Bitcoin

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

Published

11 months ago

December 9, 2024

November was a monumental month for the crypto market when it comes to efficiency, exercise, politics and sentiment, JPMorgan (JPM) mentioned in a analysis report on Monday.

“The re-election of President-elect Donald Trump sparked a historic rally and market capitalization bounce within the crypto ecosystem,” wrote analysts led by Kenneth Worthington. This included tokens, decentralized finance (DeFi), stablecoins and publicly traded firms with cryptocurrency publicity.

The financial institution famous that the crypto ecosystem posted its greatest month-to-month returns, with market capitalization growing by 45%. The full crypto market capitalization rose to $3.3 trillion.

Volumes within the crypto market have greater than doubled, with some digital property witnessing even greater progress in buying and selling exercise, the report mentioned. The financial institution famous that non-fungible token (NFT) volumes had been weaker.

The financial institution’s U.S. spot exchange-traded merchandise (ETPs) additionally witnessed document month-to-month internet gross sales, totaling about $7.6 billion.

Bitcoin ETPs grew in each dimension and buying and selling quantity, and whereas these merchandise aren’t consuming away at BTC’s spot buying and selling volumes, the “ecosystem continues to turn out to be more and more centered round bitcoin,” the authors wrote.

Bitcoin’s dominance has been rising for a lot of the 12 months, though it has waned in latest weeks, partly as a result of rising reputation of BTC ETPs, which accounted for $105 billion in property on the finish of final month, in response to JPMorgan.

The mining economic system improved in November because the rally on the earth’s largest cryptocurrency outpaced hashrate progress, the report mentioned. Hashrate refers back to the computing energy that secures the Bitcoin community.

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Learn extra: Crypto markets have benefited from a optimistic surroundings because the US elections: Citi