Crypto Market Resumes Bullish Drive, SUI Token Surges 31%
Despite fears that the downtrend will continue, the crypto market has resumed its bullish drive, with the altcoin market showing the most significant gains. SUI is one of those tokens that has gained almost 31% in the past 24 hours, as major cryptocurrencies like Bitcoin and Ethereum returned to pre-correction levels.
Related Reading
As the market continues to rally, SUI might continue to capture the broader momentum, keeping the bears at bay. This comes after institutional interest hit the SUI platform, which will also help drive the price upward.
Grayscale Releases New Funds On SUI And TAO
In a press release by Grayscale, the crypto asset manager announced the launch of investment trusts based on SUI and TAO: the Grayscale SUI Trust and the Grayscale TAO Trust. The move is a complete vote of confidence with the Head of Product & Research, Rayhaneh Sharif-Askary, being quoted saying:
We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain.
This is big news not just for SUI and TAO, but for the entire crypto market as a whole. With WisdomTree CEO, Jonathan Steinberg, saying that crypto will continue to be mainstream in the coming years in an interview with CNBC last month, these new institutional investment products will leverage the growing and solidifying interest in crypto and blockchain tech.
Conclusion
SUI’s surge in price can be attributed to the growing interest in crypto and institutional investment in the token. The launch of the SUI Trust by Grayscale is a significant development that will spur investor interest and help the token become mainstream in the future. With the market expected to continue its rally, SUI may have a great second half of the year ahead.
FAQs
Q: What is the current price of SUI?
A: The current price of SUI is in historically bearish territory, but if the market continues to rally, more gains will be awaiting SUI.
Q: What is the reason behind SUI’s surge in price?
A: The surge in price is due to the growing interest in crypto and institutional investment in the token, as well as the launch of the SUI Trust by Grayscale.
Q: What is the forecast for SUI’s price in the coming years?
A: With the growing interest in crypto and institutional investment, SUI is expected to become mainstream in the future and may have a great second half of the year ahead.
Q: What is the significance of Grayscale’s launch of the SUI Trust?
A: The launch of the SUI Trust by Grayscale is a significant development that will spur investor interest and help the token become mainstream in the future.
Q: Will the market continue to rally in the long term?
A: With the growing interest in crypto and institutional investment, the market is expected to continue its rally in the long term.
