The ongoing price growth of SUI has propelled it into the top 10 rankings of cryptocurrencies, excluding stablecoins, on May 6. This rise included the overturn of Chainlink (LINK). Now firmly in the lead, SUI appears focused on its next significant goal: achieving a value equal to half of Cardano's (ADA) market capitalization.
The market capitalization of SUI has reached approximately $11.25 billion, surpassing Chainlink's $8.9 billion. The overturn occurred amid rising prices: at the time of writing, SUI was trading at $3.36, which is 0.8% lower than the previous day. Over the last month, SUI has shown impressive growth, rising by 53.75%.
The 24-hour trading volume for SUI now exceeds $1.59 billion, reflecting strong investor interest. In comparison, Chainlink is trading at $13.54, which is 3.5% lower than the previous day. Its daily transaction volume of $262 million is also lower than SUI's, indicating lower interest. Despite the higher price, LINK has lagged behind SUI in rankings due to its relatively stagnant market activity.
"Half of Cardano's market capitalization" is set as the next target.
Crypto analyst Martyparty emphasized the market movement of SUI, noting the completed overturn of LINK. He highlighted that SUI's valuation is now actively approaching a significant milestone of half of Cardano's total market capitalization.
This narrative of "targeting" aligns with SUI's strong trajectory. Martyparty suggested that price growth may continue, hinting that buying SUI below $5 could still be timely.
Cardano (ADA) confidently leads with a market capitalization of $23.865 billion. It is trading at $0.6607, with a 24-hour volume of $637.28 million. However, the rise of SUI poses a challenge in the long term. Although the market capitalization of SUI still significantly lags behind ADA, it now accounts for over 44% of ADA's value.
ADA has faced selling pressure, with a decline of 4.0% over the last 24 hours and 7% over the past week. In contrast, SUI demonstrates resilience, outperforming many other mid-cap assets during the same period.
Notably, the top five cryptocurrencies by market capitalization, excluding stablecoins, include Bitcoin, Ethereum, Binance Coin, Solana, and XRP. Bitcoin leads with a market capitalization of around $1.87 trillion, maintaining its dominance as the most valuable cryptocurrency. Next is Ethereum with a market capitalization of around $217.74 billion, supported by its robust smart contract infrastructure.
XRP holds third place with a market capitalization of $122.8 billion, continuing to benefit from the cross-border payment network Ripple. Binance Coin follows with $87 billion, reflecting its utility in the Binance ecosystem. Solana rounds out the top five with a market capitalization of $75.28 billion, driven by its expanding DeFi and NFT ecosystems.