- The native token of the Sui ecosystem is grappling with price lows.
- SUI’s downward trajectory has resulted in significant losses across its TVL.
- The crypto market has witnessed a sluggish trend over the past weeks.
The last few weeks in crypto have been packed with contrasting performances across many assets, marked by the struggle of the majority to sustain any real gains. While some have managed to mount modest price increases, others have failed, buried in the market’s sea of red.
One notable underperformer is the native of the SUI ecosystem, which just cannot seem to reverse its negative fate.
SUI Continues Fall from Grace
Trading at $1.21 at press time, SUI has maintained a downward trajectory over the past 24 hours, capping its day loss at approximately 9%.
The shed marks SUI’s second low point of the week, following its slump to a record low rate of $1.150 on April 19 before making a short-lived 22.6% uptick to its highest trading value of the week at $1.41.
SUI’s underperformance in the past week has brought a staggering loss of 32% from its all-time and year-high price of $2.18. This mirrors the ongoing slide in the layer-1 chain’s otal value locked (TVL), which has experienced a tumble from its record-high milestone from earlier this year.
According to DefiLlama data on Thursday, April 25, Sui is currently ranked 13th among chains with a TVL of $535 million. This value reflects a significant 30% decrease from its previous record of approximately $730 million, echoing the broader negative sentiment across its ecosystem.
While SUI’s downward performance is particularly severe, it is not the only market loser.
Bitcoin Slips 4% Amid Sluggish Market Trend
The unimpressive crypto market performance has not spared many, and even giant Bitcoin has taken a hit. Currently trading at $63,507, BTC has lost a total of 4% in the past day, down approximately 5.6% from its week-high of $67,067.
BTC’s ongoing price waver marks the continuation of its sluggish performance in recent weeks, which has sent the original cryptocurrency plummeting 14% from its all-time high of over $73,000.
Bitcoin’s performance contrasts sharply with expectations for the recently concluded fourth Bitcoin halving, with crypto enthusiasts anticipating the event to drive an upward momentum in the asset’s price along with others. However, current market dynamics align with expert forecasts for the event to not have an immediate effect on the market.
Beyond Bitcoin and SUI, other assets including Ethereum, Solana, and Curve DAO have suffered losses within the 3% to 7% range over the past week.
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