Bitcoin Outshines Ethereum in September Gains, Sui Enters Top 15 Chains

September 2024 brought considerable growth to the blockchain sector, driven by favorable macroeconomic conditions and regulatory advances.

September proved to be a fruitful month for the blockchain domain, with remarkable growth fueled by favorable macroeconomic conditions and regulatory advancements. Among the standout performers were Bitcoin’s Layer 2 solutions, which outpaced Ethereum Layer 2 networks in terms of growth.

Footprint Analytics data revealed a 33% surge in the total value locked (TVL) in Bitcoin Layer 2. Among the protocols, Core stood out, emerging as the clear market leader with a 30.5% share. Other notable protocols included Bitlayer and Rootstock.

Highlighting the chain’s impressive performance, a Footprint Analytics tweet noted: "September 2024 brought considerable growth to the blockchain sector, driven by favorable macroeconomic conditions and regulatory advances. Bitcoin’s Layer 2 solutions stood out as the top performers, significantly outpacing Ethereum Layer 2 networks in terms of growth."

Bitcoin Outshines Ethereum in September Gains, Sui Enters Top 15 Chains

Bitcoin price also enjoyed substantial gains, rising 10.5% over the month to reach $63,485 by September 30. In contrast, Ethereum price rose 7.3%, bringing it to $2,420. However, this increase was more modest compared to Bitcoin's gains, and the ETH/BTC ratio fell to a cycle low of 0.0386.

At the Layer 1 level, Sui made a significant achievement by entering the top 15 chains, ranked by market capitalization, for the first time. The chain boasted an impressive 132.2% market cap increase.

This remarkable growth was attributed to the Sui Foundation's initiatives, which included measures to incentivize decentralized app (dApp) development on the chain. As a result, Sui witnessed a surge in activity, particularly in decentralized finance (DeFi) and gaming.

Macroeconomic Factors, Institutional Interest Fuel Blockchain Layer 2 Growth

The positive momentum was further driven by favorable macroeconomic factors. Among the highlights was the U.S. Federal Reserve's 50 basis point rate cut, which provided support for riskier assets.

Another significant development included the Securities and Exchange Commission's (SEC) approval of options for Bitcoin spot exchange-traded products (ETPs). This move brought the possibility of new crypto-related ETPs closer to reality.

Moreover, institutional interest in cryptocurrencies continued to grow, with major moves from financial institutions like the Bank of New York. These developments signaled a shifting landscape in the world of finance.

Despite Ethereum's ecosystem facing some scrutiny and a slight decrease in market share, the overall outlook for the blockchain sector remained strong. The rise of Bitcoin Layer 2 solutions and the rapid ascent of chains like Sui indicated the space's rapid evolution and diversification.

These trends showcased the growing significance of Layer 2 scaling solutions and innovative blockchain projects, underscoring the sector's maturation and expansion across diverse use cases.

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