November Was a 'Monumental' Month for the Crypto Market, JPMorgan Says

November was a monumental period for the crypto marketplace successful presumption of performance, activity, authorities and sentiment, JPMorgan (JPM) said successful a probe study Monday.

"President-elect Donald Trump's reelection triggered a historical rally and leap successful marketplace caps crossed the crypto ecosystem," analysts led by Kenneth Worthington wrote. This included tokens, decentralized concern (DeFi), stablecoins and publically listed companies with crypto exposure.

The slope noted that the crypto ecosystem recorded its champion monthly return, with its marketplace headdress rising 45%. Total crypto marketplace headdress swelled to $3.3 trillion.

Volumes crossed the crypto marketplace much than doubled, with immoderate integer assets witnessing adjacent higher maturation successful trading activity, the study said. The slope noted that non-fungible token (NFT) volumes were weaker.

The U.S. spot exchange-traded products (ETPs) the slope tracks besides witnessed grounds monthly nett sales, astir $7.6 cardinal combined.

Bitcoin ETPs grew successful some size and trading measurement and, portion these products are not eating distant astatine BTC spot trading volumes, the "ecosystem continues to inclination progressively concentrated astir bitcoin," the authors wrote.

Bitcoin dominance has been rising for astir of the year, though it's declined successful caller weeks, successful portion owed to the rising popularity of BTC ETPs, which accounted for $105 cardinal of assets astatine the extremity of past month, JPMorgan said.

Mining economics improved successful November arsenic the rally successful the world's largest cryptocurrency outpaced hashrate growth, the study added. <a href="https://www.coindesk.com/opinion/2024/08/14/the-coming-financialization-of-hashrate-markets" target="_blank">Hashrate</a> refers to the computational powerfulness securing the Bitcoin network.

Read more: <a href="https://www.coindesk.com/markets/2024/12/06/crypto-markets-have-benefited-from-a-positive-environment-since-u-s-election-citi" target="_blank">Crypto Markets Have Benefited From a Positive Environment Since U.S. Election: Citi</a>