SEI Price Dips Amid Panic Selling, How Will SEI Fare In 2024?

“As goes January, so goes the 12 months”. It is a common perception within the Wall Road circles. Advocates of the January Barometer imagine that the market’s first-month efficiency units the temper for the entire 12 months.

Constructing on this pretext, main digital belongings have been having a ball since final month. Some argue that “crypto is again from the grave.” Optimism grows stronger every single day that the US Securities and Alternate Fee (SEC) will give its blessing to the primary wave of spot Bitcoin exchange-traded funds (ETFs) as early as subsequent week.

The much-hyped Bitcoin ETF is proving to be a boon for the cryptocurrency market, with BTC price up 1.8% and Ethereum up 1.4% during the last 24 hours. Whereas smaller tokens, or altcoins, are swinging forwards and backwards between inexperienced and crimson, the investor sentiment across the crypto market is basically bullish.

Over $1.5 Million In SEI Lengthy Positions Liquidated Within the Final 24 Hours

Nonetheless, prospects for SEI — the namesake token of layer-1 Sei Community launched final 12 months — look ominous. The SEI token tanked practically 7.5% earlier at the moment to $0.73, sending its market capitalization tumbling to $1.7 billion, from $1.82 billion in a matter of 24 hours. Nonetheless, the token has since reversed some losses however continues to be buying and selling within the crimson. As of writing, SEI worth stood at $0.74, down over 3% during the last 24 hours.

: SEI Worth Chart; Picture Credit: CoinMarketCap

In the meantime, buying and selling volumes sank greater than 46% to $865 million prior to now 24 hours, indicating a diminishing retail curiosity within the crypto asset. Practically $88 million in crypto lengthy positions have been liquidated prior to now 24 hours, together with $1.51 million in SEI lengthy positions, based on knowledge from CoinGlass.

SEIYAN Meme Coin Bears the Brunt

The current SEI worth drop seems to have spilled over to the Dragon Ball-inspired meme coin SEIYAN. The meme coin noticed a decline in its worth motion in current days. Whereas it’s nonetheless up 6% prior to now seven days, the numbers are nowhere close to the 285% leap it noticed within the final 14 days. Knowledge means that curiosity within the SEI token is waning, which may have an effect on its costs within the close to time period.

Now, all eyes are on the US securities watchdog, with the spot Bitcoin ETF determination nonetheless pending. Analysts argue that the approval of such a product will usher in big funding into the crypto sector, as traders will have the ability to purchase into Bitcoin, with out having to be taught the nuances of crypto exchanges and wallets.

Additionally Learn: Bitcoin Long-Term Holders Stand Strong Despite Recent Crypto Market Selloff