Crypto -Ecosystem growth slowed down in January, with the total trading volume dropped 24%, Wall Street Bank JPMorgan (JPM) said in a research report Tuesday with reference to trade viewing data.

Still, the activity is twice as large as the US election in November, and the total market capital increased 8% to approx. $ 3.4 trillion, the report says. The growth of the market’s cap was concentrated in Bitcoin (BTC), Solana (SOL) and XRP, while “falls in average daily volume (ADV) was widely based across the ecosystem,” the bank said.

“We think the choice was a catalyst with certainty, and activity and token price levels find their equilibrium in the period after the election,” wrote analysts led by Kenneth Worthington.

Decentralized funding (DEFI) and non-funny symbols (NFTs) managed worse on a monthly basis, the report says with a greater deterioration across a number of measurements.

There has been some progress on the legislative front.

The new Trump -Administration created a new crypto -taskforce and SAB 121At A controversial accounting rule was abolished, JPMorgan said.

Read more: The stock-crypto ratio is likely to be weakened in the long term, says Citi