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SUI surged 44% in July, surpassing Ethereum and Solana as L1 makes a comeback.
The crypto market kicked off Q3 with a strong bullish trend, with nearly 500 billion USD flowing in just two weeks. Excluding Bitcoin (BTC), there is still a capital influx of up to 160 billion USD into the broader space.
With strong inflows, Sui (SUI) has recorded a breakout, increasing by over 40% in July. Currently trading around $3.85, this altcoin shows superior performance compared to all other major crypto assets.
SUI/BTC turns green as the rotation begins
The SUI/BTC ratio has just recorded its strongest daily increase in over two months, bouncing back 10.14%, showing a strong recovery after the decline at the end of Q2.
In contrast, both ETH/BTC and SOL/BTC are currently stagnating at the resistance level.
Additionally, the market capitalization of SUI has increased by 44% since July, surpassing Ethereum's 9.2% increase in the same timeframe.
However, can this altcoin maintain its leading position? The price is currently approaching a critical supply zone, where previous selling pressure has hindered the upward momentum.
SUI has followed BTC multiple times in this cycle
SUI has recorded a strong bullish momentum, climbing 13.52% in a day and trading at $3.96, just below the important supply level of $4.
Interestingly, each time BTC recovers in this cycle, it leads to sharp green candles on SUI's daily chart, reinforcing the strength of the SUI/BTC pattern.
But the important thing is that the total value of locked assets (TVL) of SUI has just reached an ATH of 2.219 billion USD, showing the real appeal from the ecosystem.
Users are not just chasing prices; instead, they are locking value in chains, signaling deeper participation in the ecosystem.
L1 Divergence: Fees and Capital Flow
SUI is no longer solely reliant on BTC. In addition to the growth driven by BTC, SUI is attracting real liquidity, pushing monthly fees up 42% to $42,000, double that of Ethereum in the same period.
If this divergence continues, this altcoin is shaping up to explode in Q3, with a spectacular breakout above $4 potentially being just the first confirmation of that trend.
Vincent