The performance of Bitcoin (CRYPTO: BTC) this year has been nothing short of extraordinary. It’s now up about 46% since the Nov. 5 election, and 146% so far this year. Best of all, Bitcoin recently broke the $100,000 price level and hit another all-time high just north of $108,000.
But what if I told you that there is another top cryptocurrency that is up over 120% since the election, and 430% year to date? And that this cryptocurrency also just set a new all-time high? That’s cryptocurrency Sui (CRYPTO: SUI)which now ranks 14th among all cryptocurrencies with a market cap of $13 billion.
If you’ve never heard of Sui, that’s understandable. The cryptocurrency wasn’t launched until May 2023, just as the market was emerging from the crypto winter of 2022. So in many ways its launch flew under the radar of investors. There were bigger issues to think about. The industry was still dealing with the aftermath of the crypto exchange collapse and scandal FTX in November 2022, and no one was very interested in hearing about a new cryptocurrency launch.
But fast forward to August 2024. That’s when 21Shares – the company that partnered with Cathie Wood’s Ark Invest to launch spot exchange-traded funds (ETFs) for Bitcoin and Ethereum (CRYPTO:ETH) — released a research report on Sui, detailing all its unique features. For example, it described how a new technical upgrade suddenly made Sui faster than any other top blockchain by a significant margin. It pointed out how Sui was growing rapidly in terms of total value locked (TVL), which is an important metric that shows the relative strength of a given blockchain.
The title of the report (“Is Sui a Solana (CRYPTO: SOL) Killer?”) was highly provocative, at least for crypto investors. It suggested that Sui had the technological skills to take on Solana, which is now the fifth largest cryptocurrency. Solana has been positioned as the next Ethereum for several years. , so Sui being labeled as a potential Solana killer is a big deal 21Shares even suggested there could be a $68 billion market opportunity for Sui if it were able to compete against it. Solana and win.
My main concern right now with Sui is that it may overheat. Like Bitcoin, it is breaking all-time highs after all-time highs. Currently, Sui is trading at around $4.50 after briefly testing the $5 price level. From the perspective of crypto traders, $5 for Sui represents the same psychological price barrier as $100,000 for Bitcoin. It took Bitcoin a while to break the $100,000 level, so Sui may not be able to break the $5 price level by the end of this year.
But watch out in 2025. Just look at this comparison chart of Bitcoin and Sui since the presidential election. That makes me think the market is very optimistic about Sui’s prospects under the Trump administration.
Additionally, take into account the trading volume Sui is seeing now Coinbase worldwide (NASDAQ: MINT). Sui has become one of the 10 most popular cryptocurrencies on the platform in terms of 24-hour trading activity. Admittedly, the trading volume in Sui is nowhere near that of Bitcoin or Ethereum. But there is more activity in Sui than in popular cryptocurrencies such as Chain link, Litecoin, Cardano, Shiba InuAnd Avalanche.
Best of all, Sui has a big new product launch in 2025. It’s a $599 portable gaming device that is currently available for pre-order online. If that product launch is a success, Sui could be off to the races. The price could easily double to reach the $10 price level.
This cryptocurrency could soar even higher if it ever realizes its full potential as the next Ethereum. Imagine if you had invested in Ethereum just 18 months after launch. Most likely, you would be a crypto millionaire by now. In December 2016, Ethereum was trading around $5, which is about where Sui is currently trading. Today, Ethereum trades for around $3,400.
That said, I can’t emphasize enough how speculative Sui is. It’s still a baby in crypto terms. It has only been around for 18 months and it can be difficult to get good data and reliable information about it. So do your due diligence before investing in Sui, and keep your expectations in check. An investment opportunity like Ethereum may only come around once in a lifetime, so it’s asking a lot for that to happen with Sui as well.
Please consider the following before purchasing shares in SUI:
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Dominic Basulto has positions in Bitcoin, Ethereum, SUI and Solana. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Ethereum, SUI, and Solana. The Motley Fool has a disclosure policy.
My Best Cryptocurrency to Buy Right Now (Hint: It’s Not Bitcoin) was originally published by The Motley Fool
