SUI Price Hits New All-Time High: Possible Reasons

TL;DR

• SUI’s price soared impressively after SUI Wallet inked a strategic deal with a crypto provider.
• The overall performance of the asset improved alongside a broader upward trend in the entire market.

Sui (SUI) has been among the top performers in the cryptocurrency market as of late, hitting today (January 30) an all-time high of $1.64 (per CoinGecko’s data). Its market capitalization surpassed the $1.8 billion mark, making it the 48th largest digital asset.

SUI Price, Source: CoinGecko

Its rise comes shortly after the crypto infrastructure provider Banxa partnered with SUI Wallet. “Users can now on-ramp with fiat utilizing Banxa’s payment solutions, all in-app! Additionally, users will benefit from ZERO Gateways Fees,” the entity revealed on X (Twitter).

Total value locked (TVL) in the Sui network and on-chain trading volume have also been going through the roof recently. According to DefiLlama, TVL climbed to an ATH of around $420 million, while the last time trading volume dropped below the $50 million mark was on January 25.

SUI On-Chain Metrics, Source: DefiLlama

Last but not least, SUI’s jump coincides with an overall market revival, with most leading cryptocurrencies charting substantial gains in the past 24 hours.

Bitcoin (BTC) spiked to a three-week high of almost $44,000, whereas Ethereum (ETH) exceeded the $2,300 level. Cardano (ADA) and Solana (SOL) have performed even better, soaring by 8% and 6%, respectively.

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