- SUI overtakes Chainlink to become the 10th-largest non-stablecoin crypto asset.
- SUI’s market cap reaches $11.2B, with daily trading volume above $1.48 billion.
- Cardano remains ahead, but SUI’s value now exceeds one-third of ADA’s.
SUI’s continued price ascent drove it into the top 10 non-stablecoin crypto rankings on May 6. This climb included flipping Chainlink (LINK) in market value. Now firmly in the top ranks, SUI appears focused on its next major goal: reaching a value equal to half of Cardano’s (ADA) market cap.
Price Ascent Fuels LINK Flip
SUI’s market cap has reached approximately $11.25 billion, overtaking Chainlink’s $8.9 billion. The flip comes amid a price increase, with SUI trading at $3.36 at the time of writing, a 0.8% drop in the past day. SUI has been on an impressive run in the past month, with a 53.75% rise.
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The 24-hour trading volume for SUI now exceeds $1.59 billion, reflecting strong investor interest. In comparison, Chainlink trades at $13.54, a 3.5% drop in the past day. Its daily transaction volume of $262 million is also lower than SUI, suggesting lower interest. Despite its higher price, LINK has fallen behind SUI in rankings due to its relatively stagnant market activity.
“Half Cardano Market Cap” Set as Next Sight
Crypto analyst Martyparty highlighted SUI’s market movement, noting the completed flip over LINK. He highlighted that SUI’s valuation was now actively approaching the significant milestone of half of Cardano’s total market cap.
This “sets sights” narrative aligns with SUI’s strong trajectory. Martyparty suggested the price ascent could continue, hinting that buying SUI below $5 might still be timely.
Measuring SUI’s Climb Towards Cardano
Cardano (ADA) remains firmly in the lead with a market capitalization of $23.865 billion. It trades at $0.6607, with a 24-hour volume of $637.28 million. However, SUI’s climb puts the challenge in perspective. While SUI’s market cap still trails ADA by a wide margin, it now equals more than 44% of ADA’s value.
ADA has faced selling pressure, with a 4.0% drop in the last 24 hours and 7% in the past week. In contrast, SUI is showing resilience, outperforming many other mid-cap assets during the same period.
Market Context: SUI’s Ascent Among Leaders
Notably, the top five non-stablecoin cryptocurrencies by market capitalization include Bitcoin, Ethereum, Binance Coin, Solana, and XRP. Bitcoin leads with a market cap of approximately $1.87 trillion, maintaining its dominance as the most valuable cryptocurrency. Ethereum follows with a market capitalization of about $217.74 billion, supported by its robust smart contract infrastructure.
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XRP holds third place with a market cap of $122.8 billion, continuing to benefit from Ripple’s cross-border payment network. Binance Coin follows at $87 billion, reflecting its utility within the Binance ecosystem. Solana rounds out the top five with a market cap of $75.28 billion, driven by its expanding DeFi and NFT ecosystems.
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