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The crypto market has returned to November 2024 levels — all post-Trump election gains erased
The cryptocurrency market has rolled back to November 2024 levels, losing all the gains driven by Trump’s victory in the U.S. presidential election.
1-day chart of total crypto market capitalization
The Total3 Market Cap indicator, which reflects the total crypto market capitalization excluding Bitcoin and Ethereum, surged 91% after the November 5, 2024 election — from approximately $600 billion to $1.16 trillion by December of the same year. It has now fallen to $713 billion — the same level the market stood at on November 10, 2024, at the peak of post-election euphoria.
1-day chart of total crypto market capitalization excluding Bitcoin and Ethereum
How the pullback unfolded
After the December peak, the market corrected to the $900 billion range, then briefly recovered to $1.13 trillion on January 18, 2025 — two days before Trump’s inauguration. For most of 2025, prices moved sideways until October, when Total3 reached a new high of around $1.19 trillion. That is when the market crash broke the upward trend, and since then, no convincing recovery has followed.
Bitcoin and Ethereum: losses among the leaders
Bitcoin lost more than 50% from its October peak to its low, dropping below $60,000 before partially recovering to $68,000. Ethereum declined by about 60% from its all-time high of nearly $5,000 recorded in August 2025.
Investor sentiment is also near multi-year lows. The Fear & Greed Index currently stands at 9 points — the “extreme fear” zone. On February 5, the indicator dropped to 5, the lowest level ever recorded.
As a result, the crypto market has effectively erased all gains accumulated after the U.S. elections. Total3 has returned to its November starting levels, Bitcoin is trading at $68,000, and Ethereum remains down more than 60% from its peak. The sentiment index shows readings not seen since the collapse of the $LUNA ecosystem.
AI opinion
Historical analysis of the crypto market shows that similar “round trips” have occurred before. After Trump’s victory in the 2016 election, Bitcoin also experienced a sharp rally followed by a multi-month pullback before the next upward move began. The current Fear & Greed Index reading of 9 is comparable to the lows following the $LUNA collapse in June 2022, when the index dropped to 6. In the entire history of the index, readings below 10 have been recorded only three times: in March 2020, after the $LUNA collapse, and now.
See also: "Cryptocurrencies Steady Amid Inflation and Geopolitics"
