The leading cryptocurrency, Bitcoin (BTC), opened the new week above the critical threshold of $80,000. While bullish expectations for BTC continue, an altcoin has attracted market attention with its rise.
Sui (SUI) surged 20% in the last 24 hours, becoming the top-performing altcoin, driven by the recent development.
Accordingly, the Layer 1 blockchain Sui (SUI) announced that it plans to roll out its confidential transaction feature later this year.
Sui co-founder and Chief Product Officer (CPO) Adeniyi Abiodun announced in a statement from his X account that the network will roll out its confidential transaction feature later this year.
He added that this would enable the entire internet to use free, privacy-protecting payments on a large scale.
“Sui will roll out its privacy-protected transaction features later this year.”
Thanks to Sui’s privacy-protected transaction features, the entire internet will be able to widely use free payments based on the protection of personal information.
SUI has surged 20% in the last 24 hours and is leading the market with an increase of approximately 50% over the past week. Analysts attribute this rise to a combination of increased institutional participation and expectations for the introduction of new features. In particular, the decrease in supply is highlighted as a significant factor.
Analysts suggest that the surge was triggered by the decrease in circulating supply after SUI Group Holdings, a company traded on Nasdaq, staked all of its approximately 108.7 million SUI tokens (worth about $143 million).
*This is not investment advice.