The cryptocurrency market has reversed most of the gains made during the 2024-2025 pump that began after the 2024 US elections, and has lost approximately 40% of its value from its October 2025 peak.
Total3 Market Cap, an indicator tracking the market capitalization of the entire cryptocurrency market excluding Ether (ETH) and Bitcoin (BTC), increased by more than 91% immediately following the November 5 US presidential election results, reaching a high of $1.16 trillion by December 2024.
For context, Total3’s market capitalization was around $600 billion immediately before the 2024 U.S. election pump.
The market then dropped to the $900 billion range, with prices falling rapidly until January 2025, when the Total3 index briefly rose again to $1.13 trillion on January 18 – two days before Donald Trump was inaugurated as president of the United States.
The cryptocurrency market remained sideways for most of 2025, but eventually reached a recent high of around $1.19 trillion in October 2025, days before the historic market crash that interrupted the crypto sector’s structural uptrend.
At press time, Total3’s market capitalization is approximately $713 billion, roughly the same level as on November 10, 2024, with the market showing no signs of sustained recovery.
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Core cryptocurrencies such as Bitcoin and Ether also saw most of the gains
BTC lost more than 50% of its price from peak to trough during the market downturn, falling to a low of around $60,000 before a constrained rally to around $68,000.
The price of ETH is also down approximately 60% from its all-time high of almost $5,000 reached in August 2025.
Cryptocurrency investor sentiment is also at its lowest levels in many years. The Fear and Greed Index, a sentiment tracker, was at 14 at the time of publication, indicating “extreme fear,” according to CoinMarketCap.
On February 5, the rate dropped to five. This is the lowest level recorded by the CoinMarketCap Fear & Greed Index, based on available data.
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