Crypto Daily Update!!!!

As of September 18, 2024, the cryptocurrency market has seen some notable developments:

Bitcoin experienced a positive trend, breaking above $61,000 before stabilizing around $60,500, gaining 5% overall.

This resilience comes ahead of the anticipated U.S. Federal Reserve interest rate decision, which could cause significant market volatility depending on the outcome.

Altcoins have generally been strong alongside Bitcoin.

In August, TRX performed exceptionally well, with a 19.5% gain due to increased trading volumes.

However, many other top cryptocurrencies, including Ethereum (ETH) and Solana (SOL), saw significant declines, with ETH down by 24.9% and SOL by 24.4%.

Market reactions were influenced by macroeconomic factors, geopolitical events, and network-specific issues like congestion and hacks.

The DeFi market saw a 15.8% decrease in Total Value Locked (TVL) in August, reflecting the overall downturn.

Despite this, some protocols like Sui and Symbiotic experienced growth due to specific developments and expansions.

Meanwhile, the NFT market also dipped, with a 10.7% decline in sales volume.

However, certain collections and games, such as CryptoPunks and Guild of Guardians, managed to outperform the trend.

Overall, the crypto market remains highly sensitive to global economic conditions, particularly the upcoming decisions from the U.S. Federal Reserve, which are expected to bring further volatility.

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