TechFlow news, on October 9, the latest report from Binance Research shows that the total market capitalization of the cryptocurrency market increased by 8% in September 2024, primarily driven by positive global economic developments. The Federal Reserve lowered interest rates to the 4.75%-5% range, improving investor sentiment.
On September 27, the People's Bank of China reduced the seven-day reverse repo rate by 20 basis points and cut the reserve requirement ratio by 50 basis points, injecting 1 trillion RMB (approximately $142.5 billion) into the banking system to counter deflationary pressures and boost consumer confidence. Binance Research believes that favorable macroeconomic conditions may continue to support the crypto market's upward momentum in October but advises close attention to upcoming economic data releases and central bank actions.
The report indicates that the top five best-performing cryptocurrencies in September were Avalanche (AVAX), up 20.1%; Dogecoin (DOGE), up 14.9%; Solana (SOL), up 12%; Cardano (ADA), up 9.3%; and XRP, up 9.1%. Total value locked (TVL) in DeFi grew by 9.6% in September, with Sui rising 60.7%, Base increasing 44.6%, and Sei surging 102%. However, the NFT market continued its six-month decline, with total sales dropping 21.2% month-on-month to $302 million in September.
