Overview
JPMorgan reported that the growth of the crypto ecosystem has slowed during January, despite an increase in the total market cap. The latest research indicates a 24% drop in total trading volume.
- Total Market Cap: Increased 8% to approximately $3.4 trillion.
- Leading Assets: The growth was primarily in Bitcoin (BTC), Solana (SOL), and XRP.
- Market Observations: Declines in average daily volume were noted broadly across the ecosystem.
Insights from Analysts
Analysts led by Kenneth Worthington suggest that the recent elections significantly impacted trading activities and token prices, helping them to find a new level of equilibrium. Despite challenges in Decentralized Finance (DeFi) and non-fungible tokens (NFTs), there remains a robust market presence.
Regulatory Developments
Progress was recognized on the regulatory front in the U.S. with the formation of a new crypto taskforce, along with the rescinding of a controversial accounting rule, SAB 121.
Related Reading
Keep updated on market changes as they unfold.
