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BitcoinSistemi 2024-12-10 06:04:07

JPMorgan Analysts Publish New Report on Bitcoin and Cryptocurrencies

November was a significant month for the cryptocurrency market, characterized by record-breaking performance, increased activity, and heightened investor sentiment, according to a research report published today by JPMorgan. The report, led by analysts including Kenneth Worthington, attributes the explosive growth in the market in part to the re-election of President-elect Donald Trump. This political development has ignited a historic rally in the crypto ecosystem that includes tokens, decentralized finance (DeFi), stablecoins, and public companies with exposure to crypto. Total cryptocurrency market capitalization increased by 45% in November, reaching $3.3 trillion. Trading volumes more than doubled across the market, with some digital assets seeing even higher increases in activity. However, the report noted an opposing trend in non-fungible token (NFT) volumes, which remained relatively stagnant despite the broader market rally. Spot exchange-traded products (ETPs) in the U.S. also hit new milestones with record monthly net sales of $7.6 billion. Bitcoin-focused ETPs saw significant growth in both size and trading volumes, further solidifying Bitcoin’s dominance in the ecosystem. The report noted that Bitcoin’s dominance has increased throughout the year, despite a slight decline in recent weeks due to the increasing popularity of Bitcoin ETPs, and that Bitcoin continues to maintain its importance. At the end of November, Bitcoin ETPs accounted for $105 billion in assets under management. Related News: Binance CEO Richard Teng Makes a Statement for the End of 2024: He Talked About The Fate Of Cryptocurrencies After Trump JPMorgan analysts noted that while Bitcoin ETPs have not significantly impacted BTC spot trading volumes, they have underlined BTC’s central role in the market. The rally in November also boosted the Bitcoin mining economy, with the report noting that the rise in the Bitcoin price outpaced the growth in hashrate, increasing profitability for miners. As the cryptocurrency market begins December, the momentum from November raises questions about sustainability and future trends. With market caps reaching all-time highs and trading volumes increasing, industry watchers are eager to see if the rally will continue into the new year. *This is not investment advice. Continue Reading: JPMorgan Analysts Publish New Report on Bitcoin and Cryptocurrencies

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