Sei, the layer-1 blockchain for high-frequency crypto trading, saw a significant increase in its token price over the past 24 hours amid a broader market rally.
Sei Reaches 23% Growth
On September 19, Sei's price rose from $0.26 to $0.35 across major exchanges. SEI trading volume surged 159% to over $270 million, while the altcoin’s market cap reached $1.1 billion. This put SEI in second place among the biggest gainers in the top 100 coins, trailing only the Solana meme coin Popcat, which was up 33% in 24 hours.
Other Altcoins with Notable Gains
SEI and POPCAT were outpacing Bitcoin and Ethereum, which showed gains of 6% and 5.2%, respectively. Other coins with double-digit gains over the past 24 hours included Bittensor and Sui, with increases ranging from 19% to 16%.
Bitcoin's Situation and Impact
The US Federal Reserve cut interest rates on September 19. Earlier in the day, BlackRock, the world’s largest asset manager, released a paper on Bitcoin's potential as a primary portfolio asset. As a result, Bitcoin's price reached intraday highs of $63,236. BlackRock highlighted BTC's potential for portfolio diversification and as a hedge against economic and geopolitical risks.
The 23% price surge of Sei and the growth of other top altcoins underscore a revival in the cryptocurrency sector, supported by significant economic decisions and the interest of major investment firms.
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