BlockBeats news: On February 22, data showed that the crypto market has largely reversed the gains initiated after the 2024 U.S. presidential election. The Total3 indicator (total crypto market cap excluding Bitcoin and Ethereum) surged more than 91% following the election results on November 5, 2024, rising from approximately $600 billion to $1.16 trillion by December 2024.
The market then retreated to a trading range of approximately $900 billion and briefly rebounded to $1.13 trillion on January 18, 2025 (two days before the U.S. presidential inauguration). In October 2025, Total3 reached a new interim high of approximately $1.19 trillion, but soon experienced a sharp decline, breaking the structural uptrend.
The total market cap is currently around $713 billion, down approximately 40% from its October 2025 high and nearing levels seen in mid-November 2024, with no clear signs of sustained market recovery yet.
In terms of major assets, Bitcoin experienced a maximum drawdown of over 50% from its peak to its low, briefly dipping to around $60,000 and currently rebounding to approximately $68,000; Ethereum has declined by about 60% from its historical high near $5,000 in August 2025.
Sentiment indicators are also at low levels. The CMC Fear & Greed Index stands at 14, in the "Extreme Fear" range, and dropped as low as 5 on February 5, one of the lowest levels on record.