Sui (SUI) rose by 6% in a single day, changing into the most important gainer among the many prime 100 cash by market capitalization, per CoinGecko.
This morning’s market winners additionally included Close to Protocol (NEAR) which recorded a 6% rise since yesterday and Toncoin (TON) up 3% throughout the identical interval. Meme coin Shiba Inu (SHIB) additionally noticed modest positive aspects of three%.
The highest two tokens by market cap Bitcoin (BTC) and Ethereum (ETH) had been buying and selling barely decrease.
BTC briefly dropped beneath $26,000 yesterday and was down 0.2% within the final 24 hours to final commerce at $26,030.
ETH declined by 1.3% in a single day because the second largest crypto traded at $1,644 at press time.
SUI retraces final week’s highs
Final week, SUI surged by greater than 20% from $0.47 to a peak of $0.57, due to a money enhance by the Sui Basis.
The Sui Basis, the event workforce behind the Sui blockchain, introduced a $900,000 developer grant to 16 tasks within the ecosystem on August 18.
The worth retraced over the weekend, however broke above final week’s highs early on Wednesday to achieve a brand new weekly excessive of $0.58.
This morning’s value motion was accompanied by a wave of liquidations and elevated spot volumes on South Korean alternate Upbit.
The token noticed its highest degree of liquidations in a month, totaling $2.61 million. Of those liquidations, $1.73 million had been brief orders, in keeping with Coinglass knowledge.
The quantity of SUI liquidations. Supply: Coinglass.
This implies {that a} brief squeeze might have performed a hand within the newest bullish transfer.
A brief squeeze happens when an asset’s value rises sharply on account of numerous brief sellers being pressured to purchase again their positions.
SUI was additionally the highest traded altcoin on Binance futures with volumes increased than XRP and SOL at almost $800 million, suggesting that Binance derivatives volumes contributed to yesterday’s value motion.
The altcoins with highest futures volumes on Binance within the final 24 hours. Supply: CoinGecko.
SUI was one of many top-traded tokens on Upbit since yesterday, too.
Within the final 24 hours, Upbit commanded the bulk share of SUI’s spot buying and selling quantity on crypto exchanges.
Notably, SUI was the second most traded coin on Upbit with 24-hour volumes increased than Bitcoin at $61.57 million and solely behind XRP.
Prime traded cash on Upbit spot alternate. Supply: CoinGecko.
This isn’t the primary time this 12 months that the market has witnessed such a brief squeeze, accompanied by quantity spikes on Upbit.
It was seen beforehand with Bitcoin Money, Aptos, and 1inch token.
SUI was final buying and selling at $0.57, per Coingecko knowledge.
Disclaimer
The views and opinions expressed by the creator are for informational functions solely and don’t represent monetary, funding, or different recommendation.
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