The cryptocurrency market in September 2024 has experienced notable movements:
1. Bitcoin (BTC) has declined by 11.1%, affected by macroeconomic factors and ETF outflows. There has been a significant sell-off of $142M in spot BTC ETFs.
2. Ethereum (ETH) also saw a sharp 24.9% drop, with concerns over large liquidations and low on-chain activity. DeFi Total Value Locked (TVL) for Ethereum also decreased.
3. Solana (SOL) suffered a 24.4% fall, primarily due to declining interest in memecoin trading and security issues like rug pulls.
4. TRON (TRX) outperformed the market, with a 19.5% increase, largely due to the success of its SunPump memecoin launchpad.
Other notable events include the Thorchain (RUNE) hard fork on September 4, 2024, aimed at improving cross-chain exchange performance, and Flow's Crescendo upgrade, which has enhanced transaction speeds and reduced costs. Additionally, there are several upcoming launches, such as the Dusk Network's mainnet on September 20, 2024, which is anticipated to increase decentralization.
Overall, while some tokens like TRX have seen gains, the broader market, especially major assets like BTC and ETH, have been on a downtrend amidst economic and technical challenges.
