Researchers at JPMorgan Chase & Co (NYSE:JPM) say the U.S. cryptocurrency market displays signs of "herd-like behavior" because many investors bought digital currencies at their peak.

The report, titled "The Dynamics and Demographics of U.S. Household Crypto-Asset Use," reveals that significant price increases were largely taken into account when timing crypto transfers.

It states: "A wide range of U.S. households transferred money into crypto accounts when those assets were trading near their highest levels."

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According to cryptocurrency pricing in late 2022, "the majority of U.S. households were likely facing significant losses in percentage terms.”

The COVID-19 outbreak was the main factor driving roughly 15% of U.S. households into the crypto market, according to the survey, which used a sample size of nearly 5 million active checking account clients.

The report further revealed that men, Asians, and younger individuals with greater incomes all participate more broadly and actively in the cryptocurrency market.

The report also concludes that most people possess only modest amounts of cryptocurrency.

Price Action: Following lower-than-expected U.S. inflation numbers for November, the price of Bitcoin (CRYPTO: BTC) and other cryptocurrencies skyrocketed.

In sync with U.S. stock futures, cryptocurrency stocks jumped as well.

Immediately after today's announcement of the U.S. CPI figures, Bitcoin jumped beyond $18,000.

Following the announcement at 8:30 a.m. EST, the price of the largest cryptocurrency by market capitalization increased by nearly $700.

At 8:40 a.m. today, the price of Bitcoin was $17,890.

Following the news, the price of Ether (CRYPTO: ETH) increased by 6% to roughly $1,327.

Meanwhile, Ripple's (CRYPTO: XRP) and Dogecoin (CRYPTO: DOGE) both increased by nearly 4%, while Cardano's (CRYPTO: ADA) added 1.7%.

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