Crypto market sees 45% surge in November after Trump’s win

November marked a significant turning point for the cryptocurrency market, according to a recent report from JPMorgan. 

The total market capitalisation surged by 45%, reaching approximately $3.3 trillion, making it the best monthly performance recorded to date.

Analysts at JPMorgan attributed this rally to the reelection of President Donald Trump, which they noted sparked a historic surge across various crypto assets, including tokens, decentralized finance (DeFi), stablecoins, and publicly traded companies with crypto investments.

The report highlighted that trading volumes across the crypto market more than doubled during this period, with some digital assets experiencing even greater increases in activity. 

However, it was noted that non-fungible token (NFT) volumes did not see similar growth.

In addition to this surge in market cap, U.S. spot exchange-traded products (ETPs) also experienced record net sales, totaling around $7.6 billion for the month.

Bitcoin (CRYPTO:BTC) ETPs in particular saw growth in both size and trading volume, although they have not significantly impacted Bitcoin spot trading volumes. 

The report indicated that the crypto ecosystem is increasingly centering around Bitcoin, which has maintained a dominant position throughout the year despite a recent decline in its dominance percentage.

By the end of November, Bitcoin ETPs accounted for assets totaling $105 billion.

Furthermore, mining economics improved as the price rally of Bitcoin outpaced growth in hashrate—the computational power securing the Bitcoin network—indicating a positive shift for miners.