Binance Research: Crypto Market Cap Gains 8.0% In September
In Brief
Binance Research releases “Monthly Market Insights-October 2024” report, offering insights into developments in crypto market for September.
Analysis division of the cryptocurrency exchange Binance, Binance Research published a new report titled “Monthly Market Insights – October 2024.” The report provides an overview of the key developments and trends in the cryptocurrency market over the past month.
According to the report, in September 2024, the cryptocurrency market saw an 8.0% increase in total market capitalization. This growth was largely driven by positive market sentiment following the Federal Reserve’s decision to lower the federal funds rate, along with improved US labor market data. Additionally, the People’s Bank of China took measures to address deflationary concerns by reducing interest rates and the reserve requirement ratio, injecting 1 trillion yuan into the banking system. These favorable global macroeconomic shifts sparked rallies not only in major equity markets but also in the cryptocurrency sector. However, upcoming economic reports and central bank policies will continue to play a critical role in shaping future market trends.
Among the top ten cryptocurrencies by market capitalization over the past month, AVAX emerged as the best performer, with a 20.1% month-on-month increase. DOGE surged by 14.9%, fueled by increased social media buzz, particularly following posts from Elon Musk on X. SOL experienced a 12.0% gain, supported by key announcements at the Solana Breakpoint 2024 event. ADA rose by 9.3%, bolstered by the launch of the Chang Hard Fork, while XRP climbed 9.1% due to advancements on the XRP Ledger. Meanwhile, TON gained 7.7%, BTC rose by 7.5%, BNB increased by 6.9%, ETH saw a modest 2.8% gain, while TRX experienced a 2.3% decline.
Additionally, the Total Value Locked (TVL) in the decentralized finance (DeFi) sector grew by 9.6% in September, as increased on-chain activity accompanied the broader market rally. Certain blockchain networks saw notable TVL growth during this period, with Sui up 60.7%, Base rising by 44.6%, and Sei seeing a substantial 102% increase.
Binance Research Highlights Developments In Wrapped Bitcoin, ETH Supply, And RWAs
The researchers also noted that Wrapped Bitcoin (wBTC) continues to maintain a strong presence in the market, with recent weekly transaction activity reaching a record high of 123,200 and holding over 65% of the market share. This comes despite the controversy surrounding its new ‘multi-jurisdictional and multi-institutional’ custody model and growing competition in a market that now has over 20 players.
Furthermore, ETH’s issuance rate also saw a movement, reaching approximately 0.74% annually in September—the highest in two years. This shift has distanced ETH from its “Ultrasound Money” narrative, a result of reduced network activity, which has been influenced by broader market conditions and the rise of Layer 2 solutions. Lower transaction fees and fewer burns have prevented ETH from remaining deflationary, leading to net positive daily supply changes.
The report further highlights that total on-chain real-world assets (RWAs) have reached all-time highs, exceeding $12 billion, excluding the over $175 billion stablecoin market. Private credit dominates this space, accounting for around 70% of the total RWA value at $9.1 billion, with a notable portion attributed to the fintech company “Figure.” Additionally, tokenized treasuries have experienced explosive growth throughout 2024, increasing from $769 million at the beginning of the year to over $2.2 billion by September. This surge is likely tied to US interest rates being at a 23-year high until the recent rate cut.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
