Top Cryptocurrency to Invest in Immediately, and Surprise! It's Not Bitcoin
The performance of Bitcoin (BTC, down 1.75%) this year has been nothing less than remarkable. It's now gained approximately 46% since the election on Nov. 5, and an impressive 146% year to date. What's more, Bitcoin recently surpassed the $100,000 price mark to establish a new all-time high, just a hair north of $108,000.
But if you thought Bitcoin's growth was impressive, hold on to your hats. There's another top cryptocurrency that's seen an even more significant surge – up over 120% since the election and 430% year to date. And guess what? This cryptocurrency just set a new all-time high, too. It's called Sui (SUI, down 3.33%), which currently ranks 14th among all cryptocurrencies with a whopping $13 billion market cap.
So, what's the deal with Sui, and why haven't I heard of it before?
Fair question. If you're not in the know, it's completely understandable. Sui only hit the scene in May 2023, right when the cryptocurrency market was slowly emerging from the crypto winter of 2022. At the time, the industry was still dealing with the aftermath of the collapse and scandal of crypto exchange FTX in November 2022. So, in the grand scheme of things, Sui's launch sort of flew under the radar.
However, fast-forward to August 2024. That's when 21Shares – the company that teamed up with Cathie Wood's Ark Invest to launch spot exchange-traded funds (ETFs) for Bitcoin and Ethereum – released a research report on Sui, highlighting all its unique features. For instance, it pointed out how a recent technical upgrade catapulted Sui ahead of all other top blockchains in terms of speed by a substantial margin. It also noted how Sui was rapidly increasing in terms of total value locked (TVL), a key metric that indicates a blockchain's strength.
The report's title – "Is Sui a Solana Killer?" – certainly got people talking. It suggested that Sui had the chops to take on Solana, the fifth-largest cryptocurrency. Now, for years, Solana has been viewed as the next Ethereum. So, for Sui to be tagged as a potential Solana killer is no small feat. In fact, 21Shares even argued that there could be a $68 billion market opportunity for Sui if it managed to take down Solana and succeed.
How high can Sui go in 2025?
My main concern at the moment is that Sui might be getting a wee bit too aggressive. Just like Bitcoin, it's breaking through one all-time high after another. At the moment, Sui is selling at around $4.50 after briefly hitting the $5 price mark. From a crypto trader's perspective, $5 is like the $100,000 price level for Bitcoin – it's a major psychological barrier that might take some time to break through.
But here's the thing: if Sui can finally crack the $5 barrier, look out in 2025. Just check out this comparison chart of Bitcoin and Sui since the presidential election. That tells me that the market is super bullish on Sui's prospects under the Trump administration.
And let's not forget about the trading volume that Sui is now seeing on Coinbase Global. Sui has become one of the top 10 most popular cryptocurrencies on the platform in terms of 24-hour trading activity. Sure, the trading volume in Sui is nowhere near that of Bitcoin or Ethereum. But there is definitely more activity in Sui than in cryptocurrencies like Chainlink, Litecoin, Cardano, Shiba Inu, and Avalanche.
The icing on the cake? Sui has a major product launch coming up in 2025. It's a $599 handheld gaming device that is currently available for pre-order online. If that product launch goes off without a hitch, then Sui could really take off. It could easily double in price to hit the $10 mark.
And if Sui ever fulfills its full potential as the next Ethereum, whoa, watch out. Imagine if you had invested in Ethereum just 18 months after its launch. Chances are, you'd be sitting on a small crypto fortune by now. In December 2016, Ethereum was trading around $5, which is roughly where Sui is currently. Today, Ethereum is valued at about $3,400.
But remember, folks, Sui is still a new kid on the block. It's been around for only 18 months, and it can be tricky to gather reliable information about it. So do your homework before investing in Sui, and keep your expectations in check. An opportunity like Ethereum only comes once in a blue moon, after all.
Investors interested in expanding their cryptocurrency portfolio might want to consider Sui, which has seen remarkable growth since its launch in May 2023. In just a year, Sui's price has surged over 120%, and it recently set a new all-time high, indicating a strong interest in this cryptocurrency. This growth in Sui's price and market cap suggests potential opportunities for finance enthusiasts interested in investing in this emerging digital asset.
