Over the past decade, Bitcoin (CRYPTO: BTC) has been one of the most rewarding investments in the cryptocurrency space. Since surpassing the $100 mark in 2013, its value has skyrocketed by nearly 63,000%. While Bitcoin remains a major player, it’s unlikely to replicate those gains in the future. But that’s okay because there’s a new cryptocurrency poised to make waves.

Enter Sui (CRYPTO: SUI), a relatively unknown cryptocurrency that has already become the 21st most valuable in the world. This year alone, Sui has nearly doubled in value, outpacing Bitcoin’s 50% rise. So, what makes Sui (pronounced “swee”) stand out?

Can Sui Overtake Ethereum?

Sui is a Layer-1 blockchain network, putting it in direct competition with heavyweights like Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL). Sui is often dubbed a “Solana killer” due to its potential to outshine Solana, which itself has been referred to as an “Ethereum killer.” This sets the stage for Sui to potentially become the dominant Layer-1 blockchain, surpassing both Solana and Ethereum in the future.

Currently, Sui’s market cap is around $4.5 billion, compared to Ethereum’s massive $310 billion. If Sui were to surpass Ethereum one day, this would represent an 80x increase in its market cap—based on today’s prices. While that’s exciting, it’s worth noting that many Layer-1 blockchains have tried to dethrone Ethereum over the past decade with limited success. So, there’s reason to approach Sui’s potential with cautious optimism.

Sui’s Underlying Strengths

The good news for Sui is that it’s making significant strides in performance. In August, Sui implemented a blockchain upgrade that theoretically makes it faster than Solana in terms of transaction speed. Sui can now process 297,000 transactions per second, compared to Solana’s 65,000.

Another promising sign is Sui’s growth in total value locked (TVL), a key indicator of a blockchain’s health. TVL measures the total dollar value locked or staked within a blockchain, and a higher TVL typically attracts more users and developers. Currently, Sui is nearing $1 billion in TVL, placing it among the top 10 blockchains.

A Major Catalyst for 2025

Sui has a significant new catalyst on the horizon: the world’s first Web3 handheld gaming device. This product could make Sui a key player in the Web3 gaming space. Preorders for the $599 device began in early September, with a launch slated for the first half of 2025.

In 2023, nearly 20 million handheld gaming devices were sold, and analysts project that number to grow to 29 million by 2028. If Sui can capture even a fraction of this market, the impact could be substantial. The device is set to feature a mix of traditional and Web3 games, with Web3 games designed to resemble traditional video games, potentially accelerating mainstream adoption.

With this launch, Sui joins Solana as one of the few Layer-1 blockchains with dedicated Web3 hardware. Solana’s offerings include the Saga mobile phone and the Seeker Web3 device, while Sui’s will be called SuiPlay0x1. Having a physical product can help attract new users, developers, and investors, bridging the gap for those who find blockchain technology abstract or intangible.

How High Could Sui Go?

In August, Sui was one of the best-performing altcoins, and some analysts suggest it could follow a path similar to Solana’s meteoric rise. Solana surged by more than 900% in 2023, offering a glimpse of the potential gains Sui could achieve as it evolves from a newcomer to a potential Ethereum competitor.

However, as with any cryptocurrency, there are risks involved. Extreme volatility is to be expected, and Sui experienced a sharp drop during the crypto “flash crash” in August. Still, if you’re looking for a cryptocurrency with enormous upside, Sui might be worth exploring further.