JPMorgan Chase said in a research note on Monday that November was a milestone month for the cryptocurrency market in terms of price performance, activity, politics and sentiment.
"President-elect Trump's re-election has triggered a historic rally and market value jump across the crypto ecosystem," wrote analysts led by Kenneth Worthington. This includes tokens, DeFi, stablecoins and public companies with crypto asset exposure.
The report noted that the crypto ecosystem recorded its best monthly returns, with its market value increasing by 45%, and the total market value of cryptocurrencies increasing to $3.3 trillion.
In addition, trading volume across the crypto market more than doubled, with trading activity for some digital assets growing even higher, while NFT trading volume was relatively weak. The U.S. spot ETPs tracked by the bank also set a new monthly high in net sales, totaling about $7.6 billion. (CoinDesk)