- Sui soars 175%, while Bitcoin rises 57%, and Solana gains 50%, showing strong 2024 performances across the crypto market.
- Bitcoin, Ethereum, Solana, and Sui all post impressive gains in 2024, with bullish sentiment and growing market interest.
- Ethereum climbs 3.14%, joining Bitcoin, Solana, and Sui in leading the crypto market’s strong 2024 performance.
Crypto markets have seen notable gains in 2024, with Sui (SUI), Bitcoin (BTC), Solana (SOL), and Ethereum ( ETH ) emerging as top performers.
These assets have seen substantial price increases, with Sui posting a remarkable 175% surge. Bitcoin’s dominance continues to grow, while Solana remains a strong contender in the smart contract space.
Sui’s 175% Surge
Sui has experienced a remarkable 175% price surge in just 30 days, capturing the attention of the crypto market. Its price stands at $2.24 , with a 24-hour trading volume of $961.7 million. Although Sui has increased only 0.37% in the last 24 hours, its market cap of $6.2 billion and a circulating supply of 2.76 billion SUI coins demonstrate its growing presence.
Source: Coinglass
Circle’s launch of native USDC support on the Sui blockchain is a key factor in its success. Sui’s derivatives market shows mixed activity. Trading volume has fallen by 37.29%, while open interest has dipped slightly by 0.37% to $640.89 million. Binance traders are slightly bearish, with a short position ratio of 0.5896. However, long positions still slightly dominate overall, hinting at future volatility.
Bitcoin’s 57% Gain
Bitcoin’s price has surged by 57% this year, reflecting its continued dominance in the crypto market. At the time of writing, BTC is priced at $65,669.61 , Bitcoin holds a market cap of $1.29 trillion. Its trading volume remains robust at $38.87 billion, and its circulating supply is nearing its cap of 21 million coins.
Source: Coinglass
The Bitcoin derivatives market shows increased activity, with open interest up 4.67% to $70.2 billion. Futures volume also rose by 14.05% to $150.53 billion in the past 24 hours. Furthermore, Bitcoin’s options market surged by 94.51%, signaling increased trader engagement.
Despite mixed sentiment from long/short ratios, growing institutional interest and higher liquidity suggest Bitcoin’s market maturity. Traders should watch for shifts as the Crypto Fear & Greed Index rises to 65, indicating optimistic sentiment.
Solana’s 50% Return
Solana has continued its upward trend in 2024, achieving a 50% year-to-date return. Currently priced at $154.69, with a trading volume of $2.58 billion, Solana remains a key player in the smart contract space. Its market cap is $72.67 billion, supported by a circulating supply of 469.7 million SOL coins.
According to a report by Standard Chartered, Solana could rally significantly if Donald Trump wins the 2024 U.S. Presidential election, potentially surging 400%. Beyond this speculation, Solana’s derivatives market shows strong bullish sentiment. Trading volumes are up 4.09% to $5.25 billion, while open interest has grown by 1.05% to $2.49 billion.
Source: Coinglass
Long positions dominate, particularly on Binance, suggesting traders are preparing for potential volatility. Liquidations totaled $6.48 million in the past 24 hours, mostly affecting short positions, pointing to a possible short squeeze.
Ethereum Sees Bullish Momentum Surge
Ethereum is priced at $2,617.23 , experiencing a 3.14% increase in the last 24 hours. With a trading volume of over $19.1 billion and a market cap surpassing $315 billion. ETH has a circulating supply of 120,385,428 ETH coins, while market activity signals growing optimism. A closer look at derivatives shows a 14.06% rise in volume to $25.84 billion and a 6.79% increase in open interest to $13.14 billion.
Source: Coinglass
Traders are especially bullish, as shown by long/short ratios on major exchanges like Binance (1.8385) and OKX (1.65), with Binance’s top traders leading the way. Liquidation data indicates heightened market volatility, with $30.21 million liquidated in the past day, primarily from short positions ($23.01 million). This short squeeze suggests that traders betting against Ethereum were forced to close their positions, driving the upward price movement.
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