SEI Price Soars Over 80% – How High Will The Altcoin Climb In 2024?
2024 saw a sharp increase in the price of Sei tokens due to a surge in demand. It reached a record high of $0.80, more than 700% higher than its 2023 low, and now has a market value of more than $1.7 billion. It now ranks among the most popular cryptocurrencies worldwide. Upon its launch in August of that same year, the cryptocurrency in the futures market saw open interest surpassing $160 million. This significant achievement came after the platform declared its intention to achieve carbon neutrality. The Sei price has seen gains, rising 20% in the last day to trade at $0.76 at the time of writing. This occurs as the token experienced an 80% weekly rise, according to Coingecko data. SEIUSD currently trading at $0.7367 on the daily chart: TradingView.com Launched through the Binance Launchpool program a few months ago, Sei is a prominent blockchain network. By market capitalization, it is now the largest cryptocurrency in the Binance Launchpool. Pendle, Klaytn, Beam, Sui, and others are the other participants in the ecosystem. The key DeFi applications of Sei network, including as Astroport, Levana Perps, Fuzio, and White Whale Dex, are driving the network’s steady expansion, even though it is still a young ecosystem in comparison to its more established counterparts. SEI TVL Hits $5 Million The total locked value of these dApps is approximately $6.39 million, which translates to a very high DeFi TVL to market cap ratio of 266. With Ethereum at 9.6, Tron at 1.3, and BNB at 13.77, these ratios pale in comparison to Sei’s, which underscores the platform’s potential for even greater growth and value capture in the DeFi space. SEI TVL. Source: DeFiLlama SEI Price Analysis The chart (below) shows the price of the Sei cryptocurrency over time. The price has been increasing steadily since the beginning of 2024, and it is currently trading at around $0.76. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are both in the green zone, which suggests that there is still buying pressure on Sei and that the price is likely to continue to rise in the short term. Here are some of the key takeaways from the chart: Sei has been on a tear since the beginning of 2024, with its price more than doubling in just a few weeks The RSI and MACD indicators are both in the green zone, which suggests that there is still buying pressure on Sei and that the price is likely to continue to rise in the short term However, the RSI is also in the overbought region, which means that the price could be due for a correction in the near future Overall, the chart suggests that Sei is a bullish cryptocurrency with a lot of potential. However, it is important to remember that the cryptocurrency market is volatile, and the price of Sei could change rapidly. In the meantime, Sei’s price is increasing in anticipation of the launch of V2, which aims to make it the first blockchain with parallelized EVMs. This implies that Sei’s improved speed and throughput may be utilized by any Ethereum or Ethereum Layer 2 application. Featured image from Shutterstock Christian Encila They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.