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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.
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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.
광고
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
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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