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Home » Crypto market grew by 8% in Sep, surpassing other major sectors

Crypto market grew by 8% in Sep, surpassing other major sectors

Tani La by Tani La
October 12, 2024
in Markets
Crypto market grew by 8% in Sep, surpassing other major sectors
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In September 2024, the crypto market grew by 8%, outperforming traditional assets like gold and stocks, largely due to favourable global economic policies. 

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A key driver was the U.S. Federal Reserve’s decision to cut interest rates by 0.5%, which boosted investor confidence. China’s economic stimulus, with the People’s Bank of China injecting $33 billion to ease deflationary pressures, further supported the market’s rise.

Decentralised finance (DeFi) saw significant growth, with Total Value Locked (TVL) increasing by 9.6%. Leading performers in September included Sui, Base, and Sei, with Sei achieving a 102% TVL rise. In contrast, the NFT market continued to decline, with trading volumes dropping by 21.2% in Q3.

Crypto vs. traditional assets | Source: Bitwise Investment Report for 2024

Despite crypto’s strong September, Q3 overall was relatively muted, with the Bitwise 10 Large Cap Crypto Index dropping by 3.5%. However, crypto still outpaced traditional assets year-to-date, with Bitcoin returning 49.21% in 2024, compared to gold’s 27.71% and U.S. equities’ 22%. 

Noteworthy developments in Q3 included the SEC’s approval of Ethereum ETFs and Morgan Stanley allowing wealth managers to purchase Bitcoin exchange-traded products. Stablecoin issuer Tether also reported profits exceeding those of BlackRock during the quarter. 

Despite a 61.61% drop in net revenue for leading blockchains, upcoming U.S. elections, pro-crypto legislation, and continued investor interest in crypto ETFs are expected to be positive catalysts for the market in Q4.

Tags: Markets
Tani La

Tani La

Tani La, a skilled author at coinculture.com, provides expert insights on cryptocurrency and blockchain, making complex topics accessible to all readers. She is holding BTC, ADA, NEAR and some small-cap altcoins in her portfolio.

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  • bitcoinBitcoin(BTC)$111,404.003.60%
    BITCOIN
    24H : 3.60%
    Volume : $72,640,519,072.00
    Marketcap : $2,213,275,427,868.00
  • ethereumEthereum(ETH)$2,637.331.93%
    ETHEREUM
    24H : 1.93%
    Volume : $37,108,046,706.00
    Marketcap : $318,416,579,376.00
  • tetherTether(USDT)$1.000-0.03%
    TETHER
    24H : -0.03%
    Volume : $117,393,857,714.00
    Marketcap : $151,914,614,163.00
  • rippleXRP(XRP)$2.411.33%
    XRP
    24H : 1.33%
    Volume : $3,910,370,418.00
    Marketcap : $141,689,826,597.00
  • binancecoinBNB(BNB)$682.953.32%
    BNB
    24H : 3.32%
    Volume : $1,642,951,299.00
    Marketcap : $99,633,567,788.00
  • solanaSolana(SOL)$176.993.52%
    SOLANA
    24H : 3.52%
    Volume : $6,681,932,295.00
    Marketcap : $92,057,681,880.00
  • usd-coinUSDC(USDC)$1.000-0.01%
    USDC
    24H : -0.01%
    Volume : $17,457,571,041.00
    Marketcap : $61,087,261,683.00
  • dogecoinDogecoin(DOGE)$0.2413.56%
    DOGECOIN
    24H : 3.56%
    Volume : $3,427,496,684.00
    Marketcap : $35,932,959,051.00
  • cardanoCardano(ADA)$0.7914.05%
    CARDANO
    24H : 4.05%
    Volume : $1,189,280,743.00
    Marketcap : $28,525,793,580.00
  • tronTRON(TRX)$0.2710.080%
    TRON
    24H : 0.080%
    Volume : $1,075,013,436.00
    Marketcap : $25,737,331,859.00

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