Crypto Market Gives Back Nearly All Gains from 2024 and 2025 in Round Trip

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 US election pump.

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.

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.

Magazine: If the crypto bull run is ending… it’s time to buy a Ferrari: Crypto Kid