Bitcoin
Sei, ORDI and Arweave gain over 10% after Bitcoin jumps 3%
Sei, ORDI and Arweave are up more than 10% in the past day and rank as the biggest gainers in the cryptocurrency market, while Bitcoin, the top cryptocurrency by market cap, has jumped 3% in the same period.
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Sei led the charge among the biggest gainers.
The coin, which is part of the Sei Project that was launched in August 2023, has seen a 12.5% increase in the last 24 hours. According to price data from crypto.news, SEI is currently trading at $0.397, with a 36% increase in daily trading volume to around $179 million.
Sei’s market cap now stands at $1.26 billion. However, the token’s value remains down 65% from its all-time high of $1.14, reached on March 16.
SEI Price Chart | Source: TradingView
The recent increase in the value of Sei coincides with the launch of “Sei v2 mainnet beta.” The Sei team, led by founders Jeffrey Feng and Jayendra Jog, touts it as “the highest performing EVM blockchain ever built.”
Designed for fast and cost-effective cryptocurrency trading, the network recently integrated Geth, a popular Ethereum software used by developers to build decentralized applications and other web3 solutions.
Sei’s beta v1 mainnet, built with the Cosmos SDK, launched in August 2023 after two successful funding rounds that raised $30 million from investors including Jump Trading and Multicoin Capital.
ORDI
ORDI has seen a 10% increase in price over the past day, trading at $41 at press time. It is ranked as the 84th largest cryptocurrency by market capitalization, with a daily trading volume of $200 million.
ORDI’s market cap is $865 million, making it the 44th largest crypto asset. The token is still down 59% from its all-time high of $96 million, reached on March 5.
ORDL Price Chart | Source: CoinMarketCap
ORDI is a meme coin on the Bitcoin network, and the first BRC-20 token was created using the Ordinals protocol.
Developed by software engineer Casey Rodarmor, the Ordinals protocol allows data such as text, images, audio, and video to be written directly to each satoshi, the smallest unit of Bitcoin. This technology has enabled new applications of non-fungible tokens and tokens on Bitcoin.
With a fixed supply of 21 million tokens, ORDI operates as a fungible and transferable asset within the BRC-20 ecosystem.
Arweave (AR)
From Arweave The native token, AR, is up 10% in the past day, trading at $33.3. Its daily trading volume has doubled to around $106 million. AR’s market cap has increased 8.8% to surpass $2.1 billion, ranking it as the 46th largest cryptocurrency.
AR Price Chart | Source: CoinMarketCap
Arweave is known for its decentralized storage solution, operating on AI-enabled blockchains.
Co-founder Sam Williams recently introduced the Arweave AO protocol, an advanced computing framework that aims to facilitate parallel executions for proof-of-stake computations. This protocol addresses the growing demands of social media and AI applications on the blockchain.
Files stored on Arweave are accessible through traditional web browsers, eliminating the need for special wallets or blockchain services. The platform is also developing a voting mechanism for users to moderate illicit content.
Bitcoin’s strong performance
The overall rise in these altcoins followed Bitcoin’s 3% surge over the past day, reaching $66,732 on Saturday. Bitcoin’s 24-hour lows and highs were $65,319 and $67,377, respectively.
Market analysts attribute the recent price increase to several factors, including the end of selling pressure from the German government. The German government recently sold its 49,858 BTC in assets, yielding approximately $2.8 billion.
Additionally, Bitcoin ETFs have had a new wave of entriessurpassing $1 billion this week. The observation Gemini’s suggested that the recent drop in BTC’s price may have attracted new investors who previously lacked exposure to the leading cryptocurrency.
Meanwhile, the global cryptocurrency market capitalization also witnessed a 1.42% increase, bringing it to a total of $2.43 trillion.