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JPMorgan Research Report: Crypto Market Records Monumental Performance in November
Historic Rally Triggered by President-elect Donald Trump’s Reelection
Market Cap Soars by 45% to Reach $3.3 Trillion
The crypto market experienced a monumental month in November, fueled by a historic rally triggered by President-elect Donald Trump’s reelection. The market cap surged by 45% to reach $3.3 trillion, marking a record-breaking performance.
Surge in Trading Activity and Volume
Volumes Double Across the Crypto Market
Trading activity and volume more than doubled across the crypto market in November, with notable growth in digital assets. While non-fungible token (NFT) volumes showed weaker performance, other sectors witnessed a significant uptick.
Record Monthly Net Sales for U.S. Spot Exchange-Traded Products
Bitcoin ETPs Gain Traction in the Market
The U.S. spot exchange-traded products (ETPs) saw record monthly net sales totaling around $7.6 billion. Bitcoin ETPs, in particular, grew in size and trading volume, indicating a trend towards increased concentration around bitcoin within the ecosystem.
Improvement in Mining Economics
Hashrate Growth Outpaced by Rally in Bitcoin
Mining economics saw improvement in November as the rally in Bitcoin outpaced hashrate growth. Hashrate, which refers to the computational power securing the Bitcoin network, exhibited positive dynamics during the month.
Read more: Crypto Markets Have Benefited From a Positive Environment Since U.S. Election: Citi
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
