Crypto market retraces almost all 2024-2025 US election pump gains
The crypto market has retracted most of the gains made during the 2024-2025 pump that kicked off after the 2024 elections in the United States, and has lost about 40% of its value from the peak recorded in October 2025.
The Total3 Market Cap, a metric tracking the market capitalization of the entire crypto market, excluding Ether (ETH) and Bitcoin (BTC), surged by over 91% immediately following the outcome of the US Presidential election on November 5, reaching a high of $1.16 trillion by December 2024.
For context, the Total3 Market Cap was about $600 billion directly before the 2024 election pump.
The Total3 Market Cap between September 2024 and February 2026. Source:
TradingView
The market then fell to the $900 billion range, with price whipsawing until January 2025, when the Total3 briefly climbed back up to $1.13 trillion on January 18 — two days before the inauguration of Donald Trump as president of the United States.
The crypto market continued to trade sideways for much of 2025, but finally hit a new peak of about $1.19 trillion in October 2025, days before a historic market crash broke the structural uptrend of the crypto sector.
The Total3 Market Cap is about $713 billion at the time of publication, around the same level it was on November 10, 2024, with the market showing no signs of a sustained recovery.
Related: Bitcoin most 'undervalued' since March 2023 at $20K, BTC price metric shows
Crypto staples like Bitcoin and Ether have also retraced most gains
BTC shed over 50% of its price from peak to trough during the market downturn, falling to a low of about $60,000 before staging a limited recovery to about $68,000.
The price of ETH also plummeted by about 60% from its all-time high of nearly $5,000, reached in August 2025.
Ether’s price action peaked in August 2025 before collapsing to current levels. Source:
TradingView
Crypto investor sentiment is also sitting at multi-year lows. The Fear and Greed Index, a sentiment tracker, is at 14 at the time of publication, indicating “extreme fear,” according to CoinMarketCap.
The indicator fell to a five on February 5. This is the lowest level recorded by the CoinMarketCap Fear & Greed Index, based on available data.
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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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