- The native SUI token has recently re-emerged with gains.
- The broader crypto market suffered a second hit from the escalating Israel-Iran tension.
- SUI is struggling to reclaim its all-time high.
The week began sluggishly for the crypto industry, characterized by recovery attempts following the weekend blow dealt by intensifying global tensions. One hard-hit asset was SUI, the native token of the newcomer Layer-1 solution Sui, which recorded an approximate 60% tumble in line with the broader downward trend.
While the token initially fueled recovery hopes at the start of the week, its inability to defy the negative market sentiment flattened its efforts. However, after a week-long downward momentum, SUI is now experiencing a resurgence in price.
SUI Ends Week on a Green Note
According to SUI’s trading data on Friday, April 19, the token is valued at $1.32 at press time. This marks an approximate 7% increase in price in the nearly 24 hours, compensating for its downward start to the day.
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SUI commenced its gains at 7:00 AM UTC, when it began to climb from its day-low range of $1.16 to $1.18 in recovery aims from its week-long underperformance, hoping to overturn its approximate 13% loss in the last seven days.
Despite the surge in SUI’s price, the token’s current performance contrasts with its earlier upward momentum in the year. During this period, the token rallied to a fresh all-time high of $2.18, solidifying its position as one of the top-performing altcoins of the year.
Nonetheless, SUI’s resurgence marks a swift recovery from the negative trend recorded in the crypto market today.
Bitcoin Leads Tension-Triggered Market Tumble
In the early hours of Friday, April 19, a second attack in the ongoing Israel-Iran conflict hit the crypto market with a price crash, resulting in declines across major assets.
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Leading the slide was Bitcoin (BTC), which plummeted all the way from its $65,000-68,000 range to a weekly low of $59,600. While the token has swiftly rebounded to a present trading price of $64,492, the price slump raised questions regarding its resistance to negative market trends.
Accompanying the crypto king was Ethereum (ETH) with an approximate 7% slide from $3,075 to $2,878, marking its position as one of the top losers of the swift market decline. However, like Bitcoin, the second-largest token has swiftly recovered, now trading at $3,085
Other impacted assets include Solana (SOL), Binance coin (BNB), and Cardano (ADA), each of which recorded an approximate 11%, 9%, and 5% decline in response to the trend.
To find out more about SUI’s bullish performance at the year’s start, read here:
Sui Surpasses $700M In TVL as Token Reclaims $2 Peg
Here’s how Bitcoin is recovering from the second Iran-Israel strife-triggered decline:
BTC Eyes $65K Rebound Post 2nd Dip In Iran-Israel Tensions
