The crypto market has almost retraced the price surge seen during the 2024-2025 US presidential election, with the total market capitalization dropping by around 40% from its peak.

As of February 22, data indicates the crypto market has largely retraced the uptrend that began following the 2024 U.S. presidential election. Total3 (a crypto market cap index excluding Bitcoin and Ethereum) surged over 91% in the weeks after the 2024 election results were announced on November 5—jumping from roughly $600 billion to $1.16 trillion by December 2024. Subsequently, it pulled back to ~$900 billion before staging a brief rebound to $1.13 trillion on January 18, 2025—two days ahead of the U.S. presidential inauguration. In October 2025, Total3 hit a new near-term high of ~$1.19 trillion, only to plummet sharply afterward, breaking its structural uptrend. As of now, Total3 sits at ~$713 billion—down ~40% from its October 2025 peak and approaching levels seen in mid-November 2024. There are no clear signs of a sustained market recovery yet. Among mainstream crypto assets: Bitcoin’s peak-to-trough decline topped 50%, falling to ~$60,000 at one point and now rebounding to ~$68,000. Ethereum has retraced ~60% from its August 2025 all-time high near $5,000. Sentiment metrics are also in the doldrums: CoinMarketCap’s Fear & Greed Index is at 14 (in the “extreme fear” zone) and hit 5 on February 5—one of the lowest readings on record.