Crypto ecosystem growth slowed in January, with total trading volume dropping 24%, Wall Street bank JPMorgan (JPM) said in a research report Tuesday citing TradingView data.

Still, the activity is double the level before the U.S. election in November and the total market cap increased 8% to roughly $3.4 trillion, the report said. The market cap growth was concentrated in bitcoin (BTC), solana (SOL) and XRP, while “declines in average daily volume (ADV) were broad-based across the ecosystem,” the bank said.

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