In recent weeks, the cryptocurrency market has witnessed a flurry of divergent performances among various assets, characterized by the challenge faced by most in maintaining substantial gains. While certain assets have succeeded in achieving moderate price upticks, others have faltered, succumbing to the prevailing downtrend that has engulfed the market in a sea of red.
Among the notable underachievers is the native token of the SUI ecosystem, which continues to grapple with its inability to overturn its unfavorable trajectory.
SUI Continues Fall from Grace
Currently trading at $1.21, SUI has continued its downward trend over the past 24 hours, with its daily loss reaching approximately 9%. This decline marks SUI’s second significant dip of the week, following its drop to a record low of $1.150 on April 19, before experiencing a brief uptick of 22.6% to reach its highest trading value of the week at $1.41.
SUI’s underperformance in the past week has resulted in a staggering loss of 32% from its all-time and year-high price of $2.18. This mirrors the ongoing decline in the layer-1 chain’s Total Value Locked (TVL), which has seen a decrease from its record-high milestone earlier this year.
According to data from DefiLlama on Thursday, April 25, SUI is currently ranked 13th among chains, with a TVL of $535 million. This reflects a significant 30% decrease from its previous record of approximately $730 million, indicating the broader negative sentiment across its ecosystem.
While SUI’s downward performance is notably severe, it is not alone in experiencing losses in the market.
Bitcoin Slips 4% Amid Sluggish Market Trend
The crypto market’s lackluster performance has affected many, including the prominent player Bitcoin. Currently valued at $63,507, Bitcoin has experienced a decline of 4% within the last day, marking a drop of approximately 5.6% from its peak of $67,067 earlier in the week.
This downward trend in Bitcoin’s value continues a pattern of sluggishness seen in recent weeks, culminating in a 14% decrease from its record high of over $73,000. This underwhelming performance stands in stark contrast to the anticipation surrounding the fourth Bitcoin halving, which many had hoped would catalyze an upward surge in Bitcoin’s value and that of other cryptocurrencies. However, the current market conditions align more closely with expert predictions, which suggested that the halving would not yield immediate positive effects.
In addition to Bitcoin’s struggles, other cryptocurrencies such as Ethereum, Solana, and Curve DAO have also experienced losses ranging from 3% to 7% over the past week.
