Bitcoin and altcoins experienced a significant price surge this week. Bitcoin (BTC) climbed above $94,000, settling around $93,000. Ethereum (ETH), XRP, BNB, and Avalanche (AVAX) maintained relatively stable positions. Solana (SOL) saw a 2.6% increase, while Dogecoin (DOGE) and Cardano (ADA) rose by 4%.

Sui Network's SUI Token Captures Attention

Beyond the major cryptocurrencies, the Sui Network's native token, SUI, garnered significant attention, experiencing an 18.5% increase in the last 24 hours and a remarkable 70% weekly gain. This rally is attributed to several factors, including the launch of a SUI-branded Mastercard payment card by ecosystem partner xPortal.

Further contributing to the surge are increases in Total Value Locked (TVL), decentralized exchange (DEX) volume, and stablecoin growth on the Sui network. Cryptocurrency analytics firm Lookonchain reported that a 60% price increase in SUI resulted from a 38% increase in TVL to $1.65 billion last week, a 177% jump in daily DEX volume to $599 million, and an 82% increase in stablecoin value over two months, rising from $482 million to $879 million. SUI is currently trading at $3.53.

Key takeaways regarding SUI's price increase:

• The $SUI price increased by 60% in the past week.
• The rise is driven by increased TVL, DEX volume, and stablecoin growth.
• TVL increased by 38% to $1.645 billion in the past week.
• 24-hour DEX volume reached $599 million, a 177% increase.
• Stablecoin growth on the Sui network has been substantial over the past two months.

This is not investment advice.