According to TechFlow, on October 9, Binance Research's latest report showed that the total market value of the cryptocurrency market increased by 8% in September 2024, mainly driven by the positive development of the global economy. The Federal Reserve lowered interest rates to the 4.75%-5% range, improving investor sentiment.

On September 27, the People's Bank of China cut the seven-day reverse repurchase rate by 20 basis points and the deposit reserve ratio by 50 basis points, injecting 1 trillion yuan (about 142.5 billion US dollars) into the banking system to cope with deflationary pressure and boost consumer confidence. Binance Research believes that the favorable macroeconomic environment may continue to support the rise of the crypto market in October, but it is recommended to pay close attention to future economic reports and central bank actions.

The report shows 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%. DeFi total locked volume (TVL) increased by 9.6% in September, of which Sui increased by 60.7%, Base increased by 44.6%, and Sei increased by 102%. However, the NFT market continued to decline for six months, with total sales falling 21.2% to US$302 million in September.