The Rise of SEI, BNB, and SHIB in the Crypto Market
While Bitcoin and Ethereum dominate the crypto market, there are other cryptocurrencies that are making interesting movements. Three of these coins to watch are SEI, Binance Coin (BNB), and Shiba Inu (SHIB).
SEI: A Newcomer with Highs and Lows
SEI is a relatively new cryptocurrency that was launched in August of last year. It is currently close to its all-time price highs, reaching over $0.87 last month and currently sitting at around $0.83.
In just a few months, SEI has experienced an almost +900% increase in value since October. However, it faced a drop in January before recording another +40% increase in February.
Although SEI has not yet reached new yearly highs like Bitcoin, it is a highly volatile asset dominated by speculation. Caution is advised as strong declines often follow such rises.
BNB: Tied to Binance’s Fate
BNB, the native cryptocurrency of the Binance Smart Chain network, has been facing tough competition from Solana. While Bitcoin and Ethereum have seen gains of +21% and +20% respectively since the beginning of the year, BNB has only recorded a meager +6% increase.
The current price of BNB is around $330, which is similar to its price at the end of June 2022. However, it is still below its peak of $400 in April of the same year.
BNB’s performance in 2023 has not been particularly good compared to other major cryptocurrencies. There are no clear signs of a trend reversal, so BNB may continue to face challenges, especially due to competition from Solana.
SHIB: A Volatile Asset with Limited Movement
SHIB, the token of the Shiba Inu crypto project, has dropped in terms of market capitalization and lost its sensational strength that propelled it to the top 10 in 2021.
The price of SHIB has remained relatively stable in recent months, showing less movement compared to more established assets like Bitcoin and Ethereum. It is currently priced at around 9.6 millionths of a dollar.
While SHIB has seen a 9% gain in the last week, it is still lower than its peak during December’s small bull run. Its current value is also lower than its peak in February 2023.
SHIB’s value is significantly lower than its peak during the speculative bubble in May and October 2021. Unless there is a new major speculative bubble, SHIB may not see significant gains comparable to its past performance.
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