Share this article
November Was a 'Monumental' Month for the Crypto Market, JPMorgan Says
Total crypto market cap jumped 45% in November, in the best monthly return to-date, the report said.
Dec 9, 2024, 3:22 p.m.
What to know:
- Donald Trump's reelection triggered a historic rally across crypto markets, the report said.
- The bank noted that November's market cap growth of 45% was the crypto market's best monthly return.
- U.S. spot crypto ETFs posted another record month in November, JPMorgan said.
November was a monumental month for the crypto market in terms of performance, activity, politics and sentiment, JPMorgan (JPM) said in a research report Monday.
"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 (DeFi), stablecoins and publicly listed companies with crypto exposure.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The bank noted that the crypto ecosystem recorded its best monthly return, with its market cap rising 45%. Total crypto market cap swelled to $3.3 trillion.
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 (NFT) volumes were weaker.
The U.S. spot exchange-traded products (ETPs) the bank tracks also witnessed record monthly net sales, around $7.6 billion combined.
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.
Bitcoin dominance has been rising for most of the year, although it's declined in recent weeks, in part due to the rising popularity of BTC ETPs, which accounted for $105 billion of assets at the end of last month, JPMorgan said.
Mining economics improved in November as the rally in the world's largest cryptocurrency outpaced hashrate growth, the report added. Hashrate refers to the computational power securing the Bitcoin network.
Read more: Crypto Markets Have Benefited From a Positive Environment Since U.S. Election: Citi
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitcoin will be 'top performer' in 2026 after getting crushed this year, says VanEck
VanEck's David Schassler expects gold and bitcoin to rebound sharply as investor demand for hard assets is expected to rise.
What to know:
- Bitcoin has underperformed compared to gold and the Nasdaq 100 this year, but a VanEck manager predicts a strong comeback in 2026.
- David Schassler, the firm's head of multi-asset solutions, expects gold's surge to continue to $5,000 next year as fiscal "debasement" accelerates.
- Bitcoin will likely follow gold’s breakout, driven by returning liquidity and long-term demand for scarce assets.
Top Stories
