Layer-1 token Sui has been one of the most bullish cryptocurrencies in the month of January, maintaining its upward trajectory from 2023. In fact, Sui’s 88% growth in the month of January made it the second largest gainer of any top 100 cryptocurrency on CoinMarketCap, only behind Pendle.
Despite a 9% correction on Thursday, the Sui price is currently trading at $1.47, with a market capitalization of $1.7 billion, up 22% in the span of a week. Needless to say, it has outperformed all major Layer-1 tokens since the start of 2024, including Ethereum and Solana.
Opinions are split over Sui’s price action over the coming days – while the bulls believe that the Layer-1 token will hit the $2 mark, the bears believe that a correction is due. However, analysts are in agreement over its long-term bullish potential, owing to its sound fundamentals such as excellent network scalability.
Other new altcoins are also gaining traction and are poised for explosive breakouts. For instance, crypto mining token Bitcoin Minetrix has hit the $10 million milestone in its presale on Wednesday and could generate 10x gains after its launch.
Why Are Investors Bullish On Sui?
Sui has its roots in Meta’s (previously Facebook) Diem project. Since its main net launch on May 3rd, 2024, Sui has hit several major milestones, including recording 9 million active addresses in a span of just three months and surpassing $100 million in bridged USDC by December of last year.
It has quickly become one of the best Layer-1 blockchains, thanks to a number of cutting-edge features that make the network extremely scalable. For instance, it uses the Move programming language, which has led to a number of fast, secure and efficient decentralized apps on the Sui blockchain.
Furthermore, Sui uses the Delegated Proof of Stake (DPos) consensus mechanism, which is known for its high scalability, despite potential centralisation concerns. The Narwhal mempool and Bullshark consensus engine further boosts the network efficiency, allowing Sui to hit a throughput of 125,000 TPS.
The ecosystem has also shored up its security through partnerships with the OtterSec and Zellic Web3 security firms. The Sui network boasts other key innovations such as Zero Knowledge login, globally unique IDs, Sui Name Service, and parallelized transactions.
How High Can The Sui Price Go?
Despite the Sui price surging by 22% over the past week, it could see some correction over the coming days. According to TokenUnlocks, near $53 million worth of $SUI tokens are set to be unlocked on Saturday, which is close to 3% of its total circulating supply.
Analysts believe that this could create a strong selling pressure due to the positive supply shock, leading to a price correction. As such, TheCoinMonitor reveals that close to $500k worth of $SUI short positions were added on the MEXC crypto exchange on Thursday.
However, popular trader Daan Crypto Trades reveals that he is bullish on the cryptocurrency as long as it continues to trade above the crucial $0.9 level. Meanwhile, crypto analyst Scofield believes that the Sui price could hit the $2 mark in the coming days.
Popular crypto trader TheFlowHorse, who has close to 200k followers on X, is also extremely bullish on Sui, highlighting the positive impact of the upcoming Sui Basecamp conference. The event is set to take place on the 10th and 11th of April in Paris, France.
Could New Token Bitcoin Minetrix Pump Next?
Aside from Layer-1 tokens, the crypto mining stocks such as $RIOT, $HUT and $CLSK are in high demand. A new crypto mining token $BTCMTX is also showing breakout potential in its presale, raising over $10 million in its ICO.
$BTCMTX is the native cryptocurrency of the Bitcoin Minetrix ecosystem, an innovative cloud mining platform that mine Bitcoin on behalf if its investors and proportionately distributes the profits. Considering that the crypto mining industry is set to boom in 2024, analysts such as Cilinix Crypto and Jacob Bury predict Bitcoin Minetrix to generate 10x – 100x returns in the coming months, making it one of the best new crypto to buy.
After the successful $JUP airdrop, Minetrix’s “Minedrop” – a $30k airdrop – is also gaining traction, in which 10 investors will receive $3k each.
Bitcoin Minetrix is challenging the monopoly of wealthy corporations in the crypto mining industry by reducing the capital investment and technical expertise required to run a successful operation. Its decentralized stake-to-mine dashboard allows users to simply purchase $BTCMTX tokens and stake them and earn BTC rewards in exchange. Investors staking their tokens will also earn staking rewards, at an APY much higher than the industry standard.
The platform has prioritized transparency and decentralization as two of its pillars. Users are allowed to unstake and sell their tokens at any point – no long-term contracts and no cash deposits.
