Sei, ORDI and Arweave gain over 10% after Bitcoin jumps 3%

Sei, ORDI and Arweave have all surged over 10% over the past day to rank as the top gainers in the crypto market as Bitcoin, the leading cryptocurrency by market cap, jumped 3% in the same timeframe.

Sei

Sei (SEI) led the charge among the top gainers.

The coin, which is part of the Sei Project that launched in August 2023, saw a 12.5% increase in the last 24 hours. According to price data from crypto.news, SEI is currently priced at $0.397, with a 36% rise in daily trading volume to around $179 million.

Sei’s market cap now stands at $1.26 billion. However, the token’s value remains 65% below its all-time high of $1.14, achieved on March 16.

The recent surge in Sei’s value coincides with the release of the “Sei v2 mainnet beta.” The Sei team, led by founders Jeffrey Feng and Jayendra Jog, touts it as “the most performant EVM blockchain ever built.”

This network, designed for fast and cost-effective crypto trading, has recently integrated Geth, a popular Ethereum software used by developers to create decentralized applications and other web3 solutions.

Sei’s v1 beta mainnet, built with the Cosmos SDK, was launched in August 2023 after two successful funding rounds that raised $30 million from investors such as Jump Trading and Multicoin Capital.

ORDI

Ordi (ORDI) saw an 10% increase in price over the past day, trading at $41 at press time. It ranks as the 84th largest cryptocurrency by market cap, with a daily trading volume of $200 million.

ORDI’s market cap is $865 million, making it the 44th largest crypto asset. The token is still 59% below its all-time high of $96, reached on March 5.

ORDI is a meme coin on the Bitcoin network, and the first BRC-20 token was created using the Ordinals protocol.

Developed by software engineer Casey Rodarmor, the Ordinals protocol allows data such as text, images, audio, and video to be written directly to each satoshi, the smallest unit of Bitcoin. This technology has enabled new applications of non-fungible tokens and tokens on Bitcoin.

With a fixed supply of 21 million tokens, ORDI operates as a fungible and transferable asset within the BRC-20 ecosystem.

Arweave

Arweave (AR) rose 10% over the past day, trading at $33.3. Its daily trading volume doubled to around $106 million. The market cap of AR increased by 8.8% to surpass $2.1 billion, ranking it as the 46th largest cryptocurrency.

Arweave is known for its decentralized storage solution, operating on AI-enabled blockchains.

Co-founder Sam Williams recently introduced the Arweave AO protocol, an advanced computing framework aimed at facilitating parallel executions for proof-of-stake computations. This protocol addresses the growing demands of social media and AI applications on the blockchain.

Files stored on Arweave are accessible through traditional web browsers, eliminating the need for special wallets or blockchain services. The platform is also developing a voting mechanism for users to moderate illicit content.

Bitcoin’s strong performance

The overall surge in these altcoins followed Bitcoin’s (BTC) 3% rise over the past day, reaching $66,732 on Saturday. Bitcoin’s 24-hour lows and highs were $65,319 and $67,377, respectively.

Market analysts attribute the recent price increase to several factors, including the end of the German government’s selling pressure. The German government recently sold its 49,858 BTC holdings, earning approximately $2.8 billion.

Additionally, Bitcoin ETFs have seen a new wave of inflows, surpassing $1 billion this week. A note from Gemini suggested that BTC’s recent price drop might have attracted new investors who previously lacked exposure to the leading cryptocurrency.

Meanwhile, the global cryptocurrency market cap also witnessed a 1.42% increase, elevating to a total of $2.43 trillion.