September 2024 brought favorable performance to the crypto markets as the Federal Reserve initiated the first of several anticipated rate cuts.
Although Bitcoin outshined the broader crypto market for most of the year, other market sectors, particularly those related to artificial intelligence (AI), led the gains in September, with the Utilities & Services Crypto Sector at the forefront.
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Ethereum has shown a 13% gain this year, which, while below Bitcoin's performance, still surpassed that of most other crypto assets.
Specifically, our Crypto Sectors Market Index (CSMI) — representing the asset class as a whole — is down about 1% on the year.
Excluding Ethereum, the Smart Contract Platforms Crypto Sector Index has declined by approximately 11%, indicating Ethereum’s meaningful outperformance within its sector.
Across the broader Crypto Sectors framework, Ethereum's return falls within the 70-75th percentile year to date.
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