Crypto Market Erases 91% Post-Election Surge as Bitcoin Price Drops to 2024 Lows

The cryptocurrency market has rolled back to levels last seen in November 2024, effectively erasing the entire rally that followed Donald Trump’s victory in the U.S. presidential election.

The Total3 indicator, which tracks the total crypto market capitalization excluding Bitcoin and Ethereum, surged 91% after the November 5, 2024 election. It climbed from roughly $600 billion to $1.16 trillion by December 2024.

Today, Total3 stands at $713 billion, matching its November 10, 2024 level, when post-election optimism peaked.

The Rally That Came Full Circle

After reaching its December high, the market corrected to the $900 billion range before staging one final push to $1.13 trillion on January 18, 2025, just two days before Trump’s inauguration.

Prices then moved sideways for most of 2025. In October, Total3 climbed to a new local high near $1.19 trillion. That breakout, however, quickly failed. A broad market collapse followed, breaking the upward structure and triggering a prolonged decline with no convincing recovery so far.

The result is a complete retracement of the post-election expansion, a rare full-cycle reversal in less than a year.

Bitcoin And Ethereum Lead The Pullback

Bitcoin fell more than 50% from its October peak to lows below $60,000 before recovering to around $68,000.

Ethereum declined approximately 60% from its all-time high near $5,000, recorded in August 2025.

While Bitcoin has shown relative resilience, both assets reflect a broader contraction in risk appetite across the crypto sector.

Fear Returns To Extreme Levels

Investor sentiment has deteriorated sharply. The Crypto Fear and Greed Index currently stands at 9, placing it firmly in the “extreme fear” zone. On February 5, the index briefly dropped to 5, the lowest reading of the current cycle.

Historically, readings below 10 have occurred only three times: during the March 2020 pandemic crash, after the collapse of Terra (LUNA) in 2022, and now.

Following Trump’s 2016 election victory, Bitcoin also experienced a sharp rally that was later followed by a multi-month pullback before the next sustained advance began. Whether the current setup represents another reset before continuation, or the start of a deeper structural downturn remains the key question for investors.

For now, the data is clear: the crypto market has erased its election-driven gains, volatility has returned, and sentiment has fallen to historically rare levels.