The crypto market has almost given back the gains from the 2024-2025 US election rally, with total market capitalization down about 40% from its peak.
BlockBeats News, February 22, data shows that the crypto market has basically given back the gains made after the 2024 U.S. presidential election rally. Total3 (the total crypto market cap excluding Bitcoin and Ethereum) surged by over 91% after the election results were announced on November 5, 2024, rising from about $600 billion to $1.16 trillion in December 2024.
Subsequently, the market fell back to fluctuate around the $900 billion range, and briefly rebounded to $1.13 trillion on January 18, 2025 (two days before the U.S. presidential inauguration). In October 2025, Total3 reached a new phase high of about $1.19 trillion, but then suffered a sharp decline, breaking the structural upward trend.
Currently, Total3 is around $713 billion, down about 40% from the October 2025 high, and is close to the mid-November 2024 level. The market has yet to show clear signs of sustained recovery.
In terms of mainstream assets, Bitcoin has fallen more than 50% from its peak to trough, once dropping to around $60,000, and is currently rebounding to about $68,000; Ethereum has fallen about 60% from its historical high near $5,000 in August 2025.
Sentiment indicators are also at low levels. CMC's Fear and Greed Index is at 14, in the "Extreme Fear" range, and once dropped to 5 on February 5, one of the lowest levels on record.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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