Sei (SEI) is currently the best-performing cryptocurrency among the top 100 projects by market cap in the weekly charts. The asset has rallied 16.8% in the 24-hour charts, 81.5% in the seven-day charts, 49.9% in the 14-day charts, and 38.1% over the previous month. Despite the incredible rally recently, the cryptocurrency is down by 17.1% since June 2024.
Why Is Sei Topping The Charts?
SEI’s incredible rally comes after the Wyoming Stable Token Commission chose the network as a candidate blockchain for the state’s WYST stablecoin. WYST is the first fiat-backed stablecoin issued by an American state. The move has caused a substantial rise in investor confidence. Stablecoins are in the spotlight in the US cryptocurrency space after the GENIUS Act went past the US Senate. The legislation will now go to the House before being presented to President Trump. SEI’s rally comes amid a larger stablecoin boom.
Also Read: Every U.S. Bank to Launch Stablecoins After GENIUS Act Boom: Alchemy CTO
The SEI’s rally may have been further propelled by the larger crypto market resurgence. The market faced a steep correction after an escalation in the Middle East conflict. Investor sentiment rose after President Trump announced a ceasefire between Israel and Iran.
Will The Rally Continue?
There is a chance that SEI will continue to rally given the recent surge in stablecoin popularity. The asset could face a correction if the Wyoming Stable Token Commission rejects the network to host the WYST stablecoin. The current rally depends on the state choosing the SEI network as its stablecoin partner.
Another factor that could help SEO continue rallying is the return of investor sentiment. The possibility of peace talks has led to a rise in risky investments. The pattern could continue if global geopolitics is stable.
There is also a possibility of a market-wide dip once again if tensions resurface globally.