Crypto market gives back most of its post-US election rally gains… 40% of market cap wiped out

Most of the gains from the 2024–2025 crypto (cryptocurrency) rally sparked after the US presidential election have been erased. The market appears to have entered a structurally weak phase, down about 40% from its October 2025 peak.

According to Cointelegraph on the 21st (local time), the “Total3” index—which tracks the total crypto market capitalization excluding Bitcoin (BTC) and Ethereum (ETH)—surged more than 91% immediately after the US election on Nov. 5, 2024, jumping to around $1.16 trillion in December. Ahead of the election, Total3 market cap stood at roughly $600 billion.

The market then slipped back into the $900 billion range and remained volatile, before rebounding to $1.13 trillion again on Jan. 18, 2025, ahead of President Donald Trump’s inauguration. However, a sharp selloff hit right after it set a peak of about $1.19 trillion in October 2025, breaking the uptrend. Total3 market cap is now about $713 billion—back to around its Nov. 10, 2024 level.

Major assets also posted steep losses. Bitcoin is down more than 50% from its high, sliding to the $60,000 level before staging a limited rebound around $68,000. Ethereum has plunged about 60% from its all-time high of roughly $5,000 recorded in August 2025.

Investor sentiment has also deteriorated sharply. CoinMarketCap’s Fear & Greed Index currently stands at 14, remaining in the “Extreme Fear” zone. The index fell to 5 on Feb. 5, marking its lowest level since tracking began. Despite a short-term bounce, the market has yet to show clear signs of recovery.