Gate Research: September Crypto Market Review

Key Takeaways

• Crypto Market Performance: The total cryptocurrency market capitalization in September remained between $3.8–4.3 trillion. Early-month inflows pushed it to a local high of around $4.25 trillion, before macro factors triggered a pullback to $4 trillion. Overall liquidity stayed stable, though profit-taking and wait-and-see sentiment limited new momentum.

• Major Public Chain Data Analysis: Overall on-chain activity stayed stable, with Solana maintaining its lead. Arbitrum and Base saw brief mid-month surges, while Bitcoin and Ethereum trading volumes held steady. Gas fees fluctuated in the second half of the month, with Base and Polygon experiencing short-term spikes. Despite healthy network activity, elevated gas costs during peak periods still affected user experience.

• Trending Project Developments: On September 25, stablecoin-focused blockchain Plasma launched its mainnet and issued its native token XPL, debuting on major exchanges such as Gate. XPL peaked at $1.67, pushing its fully diluted valuation (FDV) above $14 billion. Within days, Plasma DeFi TVL reached $5.46 billion (up 40% week-over-week), while on-chain stablecoin supply surpassed $7 billion in two days—signaling rapid capital inflows and strong network capacity.

• Fundraising and Security Events: The Web3 industry recorded roughly 100 funding deals totaling $2.2 billion in September. Although deal count dropped 12.3%, capital became more concentrated, with leading projects bucking the trend. Blockchain services and CeFi led with $889 million and $806 million, forming a “dual-core” funding structure. Most rounds ranged between $3–10 million, with seed rounds dominant—showing capital continues to flow toward key sectors and high-quality projects.

Disclaimer
Investing in the cryptocurrency market involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such investment decisions.