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.

BlockBeats News, February 22nd, data shows that the crypto market has basically retraced the uptrend initiated after the 2024 U.S. presidential election. Total3 (a crypto total market capitalization index excluding Bitcoin and Ethereum) quickly rose by over 91% after the election results were announced on November 5, 2024, from around $600 billion to $1.16 trillion in December 2024.

Subsequently, the market fell back to a range of around $900 billion and saw a brief rebound to $1.13 trillion on January 18, 2025 (two days before the U.S. presidential inauguration). In October 2025, Total3 hit a new phase high of around $1.19 trillion, but then experienced a sharp decline, breaking the structural uptrend.

Currently, Total3 is around $713 billion, down by about 40% from the October 2025 high, approaching the mid-November 2024 level, and there are no clear signs of a sustained recovery in the market yet.

As for mainstream assets, Bitcoin saw a maximum decline of over 50% from its high to low, falling to around $60,000 at one point and currently rebounding to around $68,000; Ethereum retraced by about 60% from its historical high near $5000 in August 2025.

Sentiment indicators are also at a low level. CMC's Fear and Greed Index is at 14, in the "extreme fear" zone, and dropped to 5 on February 5th, one of the lowest levels on record.