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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