Market Capitalization Surge: Layer-1 Competitor Outperforms Ethereum and Solana in July
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SUI Surges 44% in July, Outshines Ethereum, Solana in L1 Comeback
As the third quarter of the year has kicked off with a strong start, one asset is clearly breaking away from the pack. Sui (SUI) has taken center stage by rising an astonishing 44% in July, outperforming every major Layer-1 (L1) competitor.
The surge brings the altcoin’s market capitalization to unprecedented heights, as it now approaches a key supply zone where selling pressure previously halted its upside. The question on everyone’s mind is whether SUI will be able to sustain its remarkable growth and maintain its dominance in the L1 space.
Sui’s impressive performance can be attributed to multiple factors. Firstly, its market capitalization has risen by 44.7% since July, eclipsing Ethereum’s (ETH) meager 9.2% increase during the same period. This significant disparity highlights SUI’s growing appeal among investors and users.
The altcoin’s remarkable upswing is also fueled by a strong fundamental backdrop. Its Total Value Locked (TVL) has reached an all-time high of $2.219 billion, indicating deeper ecosystem engagement as more capital is being deployed into its DeFi protocols. This metric provides conclusive evidence that SUI is not just riding on the coattails of Bitcoin’s (BTC) momentum, but rather is attracting real liquidity and fueling a 42% jump in monthly fees to $42k, doubling Ethereum’s fee growth in the same window.
Sui’s impressive performance has far-reaching implications for the broader crypto market. As Q3 gets underway, SUI appears poised to dominate the narrative as it eyes a potential breakout above $4.
Source: ambcrypto.com
