Sei, the layer-1 blockchain designed for high-frequency crypto trading, experienced a significant price surge in its native token, rising over 23% within 24 hours. This increase occurred as major altcoins, including Bitcoin, showed upward momentum.

Sei Token Price Surge

On September 19, Sei’s token value soared from a low of $0.26 to reach $0.35 across various major exchanges. The trading volume for SEI saw a remarkable 159% increase, surpassing $270 million, while its market capitalization climbed to $1.1 billion.

These gains positioned SEI as the second-highest gainer among the top 100 cryptocurrencies by market cap. The only coin surpassing SEI was Popcat, a Solana-based meme coin, which rose by 33% in 24 hours, with its price nearing $0.92.

Comparative Gains in the Crypto Market

SEI and Popcat outperformed both Bitcoin and Ethereum, which recorded gains of 6% and 5.2% respectively. Other cryptocurrencies with double-digit gains over the past 24 hours included Bittensor (19%) and Sui (12.6%).

Bitcoin’s Rally Amid Key Developments

The cryptocurrency market’s positive trend coincided with significant events, such as the US Federal Reserve’s decision to cut interest rates on September 19. Additionally, BlackRock, the world’s largest asset manager, released a comprehensive whitepaper on Bitcoin, discussing its potential as a valuable portfolio asset.

“Over the long term, Bitcoin’s adoption trajectory is likely to be driven by the degree to which concerns rise and fall over global monetary instability, geopolitical disharmony, U.S. fiscal sustainability, and U.S. political stability.” – BlackRock

BlackRock’s analysis suggests that Bitcoin can be utilized by investors to diversify their portfolios and hedge against economic and geopolitical risks. The announcement of BlackRock’s entry into the crypto market via its spot Bitcoin exchange-traded fund (ETF) coincided with a notable price jump for Bitcoin, reaching an intraday high of $63,236.

Historically, Bitcoin’s price peaked above $73,000 in March, following BlackRock’s initial involvement. Several top analysts continue to predict a long-term upward trend for BTC.

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