JPMorgan Declares November a ‘Breakthrough’ Month for the Crypto Market.

November was a landmark month for the cryptocurrency market, with remarkable growth across performance, activity, sentiment, and political factors, according to JPMorgan’s latest research report released on Monday.

The report revealed that the total crypto market capitalization surged by 45% in November, its best monthly return to date, reaching $3.3 trillion. This increase was fueled by a broad-based rally across various segments of the crypto ecosystem, including tokens, decentralized finance (DeFi), stablecoins, and companies publicly listed with crypto exposure.

JPMorgan analysts, led by Kenneth Worthington, attributed much of the growth to the reelection of President-elect Donald Trump, which they believe triggered a historic rally and drove significant increases in market caps across the sector. The report also noted that trading volumes across the crypto market more than doubled, with some digital assets seeing even larger spikes in trading activity, although non-fungible token (NFT) volumes were weaker during this period.

The bank also highlighted that U.S. spot exchange-traded products (ETPs) recorded their highest monthly net sales, totaling around $7.6 billion. Bitcoin ETPs saw growth in both size and trading volume. While these products have not significantly impacted Bitcoin spot trading volumes, the report underscored the growing concentration of the market around Bitcoin.

Bitcoin’s dominance has been on the rise throughout the year, although it has shown a slight decline in recent weeks, partly due to the increasing popularity of Bitcoin ETPs, which held $105 billion in assets by the end of November.

The report further indicated that mining economics improved in November, as the rally in Bitcoin’s price outpaced the growth in its hashrate—the computational power that secures the Bitcoin network.