Bullish news was not enough to boost Sei’s price today. On Thursday, Nov. 6, Sei Network announced that Binance will join it as a validator to help secure transactions. Despite this, the token’s price was down 4% in 24 hours, trading at $0.16.
Bearish market conditions are causing investors to flee risk assets. In the crypto markets, this is affecting altcoins particularly hard. Since the end of October, the altcoin season index has fallen from 33 to 22. This means that only 22 of the top 100 altcoins have outperformed Bitcoin in the past 90 days.
In that same period, the altcoin market cap fell from $1.48 trillion to $1.36 trillion. Sei (SEI) has had a rough time, with its price falling 12% in the past week and 44% in the past 30 days. The biggest crash came on October 10, after news that the White House is imposing 100% tariffs on China, which hit both stocks and the crypto market.
Sei Price Under Pressure Despite Binance Partnership
While the overall negative sentiment in the crypto markets persists, the partnership with the world’s largest crypto exchange is still notable. According to Sei, it shows growing institutional confidence in its network.
“Their participation signals growing confidence from global enterprises in Sei’s role as the preferred settlement layer for institutional-grade finance,” the announcement wrote.
So far, Sei Network has secured multiple high-profile industry partners. The network includes Circle, MetaMask, Securitize, KAIO, Etherscan, and Ondo, among some of its more notable partnerships.