Sei spikes 23% as Bitcoin breaks above $63k
Sei, the layer-1 blockchain for high-frequency crypto trading, saw its native token’s price jump more than 23% in 24 hours as top altcoins rallied alongside Bitcoin.
On Sept. 19, Sei (SEI) rose from lows of $0.26 to hit $0.35 across major exchanges. SEI trading volume surged 159% to over $270 million, while the altcoin’s market cap reached $1.1 billion.
The gains saw SEI rank second among the biggest gainers in the top 100 coins by market cap, trailing only the rallying Popcat (POPCAT). The Solana meme coin was up 33% in 24 hours, with its price hovering near $0.92.
Both SEI and POPCAT were outpacing Bitcoin (BTC)’s 6% and Ethereum (ETH)’s 5.2% gains.
At the time of writing, other coins with double-digit gains of between 19% and 16% over the past 24 hours included Bittensor (TAO) and Sui (SUI).
Bitcoin surges to $63.2k
The US Federal Reserve cut interest rates on Wednesday, Sept. 19. Earlier in the day, BlackRock, the world’s largest asset manager, released a whitepaper on Bitcoin, outlining the cryptocurrency’s potential as a top portfolio asset.
Particularly, BlackRock sees BTC as an asset investors can use to diversify their portfolios or hedge against economic and geopolitical risks.
Bitcoin surged amid these developments, reaching intraday highs of $63,236 across major exchanges.
BlackRock’s entry into the crypto market via its spot Bitcoin exchange-traded fund coincided with the digital asset’s price jump to an all-time high above $73,000 in March. Several top analysts predict that BTC’s price will surge long term.
In its whitepaper, BlackRock highlights what it sees as the potential catalysts for future BTC price gains.
“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.
