JPMorgan noted that the total cryptocurrency market cap increased by 8% last month to about $3.40 trillion. Despite the increase in total market cap, the crypto ecosystem growth slowed in January, with market cap growth concentrated in Bitcoin (BTC), Solana (SOL), and XRP, while the decline in average daily trading volume (ADV) was widespread across the ecosystem. In its report, JPMorgan said that decentralized finance (DeFi) and non-fungible tokens (NFT) performed worse on a monthly basis, with more deterioration across multiple metrics.