JPMorgan Describes November as a ‘Landmark’ Month for Crypto.

November was a transformative month for the cryptocurrency market, with notable growth across performance, activity, politics, and sentiment, JPMorgan said in a research report released on Monday.

The bank reported that the total crypto market capitalization soared by 45% in November, marking its best monthly return so far. The market cap reached $3.3 trillion, driven by a broad rally spanning tokens, decentralized finance (DeFi), stablecoins, and publicly traded companies with exposure to crypto assets.

JPMorgan analysts, led by Kenneth Worthington, attributed much of the surge to the reelection of President-elect Donald Trump, which sparked a historic rally and a significant rise in market caps throughout the crypto space. Trading volumes across the crypto market more than doubled, with certain digital assets experiencing even higher growth in trading activity, although non-fungible tokens (NFTs) saw weaker volumes.

The U.S. spot exchange-traded products (ETPs) tracked by JPMorgan also saw record net sales of approximately $7.6 billion combined. Bitcoin ETPs, in particular, saw growth in both their size and trading volume. While these products have not significantly reduced BTC spot trading volumes, the report noted that the market continues to show a growing concentration around Bitcoin.

Bitcoin’s dominance has been on the rise for most of the year, although it has slightly declined in recent weeks. This shift is partly due to the growing popularity of Bitcoin ETPs, which had accumulated $105 billion in assets by the end of November.

The report also highlighted an improvement in mining economics as Bitcoin’s price rally outpaced the growth in hashrate. Hashrate refers to the computational power used to secure the Bitcoin network.