin. It highlighted the rapid uptick in Sui’s total value locked (TVL)—a critical metric signifying the strength and health of a blockchain.
The provocative title of the report, “Is Sui a Solana (SOL -3.50%) Killer?” certainly ignited intrigue among crypto enthusiasts. It insinuated that Sui possesses the technological prowess to dethrone Solana, the current titan of the fifth-largest cryptocurrency realm. Solana has long been celebrated as the “next Ethereum”; thus, the notion of Sui as a potential rival sent ripples across the investment landscape, with 21Shares positing a colossal $68 billion market opportunity should Sui effectively ascend past Solana.
What lies ahead for Sui in 2025?
Yet, as the whirlwind of excitement swirls around Sui, a note of caution creeps in. There’s palpable concern surrounding potential overheating, echoing the trajectory of Bitcoin as it obliterates records one after another. Currently trading at approximately $4.50 after grazing the notable $5 mark, Sui faces a psychological hurdle akin to Bitcoin’s struggle with the $100,000 milestone. If Bitcoin needed time to consolidate its strength, Sui might find the path to $5 equally challenging by year’s end.
However, cast your gaze into 2025—a year that could unveil bountiful prospects. A glance at the performance charts of Bitcoin juxtaposed with Sui since the recent election suggests an optimistic sentiment brewing around Sui’s future, particularly in the wake of a Trump administration renewal.
Bitcoin / U.S. dollar chart by TradingView
Additionally, consider the burgeoning trading volume for Sui on Coinbase Global (COIN 1.75%). Sui has burst into the spotlight, emerging as one of the platform’s top ten most popular cryptocurrencies regarding 24-hour trading activities. While its trading volume may still pale in comparison to Bitcoin or Ethereum, it has outperformed several notable cryptocurrencies, including Chainlink, Litecoin, Cardano, Shiba Inu, and Avalanche.
Adding to the excitement, Sui is poised for a major product launch in 2025—a $599 handheld gaming device now available for pre-order. Should this endeavor succeed, Sui might just rocket to the $10 level and beyond, embarking on a thrilling price trajectory.
Imagine this: what if Sui could realize its full potential, stepping into the monumental shoes of Ethereum? Consider the fortunes made by early investors in Ethereum merely 18 months after its inception. For reference, Ethereum traded around $5 back in December 2016—curiously similar to Sui’s present standing. Today, Ethereum’s price has soared to an astonishing $3,400.
Nevertheless, it’s crucial to underscore the inherent speculative nature of Sui. In the vast landscape of cryptocurrency, it remains a fledgling, having only been introduced to the world for 18 months. Quality information can be elusive, so exercise diligence and prudent judgment before diving in. The euphoria reminiscent of Ethereum’s early days is tantalizing but may not readily replicate—an opportunity like that could just be a fleeting mirage.
