November was a monumental month for the crypto market in terms of performance, activity, politics and sentiment, JPMorgan (JPM) said in a research report Monday.

“President-elect Donald Trump’s reelection triggered a historic rally and jump in market caps across the crypto ecosystem,” analysts led by Kenneth Worthington wrote. This included tokens, decentralized finance (DeFi), stablecoins and publicly listed companies with crypto exposure.

The bank noted that the crypto ecosystem recorded its best monthly return, with its market cap rising 45%. Total crypto market cap swelled to $3.3 trillion.

Volumes across the crypto market more than doubled, with some digital assets witnessing even higher growth in trading activity, the report said. The bank noted that non-fungible token (NFT) volumes were weaker.

The U.S. spot exchange-traded products (ETPs) the bank tracks also witnessed record monthly net sales, around $7.6 billion combined.

Bitcoin ETPs grew in both size and trading volume and, while these products are not eating away at BTC spot trading volumes, the “ecosystem continues to trend increasingly concentrated around bitcoin,” the authors wrote.

Bitcoin dominance has been rising for most of the year, although it’s declined in recent weeks, in part due to the rising popularity of BTC ETPs, which accounted for $105 billion of assets at the end of last month, JPMorgan said.

Mining economics improved in November as the rally in the world’s largest cryptocurrency outpaced hashrate growth, the report added. Hashrate refers to the computational power securing the Bitcoin network.

Read more: Crypto Markets Have Benefited From a Positive Environment Since U.S. Election: Citi

Bitcoin (BTC) reached an all-time high above $100,000 earlier this week as a number of tailwinds fueled a post-U.S.-election rally in the world’s largest cryptocurrency, Citi (C) said in a research report on Thursday.

“The nomination of digital asset-friendly Paul Atkins to chair the SEC provided the final boost,” that saw bitcoin break through $100,000 to record highs, analysts led by Alex Saunders wrote.

The cryptocurrency was trading around $98,500 at the time of publication.

Bitcoin continues to be bolstered by exchange-traded fund (ETF) flows and other buying as adoption grows, the bank noted.

The macro environment is also constructive for digital assets. Loose financial conditions and resilient growth are positive for crypto tokens, Citi said.

“Other digital assets likely have more to gain from a more permissive regulatory environment,” the authors wrote, noting that bitcoin’s dominance has fallen.

Citi said it hasn’t seen a notable rise in on-chain activity.

Over the longer term, the bank said a network’s utility or value will be linked to its usage, macro correlations and production costs.

A new, more benign regulatory system could unlock more and wider use cases for blockchain assets, the report added.

More permissive crypto policies should broaden the asset class, Citi said, but bitcoin, which has already been classified as a commodity, and has both a spot ETF and a futures contract, has less to gain than other tokens.

Read more: Bitcoin Crashed Below $94K in Sudden Plunge From record Perch Around $100K