Bitcoin Dominance Hits Three-Year High, Accounting for 58.47% of Cryptocurrency Market Cap

Author: TechFlow

Yesterday's Market Dynamics

Fed Cuts Rates by 50 Basis Points, Officially Starting Easing Cycle

On Wednesday, September 18, the Federal Reserve announced a 50 basis point cut in the target range for the federal funds rate, from 5.25%-5.50% to 4.75%-5.0%, marking the first rate cut since the Fed began its tightening cycle in March 2022. This move comes after over a year of consecutive rate hikes totaling 525 basis points, followed by eight consecutive meetings with no change in rates since July of last year, maintaining rates at their highest level since 2001.

Trump Makes First BTC Purchase at PubKey Bar

Republican presidential candidate Donald Trump made his first Bitcoin transaction by purchasing a cheeseburger at PubKey Bar in New York City. Trump referred to this as a "historic moment." The official X account of PubKey Bar announced the transaction, noting that it occurred at block height 861871. Subsequently, Trump distributed the burgers to bar patrons, calling them "crypto burgers." Earlier this week, Trump assisted in launching World Liberty Financial, a decentralized finance project developed by his sons.

Programmable Privacy Network Aleo Announces Mainnet Launch

The official Aleo platform on X announced that the Aleo mainnet is now live, enabling developers to build next-generation decentralized applications supported by zero-knowledge encryption technology. Prior to this announcement, Aleo revealed its token economics, stating that 15 billion tokens would be issued at the launch of the mainnet, with 34% allocated to early supporters.

Data: Bitcoin Dominance Hits Three-Year High, Accounting for 58.47% of Cryptocurrency Market Cap

According to SolanaFloor, as the altcoin market continues to struggle, Bitcoin's market cap has reached a new high as a percentage of the overall cryptocurrency market. The latest data shows that Bitcoin's market cap now accounts for 58.47% of the total cryptocurrency market cap, reaching its highest level since April 2021.

Modular Blockchain Project Hemi Labs Secures $15 Million in Funding, Led by Binance Labs

Hemi Labs, co-founded by Bitcoin developer Jeff Garzik, announced the completion of a $15 million funding round to develop and launch Hemi, a second-layer blockchain network built on Bitcoin and Ethereum. This round of funding was led by Binance Labs, Breyer Capital, and Big Brain Holdings. Breyer Capital has been an early investor in Facebook, Circle, and Spotify. The Hemi network, as a single blockchain and a second-layer solution for Bitcoin and Ethereum, aims to combine the strengths of both networks, integrating Bitcoin's security with Ethereum's liquidity and programmability.

Bitget and Foresight Ventures Announce $30 Million Strategic Investment in TON

Bitget and Foresight Ventures announced a $30 million investment in The Open Network (TON) blockchain, focusing on the development of "tap-to-earn" games based on Telegram. Bitget and Foresight plan to allocate this investment by purchasing TON tokens and to "participate more deeply in the governance and future development plans of the TON blockchain." Forest Bai, co-founder and CEO of Foresight Ventures, stated that the rapid growth of the TON ecosystem represents the biggest growth opportunity in the cryptocurrency market this year.

BNB Chain Launches Fee-Free Stablecoin Payment Plan to Enhance Cross-Chain Liquidity

BNB Chain announced the launch of a fee-free stablecoin transfer plan aimed at enhancing stablecoin infrastructure. This plan will collaborate with major centralized exchanges and wallets, focusing on USDT, USDC, and FDUSD stablecoins to achieve faster and lower-cost payment experiences. Gala Wen, Director of BNB Chain Ecosystem Development, stated that through collaboration with "centralized exchanges, wallet providers, and cross-chain bridges," the plan aims to create a "fee-free trading experience." In terms of cross-chain capabilities, BNB Chain is partnering with bridge service providers like Celer to "achieve zero-cost transfers and high-quality liquidity," simplifying cross-chain asset transfers. Wen emphasized that the goal of this plan is to simplify and expand the use of stablecoins, integrating them into daily life and advancing BNB Chain's broad Web3 application goals.

Vitalik: Ethereum's Key Goals for the Next Decade are Mainstream Adoption While Maintaining Open-Source and Decentralized Values

At Token2049 on September 18, Ethereum founder Vitalik delivered a keynote speech titled "What Excites Me About the Next Decade." Vitalik stated that Ethereum's main goals for the next decade are to achieve mainstream adoption while maintaining open-source and decentralized values.

Vitalik provided six examples to illustrate this, including: 1. Wallet security; 2. Decentralized social media user experience; 3. Payments; 4. Privacy tools; 5. zk social media; 6. Ethereum L1 (Oribit SSF, Verkle Tree/stateless Validation, addressing MEV issues, integrating Ethereum L1 ZK-SNARKs, and light clients).

Arthur Hayes: Cryptocurrencies May Plummet Days After First Fed Rate Cut, Central Bank Era is Over

Arthur Hayes, co-founder of BitMEX and Chief Investment Officer of Maelstrom, stated in an interview with CoinDesk during the Token2049 conference in Singapore that the Federal Reserve is about to announce its first rate cut since 2020, but risk assets (including cryptocurrencies) may plummet in the days following the rate cut. Hayes believes that the rate cut is a bad decision because inflation remains an issue in the United States, and reducing borrowing costs will exacerbate inflation. Additionally, a narrowing of the US-Japan interest rate differential may lead to a significant appreciation of the Japanese yen, triggering the unwinding of yen carry trades. Hayes expects US interest rates to eventually drop from the current 5.25%-5.5% to near-zero levels. He agrees with Scottish market strategist Russel Napier's view that the central bank era is over, and politicians will take over and direct banks to create liquidity in specific areas of the economy. In this scenario, Hayes believes that cryptocurrencies will become the only assets that are globally portable and allow investors to escape the system.

Web3 Startup Vana Completes $5 Million Strategic Funding, Led by Coinbase Ventures

Web3 startup Vana announced the completion of a $5 million strategic funding round led by Coinbase Ventures. This brings Vana's total funding to $25 million. Vana aims to build a user-owned data pool network, using blockchain technology to address the shortage of AI model training data and providing internet users with a way to earn income. Vana plans to establish a decentralized autonomous organization (DAO) network, allowing members to aggregate data accumulated from social media platforms such as Reddit, LinkedIn, or X and sell these datasets to AI researchers. Previously, Vana had raised $18 million in Series A funding led by Paradigm.

Market Dynamics

Recommended Reading

Vitalik's Full Speech at 2049: Ethereum Needs to Maintain Open-Source and Decentralized Values While Meeting Demand

A Quick Look at Vana: AI Project Backed by Three Venture Capital Giants, Focusing on Data DAO but Starting with Tap-to-Earn Mining (with Participation Tutorial)

Vitalik's Tough Talk: Layer 2 Networks That Don't Meet Standards by the End of the Year Will No Longer Be Considered Second-Layer Networks

Penetrating the Community Magic of Monad: How to Maximize Culture and Community Power?

Let the Data Speak: How Do CEX Tokens Perform After Listing?

Arthur Hayes's Full Speech at Token2049: The Market May Collapse After Rate Cuts, but Ethereum's Performance May Be Good

Delphi Labs: AI Will See Multi-Model Competition, Which Cryptocurrency Applications Are We Bullish On?

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