Both SEI Coin and Cardano are cryptocurrencies with robust fundamentals and are trading under $1. However, Cardano has been in existence since 2017 while SEI Coin was launched in 2023. Despite being a new cryptocurrency, SEI Coin is rising to be a competitor to most of the well-established cryptocurrencies.
The market prices of both of these cryptocurrencies started soaring in December 2023. And, both of them are struggling to maintain their price rallies as of January 2024. Nonetheless, if the dApp activity of Cardano rises in the upcoming days, it is more likely to reach $1 this year before SEI Coin. Let us analyze the market performances of SEI Coin and Cardano in this article.
SEI Coin Market Performance
The SEI Coin price is trading at around $0.6345 as of January 8, 2024. It recorded a whopping 7,800% yearly gains, in which a major portion of these gains are attributed to SEI’s price surge in December, 2023.
In the December month alone, the SEI coin price rose by 130% and continued its price rise to January, 2024 as well. The positive price trend of the SEI Coin continued till the first four days of 2024 and reached a peak value of $0.86. Since then, the price of SEI has been dropping, most probably due to price correction.
The SEI coin witnessed some impressive gains despite being launched recently in August, 2023. It has strong fundamentals and network features like ultra-high throughput and transaction finality. Adding to that, the SEI project has appealing features like going carbon neutral and increased DeFi activity on the network.
The meme token SEIYAN, which represents all the SEI token holders, has added to the price rise of the SEI coin in the first week of January, 2024. When the SEIYAN token witnessed a 400% price surge, it also impacted the price of the SEI coin positively.
Cardano Market Performance
The Cardano price is trading at around $0.4928 as of January second week, 2024. It recorded more than 78% yearly gains, witnessing a considerable price rise since November 2023.
The major reasons behind ADA’s price rise are liquid staking offerings on the Cardano blockchain, no slashing for operators, increased dApp activity, and no min staking amount limits, etc. Even though there isn’t any significant change in all these positive aspects for the last couple of months, the price rise still continued till the very end of December, 2023.
However, Cardano’s price has been on the downtrend since the very beginning of 2024. Its price dropped from around $0.6 to $0.49 within the first week of 2024. The price of Cardano is yet to recover before reaching $1 in 2024.
The reduced regulatory risk from the SEC is a positive factor that could contribute to the growth of Cardano, the network has to implement new developments and use cases to increase dApp activity and user adoption in order to truly witness a price surge in the next few months.
SEI Coin vs Cardano: Who Will Hit $1 First in 2024?
When we superimpose the price charts of SEI and ADA, you can see how they are following a similar pattern in the last few months.
The price of Cardano started witnessing an uptrend in November 2023 and accelerated in December. However, it is now dropping as of January second week, 2024. Coming to the SEI Coin, its price started rising at the beginning of December and is dropping as of January 8, 2024.
While the SEI Coin reached a peak of $0.86 on 4 January, 2024, Cardano went to as high as $0.66 on 14 December, 2023. As their price movements went hand in hand in the last 2 months, it might continue in the near future as well.
The crypto community is positive that 2024 will bring the next crypto bull run. If that becomes reality, all cryptocurrencies, including SEI coin and Cardano’s ADA will also follow an uptrend, nearing the $1 mark.
While Cardano is known for its smart contract and dApp development, SEI Coin is bringing innovative infrastructure to improve decentralized exchange services. If the adoption and dApp activity of Cardano improves, combined with the upcoming bull market, it could reach $1 in 2024.
However, it will take some time for SEI Coin to spread awareness, gain mass adoption and reach $1. So, between SEI Coin and Cardano’s ADA, it is more likely that ADA will reach $1 first in 2024.
Read More: SEI Coin vs Cardano: Who Will Hit $1 First in 2024?