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.
The price of SEI, the native token of the layer-1 blockchain designed for high-frequency crypto trading, soared over 23% in 24 hours on Wednesday, Sept. 19, as top altcoins enjoyed gains alongside Bitcoin.
According to data from major exchanges, SEI rose from lows of $0.26 to hit $0.35. The token’s trading volume surged 159% to reach over $270 million, while its market cap stood at $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 enjoyed gains of 33% in 24 hours, with its price hovering around $0.92.
Both SEI and POPCAT outpaced the gains of Bitcoin (BTC) at 6% and Ethereum (ETH) at 5.2%.
Other coins that enjoyed double-digit gains of between 19% and 16% over the past 24 hours included Bittensor (TAO) and Sui (SUI).
Bitcoin surges to $63.2k as BlackRock enters crypto market
The gains came as the US Federal Reserve cut interest rates on Wednesday, Sept. 19, while 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 highlighted the potential of BTC as an asset that 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 have predicted that BTC’s price is set to surge in the long term.
In its whitepaper, BlackRock highlighted 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
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