- Sei has soared by over 5% on a daily chart, which helps its value to soar at around $0.054 with a market capitalization of $370 million.
- The bullish momentum in the cryptocurrency was seen after Bitcoin surpassed the $69,000 mark, though it plunged quickly after a correction.
- The spike in cryptocurrency was seen after Coinbase Markets just announced that the network will fully migrate to an EVM-only architecture between April 6 and April 8
On April 1, the Sei (SEI) price witnessed a positive spike after losing over 21% in value over a month, which sparked excitement in its community. The cryptocurrency has surged by over 5.81% on a daily chart.
According to CoinMarketCap, SEI is currently hovering at around $0.0540 along with a market capitalization of $370 million. The daily trading volume also soared by 64%, reaching over $121 million.
The new activities have been detected on the network today, where the data suggests market interest and buying pressure are slowly developing.
SEI Witnesses Major Developments and Growth in On-Chain Activities
The rally in the SEI was witnessed after major network developments. In February, Coinbase Markets announced that Sei will fully migrate to an EVM-only architecture between April 6 and April 8. It will make it easier for developers and users to participate in the chain.
At the same time, Kraken announced that it will add support for USDC and USDC0 on Sei EVM. This will help the network to enhance liquidity for stablecoin trading.
According to the on-chain data, daily active addresses have soared by 32% in the last month to nearly 2 million. This shows active participation with real usage. The token is slowly coming out of oversold territory, and short-term momentum indicators are suggesting bullish momentum in the cryptocurrency. However, it all depends on the overall crypto market’s direction.
If the cryptocurrency stays above $0.052 to $0.053, there might be a chance for potential gains toward $0.058 to $0.060 in the upcoming days.
Technical indicators are suggesting a bullish trend with an upward momentum in the cryptocurrency in the upcoming time. Apart from this, whales are preparing to participate in this by accumulating more coins, which shows confidence in the market. If the crypto market maintains bullish momentum, traders are likely to invest more in SEI.
The crypto market, along with Bitcoin (BTC), witnessed a small spike on April 1, as it surpassed $69,000 with approximately 2% gains. However, it failed to sustain a rally and again plunged below $69,000. At present, BTC is trading at around $68,226.28 with a market capitalization of $1.36 trillion.
The upward momentum in the crypto market has also added $4 billion to $5 billion in total value, which has increased its market cap by around $2.34 trillion. These gains were seen after poor performance in March. It is showing a fresh buying interest across major cryptocurrencies.
SEI Network is a dedicated layer 1 blockchain, especially designed for trading and decentralized finance (DeFi) applications. It is designed to handle a large number of transactions very quickly with less transaction cost. It uses smart technology called parallel execution, which allows multiple transactions to happen at the same time without slowing down the network.
It is mainly good for decentralized exchanges (DEXs), perpetual futures, prediction markets, and trading apps.
Apart from this, major regulatory developments have boosted confidence in crypto investors. Recent proposals, including new rules from the Department of Labor that could make it easier for 401(k) retirement plans to include cryptocurrencies and other alternative assets, have increased investors’ confidence.
Also Read: Polygon Price Rises 5% After Weekly Stablecoin Record
Source: https://www.cryptonewsz.com/sei-price-jump-5-ahead-of-evm-only-migration/
