JPMorgan Chase (JPM) said in a research note on Monday that November was a landmark month for the cryptocurrency market in terms of performance, activity, politics, and sentiment. "President-elect Trump's re-election has triggered a historic rally and jump in market capitalization across the crypto ecosystem," wrote analysts led by Kenneth Worthington. These include tokens, decentralized finance (DeFi), stablecoins, and public companies with crypto assets. The bank noted that the crypto ecosystem posted its best monthly returns, with its market cap rising by 45%. The total cryptocurrency market cap swelled to $3.30 trillion. The report said that the volume of transactions in the cryptocurrency market more than doubled, and trading activity in some digital assets grew even higher. The bank noted that the volume of non-fungible tokens (NFTs) was weaker.