Will Sui Price Capture $2.3T Market Cap With This New Upgrade?

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As a seasoned crypto investor with over a decade of experience in this wild, digital frontier, I can confidently say that the latest development surrounding Sui has piqued my interest like never before. The potential for a $2.3 trillion asset capture through the integration of Ika is nothing short of groundbreaking. If successful, it could catapult Sui to unprecedented heights, fundamentally altering its current price trajectory.

The potential surge in Sui’s price is generating excitement within the cryptocurrency community due to a groundbreaking upgrade worth approximately $2.3 trillion in assets. This revolutionary change by Ika could catapult Sui to unprecedented levels, significantly shifting its existing price course.

In the past 24 hours, the value of SUI has risen by 0.2%, and it’s now being exchanged near $2.07. Lately, SUI appears to be stabilizing after reaching a peak at $2.10, which serves as a strong barrier for this asset.

The temporary halt in Bitcoin‘s upward trajectory occurs as its value dips to a daily minimum of $71,430. However, the overall sentiment in the cryptocurrency market continues to be optimistic, as analysts predict significant double-digit increases for SUI, particularly following the announcement of a new upgrade.

Impact on SUI Price if Sui Captures $2.3 Trillion Assets With Ika

Ika, a new Multi-Party Computation (MPC) network, has been introduced on Sui, marking its journey towards becoming a multi-chain platform. As per the latest statement from Ika’s official team, this scalable network aims to foster interoperability and liquidity by connecting Bitcoin, Ethereum, and various other networks. This update eliminates the tedious process of utilizing cross-chain bridges.

BREAKING: $2.3T in assets can now be programmed on @SuiNetwork

what we’re shipping:
• sub-second MPC finality
• native BTC/ETH/SOL on Sui
• zero bridges needed
• infinite scalability

translation: your assets are finally free anon

more in thread

— Ika (@ikadotxyz) October 30, 2024

Based on IKA’s claims, it offers an unlimited scale to its blockchain network, capable of handling up to 10,000 transactions per second, achieving finality within a sub-second timeframe, and ensuring security through the ‘zero trust’ model. This puts it in a position to tap into the $2.3 trillion worth of assets distributed across various blockchains. The IKA network’s mainnet is scheduled to launch in December.

The importance of this update for the Sui currency is substantial, considering that amassing a value of around $2.3 trillion is not an easy task.

To find an estimated price for Sui if it manages to amass $2.3 trillion in assets, we can use a simple approach: multiply the current price by the ratio of the desired market capitalization ($2.3 trillion) and the current market cap ($5.7 billion). This calculation suggests that SUI could potentially reach around $843.33 per token, given a constant supply.

In order for this event to occur, it’s necessary that the cumulative value of all cryptocurrencies (their market capitalization) reach approximately one thousand times its current size, which is currently around $1 quadrillion. However, due to the limited amount of money in circulation worldwide (approximately $90 trillion), achieving such a significant increase seems highly improbable.

Under this scenario, if the network manages to capture just 10% of the approximately $2.3 trillion worth of assets distributed across blockchains, it would likely see its price skyrocket to around $84 at a market capitalization of $230 billion. This valuation seems more plausible compared to the initial estimate.

Sui Price Analysis Hints Rally to $84?

It’s plausible that SUI could reach $84, as the asset has surged 408% in just two months – a remarkable achievement for such a high-value network. This is largely due to the fact that large-scale assets typically require larger trading volumes to be significantly influenced compared to smaller projects.

Sui is having a hard time surpassing its old all-time high (ATH) resistance point. If it manages to break through this barrier, the price of the asset could skyrocket to $10 immediately, multiplying its market capitalization by 5 times to reach an impressive $28 billion. Such a move might catapult the asset into the elite group of the top 10 largest cryptocurrencies based on market cap.

Instead, the optimistic view could be challenged if the price falls below the parabolic curve. This would indicate a weaker market, potentially pushing the asset’s support levels down to around $0.45 and $0.4.

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2024-10-31 11:32