Sei spikes 23% as Bitcoin breaks above $63k

The price of the native token of Sei, a layer 1 blockchain for high-frequency cryptocurrency trading, has surged more than 23% in 24 hours as leading altcoins surged alongside Bitcoin.

Sei (SEI) rose from $0.26 to $0.35 on major exchanges on Sept. 19. SEI trading volume increased by 159% to over $270 million, while the altcoin’s market cap reached $1.1 billion.

The gains put SEI in second place among the top 100 coins by market cap, behind only the bullish Popcat (POPCAT). The Solana meme coin is up 33% in 24 hours, with its price hovering around $0.92.

Both SEI and POPCAT outpaced Bitcoin’s (BTC) 6% and Ethereum’s (ETH) 5.2% gains.

At press time, other coins that made double-digit gains of between 19% and 16% in the past 24 hours included Bittensor (TAO) and Sui (SUI).

Bitcoin skyrockets to $63.2K

The US Federal Reserve (Fed) cut interest rates on Wednesday, September 19. Earlier in the day, the world’s largest asset manager, BlackRock, published a white paper on Bitcoin, outlining the cryptocurrency’s potential as a top portfolio asset.

BlackRock, in particular, sees 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 an intraday high of $63,236 on major exchanges.

BlackRock’s entry into the cryptocurrency market via its spot Bitcoin exchange-traded fund coincided with the digital asset’s price reaching an all-time high above $73,000 in March. Several top analysts predict that BTC’s price will rise in the long term.

In its whitepaper, BlackRock highlights what it sees as potential catalysts for future increases in the BTC price.

“In the long term, the trajectory of Bitcoin adoption is likely to depend on the extent to which concerns about global currency instability, geopolitical discord, U.S. fiscal sustainability, and U.S. political stability increase and decrease.”

Black Rock.