Binance Australia has released its Monthly Insights report, showing an 8% growth in the cryptocurrency market for September. This growth, which paralleled gains in major equity markets, was attributed to favourable global economic conditions, including the Federal Reserve’s interest rate cut of 50 basis points, improvements in U.S. inflation and unemployment data, and Chinese economic stimulus.
Bitcoin rebounded in September, rising nearly 15% after hitting its lowest level since February. Altcoins like Dogecoin, Solana, and XRP also saw significant price increases. Dogecoin surged by 14.9%, driven by social media buzz, particularly a post from Elon Musk. Solana gained 12%, bolstered by ecosystem developments, and XRP rose 9.1% due to updates on its ledger and Ripple’s stablecoin project. TON saw a 7.7% rise, preparing for a network upgrade, while Fetch.ai remained popular due to increasing interest in AI-based tokens.
The report also highlighted a decline in cryptocurrency hacks, with losses for 2024 totaling $1.3 billion—down significantly from previous years. Despite this, Binance’s Head of Global Regulatory and APAC Legal, Joy Lam, stressed the importance of user vigilance in securing assets, advising strong security practices and caution against scams. Centralised exchanges continued to be targets for hacks, with significant breaches at platforms like DMM Bitcoin and WazirX earlier in the year.
