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November Was a 'Monumental' Month For The Crypto Market, JPMorgan (JPM) Says

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November was a monumental month for the whole crypto ecosystem in terms of performance, activity, politics and sentiment, JPMorgan (JPM) said.

Donald Trump's reelection triggered a historic rally across crypto markets, the report said.U.S. spot crypto ETFs posted another record month in November, JPMorgan said.

"President-elect Donald Trump's reelection triggered a historic rally and jump in market caps across the crypto ecosystem," analysts led by Kenneth Worthington wrote. This included tokens, decentralized finance , stablecoins and publicly listed companies with crypto exposure. Volumes across the crypto market more than doubled, with some digital assets witnessing even higher growth in trading activity, the report said. The bank noted that non-fungible token volumes were weaker.

Bitcoin ETPs grew in both size and trading volume and, while these products are not eating away at BTC spot trading volumes, the "ecosystem continues to trend increasingly concentrated around bitcoin," the authors wrote.

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