State of Sui Q4 2023 and Q1 2024. The #crypto market rebounded in Q4’23 and Q1’24 and Sui was no exception. Its market cap grew by 508% in the past two quarters to $2.3 billion. Its growth outpaced tokens with a similar market cap, as its market cap rank increased from 81 to 57 during that time period. Less than a year after its launch, Sui has become a top network by DeFi activity. Its #TVL grew by 1,459% in the past two quarters to $787 million, ranking it 12th among all ecosystems. Its average daily DEX volume increased by even more, up 3,689% to $78 million. During the past two quarters, Sui network usage reached a peak of 453,000 daily active addresses during #Mysten Labs’ onchain gaming quest, Quest 3. Excluding that period, Sui averaged 24,000 daily active addresses and 1.8 million daily transactions throughout Q4’23 and Q1’24. Upcoming upgrades will bring further scaling improvements to the network. Near the end of March, Mysten Labs introduced Pilotfish, a new execution scaling solution that distributes execution work across multiple machines for a single validator. After quarter end, the #Sui Foundation announced Mysticeti, a consensus upgrade planned for this summer.

#trendingnews #reports #btc

#reports
Market Performance
The total crypto market cap reached an all-time high on December 6, 2024, at $3.73 trillion but has since decreased by 2%.³ Bitcoin's market cap accounts for 55.52% of the cryptocurrency market capitalization.
#downfall #factors The crypto market's downfall in December can be attributed to several factors.

Key Factors Contributing to the Downfall
1. *Miner Pressure*: Bitcoin miners faced significant pressure due to declining profitability, which hit a 12-month low of 4 cents per terahash.
2. *Low On-Chain Activity*: Ethereum's on-chain volume dropped to a 9-month low, indicating reduced network activity and falling prices.
3. *Regulatory Uncertainty*: Ongoing legal battles, such as the SEC's appeal against Ripple, contributed to market volatility.
4. *Profit-Taking*: Investors took profits after Bitcoin rallied past $65,000, leading to a market slump.
5. *Market Sentiment*: The "buy the rumor, sell the news" phenomenon, where investors buy based on expectations and sell when events occur, impacted Bitcoin's price.²
6. *Lack of Decoupling from Wall Street*: The cryptocurrency market's performance remains tied to Wall Street's, making it vulnerable to economic fluctuations.
7. *Potential for Major Failures*: The crypto space lacks adequate oversight, increasing the risk of significant failures, such as stablecoin de-pegging or exchange platform collapses.