November marked a groundbreaking month for the cryptocurrency market, with significant strides in performance, activity, sentiment, and political developments, according to a report from JPMorgan released on Monday.

The report revealed that the total cryptocurrency market cap surged by 45% in November, its best monthly performance to date, bringing the market value to $3.3 trillion. This growth was driven by an expansive rally across various sectors, including tokens, decentralized finance (DeFi), stablecoins, and publicly listed companies with crypto exposure.

JPMorgan analysts, led by Kenneth Worthington, linked much of this surge to the reelection of President-elect Donald Trump, which they say sparked a historic rally across the crypto ecosystem. The report noted that trading volumes across the crypto market more than doubled, with certain digital assets seeing even higher levels of trading activity. However, volumes for non-fungible tokens (NFTs) remained relatively subdued during this period.

In addition, the bank noted record monthly net sales of U.S. spot exchange-traded products (ETPs), amounting to about $7.6 billion in total. Bitcoin ETPs specifically saw significant growth in both size and trading volume. While these products have not drastically impacted Bitcoin spot trading volumes, the report emphasized that the overall ecosystem is becoming increasingly concentrated around Bitcoin.

Bitcoin dominance, which had been rising steadily throughout the year, has slightly decreased in recent weeks. This decline is partly due to the growing popularity of Bitcoin ETPs, which held $105 billion in assets by the end of November, according to JPMorgan.

The report also highlighted that mining economics improved as Bitcoin’s price rally outpaced the growth of its hashrate, referring to the computational power securing the Bitcoin network.