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.

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.

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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