According to Binance Research, the cryptocurrency market's capitalization saw an 8.0% rise in September.

The analysis team at Binance, a leading cryptocurrency exchange, Binance Research just released a detailed publication called 'Monthly Market Insights – October 2024.' This document captures essential developments and ongoing trends witnessed in the cryptocurrency ecosystem over the past month.

The insights reveal that in September 2024, the total market capitalization of cryptocurrencies witnessed an 8.0% boost. This rise was significantly influenced by optimistic market sentiments following the Federal Reserve's reduction of the federal funds rate and an upswing in U.S. labor statistics. Additionally, the People's Bank of China responded to deflationary threats by decreasing interest rates and the reserve requirement ratio, infusing 1 trillion yuan into its banking infrastructure. These shifts created a positive ripple effect not only across major stock markets but also invigorated the cryptocurrency industry. However, forthcoming economic indicators and central bank strategies will continue to mold the market landscape. critical role in shaping future market trends.

Among the top ten cryptocurrencies in terms of market cap over the last month, AVAX stood out as the strongest performer, boasting a robust 20.1% increase. DOGE followed closely with a 14.9% upswing, largely fueled by heightened social media engagement and prominent endorsements from figures like Elon Musk on X. SOL surged by 12.0%, buoyed by significant announcements at the Solana Breakpoint 2024 event. ADA Meanwhile, other cryptocurrencies also showed gains: TON increased by 7.7%, Bitcoin (BTC) climbed by 7.5%, Binance Coin (BNB) saw a 6.9% rise, and Ethereum (ETH) posted a modest gain of 2.8%. In contrast, TRX faced a slight downturn, falling by 2.3%. Notably, XRP appreciated by 9.1% thanks to advancements in the XRP Ledger, while the introduction of the Chang Hard Fork boosted its value by 9.3%.

Furthermore, the Total Value Locked (TVL) in the decentralized finance (DeFi) sector rose by 9.6% in September, as the overall market rally stimulated on-chain activities. Certain blockchain networks enjoyed remarkable growth during this time; Sui surged by 60.7%, Base increased by 44.6%, and Sei demonstrated an impressive 102% growth.

Binance Research Highlights Trends In Wrapped Bitcoin, Ethereum Supply, And Real-World Assets (RWAs)

The researchers The report also emphasizes that Wrapped Bitcoin (wBTC) has solidified its market presence, achieving a record transaction count of 123,200 in recent weeks and commanding over 65% market share. This occurs despite challenges associated with its new custody model touted to be 'multi-jurisdictional and multi-institutional' as well as a surge in competition from a burgeoning landscape of over 20 participants.

In addition, Ethereum's issuance rate saw a significant shift, climbing to around 0.74% on an annual basis in September — the highest seen in two years. This development has shifted perceptions of ETH as 'Ultrasound Money' amidst lower network activities, influenced by prevailing market conditions and the advent of Layer 2 solutions. Reduced transaction costs and fewer burning events have resulted in a net increase of Ethereum's supply.

Another notable insight from the report is the record-high total of on-chain real-world assets (RWAs), which surpassed $12 billion, not accounting for the stablecoin market valued over $175 billion. Approximately 70% of this figure, equating to $9.1 billion, is comprised of private credit, significantly driven by innovative fintech enterprises like 'Figure.' Furthermore, the tokenization of treasury assets has skyrocketed this year, escalating from $769 million earlier in the year to surpassing $2.2 billion by September, likely influenced by U.S. interest rates reaching a 23-year peak prior to the recent cut. RWA It is essential to note that the insights provided on this platform are not to be considered as legal, financial, investment, or any other professional advice. Always invest only what you can afford to lose and consider seeking independent financial guidance if uncertain. For additional details, we recommend reviewing the terms and conditions, and help resources provided by the issuer or advertiser. MetaversePost is dedicated to delivering accurate and unbiased reporting; however, market dynamics may change without prior notice.