SEI Token's Spectacular 29% Surge Steals Spotlight Amid Bitcoin, Ethereum Dip: What's Going On?

SEI token (SEI), a layer-1 cryptocurrency that has garnered significant attention in the market, has witnessed a 29% surge over the past 24 hours. 

What Happened: This comes even as Bitcoin BTC/USD and Ethereum ETH/USD were down 0.69% and 0.85% in the last 24 hours.

The surge in SEI Token can be attributed, in part, to its listing on various global exchanges, including prominent platforms such as Binance and Coinbase. At the time of writing, SEI was trading at $0.22.

However, it is the South Korean exchanges that have witnessed the highest trading volume for SEI Token in the past 24 hours. 

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Why It Matters: CoinGecko data reveals that Upbit, with its SEI-KRW trading pair, recorded $563.1 million in trading volume, making it the most heavily traded pair for the day. Binance’s SEI-USDT pair followed closely in second place with $160.3 million in 24-hour volume, while Bithumb’s SEI-KRW pair clocked in at $67.7 million.

SEI's alpha phase of the blockchain saw an impressive 400 million transactions and the creation of 7.5 million test wallets. It claims that its network has a remarkable transaction finalization speed, taking only 0.5 seconds, and can process up to 20,000 transactions simultaneously.

Price Action: At the time of writing, BTC was trading at $29,147 down 1.51% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Drop Despite Launch Of Europe's First BTC ETF: Analyst Sounds Alarm On Potential Correction For King Crypto In Coming Months

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Image by CryptoFX on Shutterstock

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