Crypto market retraces 2024–2025 US election pump gains
The cryptocurrency market has surrendered most of the gains from the 2024–2025 U.S. post-election rally, declining about 40% from its October 2025 peak.
The Total3 Market Cap, which tracks the market capitalization of all cryptocurrencies excluding Ether (ETH) and Bitcoin (BTC), rose more than 91% following the U.S. presidential election on Nov. 5, 2024, reaching $1.16 trillion by December 2024. For comparison, Total3 was about $600 billion immediately prior to the 2024 election-driven surge. Check out the comparison graph on TradingView.
Total3 Market Cap between September 2024 and February 2026. Source: TradingView
The metric then retreated into the $900 billion range and moved sharply in both directions until January 2025, when it briefly recovered to $1.13 trillion on Jan. 18 — two days before the inauguration of Donald Trump as president.
Markets traded largely sideways through much of 2025 before setting a new high near $1.19 trillion in October 2025, days ahead of a sharp sell-off that broke the crypto sector’s upward trend.
At the time of publication, Total3 stands at about $713 billion, roughly the same level as on Nov. 10, 2024, with no clear indications of a durable recovery.
Bitcoin and Ether have also surrendered most of their gains
BTC fell more than 50% from peak to trough during the downturn, reaching a low near $60,000 before a limited rebound to about $68,000.
ETH declined approximately 60% from its all-time high of nearly $5,000 set in August 2025. You can check the detailed price actions of Ether on TradingView.
Ether’s price action peaked in August 2025 before collapsing to current levels. Source: TradingView
Investor sentiment has also weakened to multi-year lows. The Fear and Greed Index, a sentiment gauge, reads 14 at the time of publication, signaling “extreme fear,” according to CoinMarketCap. The indicator fell to 5 on Feb. 5, the lowest level recorded by CoinMarketCap’s Fear & Greed Index based on available data.
Stay informed, read the latest news right now!
Disclaimer
The content on TrustsCrypto.com is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, always do your own research before making decisions.
Some content may be assisted by AI and reviewed by our editorial team, but accuracy is not guaranteed. TrustsCrypto.com is not responsible for any losses resulting from the use of information provided.
