Crypto market erases 91% post-election rally
The cryptocurrency market has erased its 91% post-election rally following Donald Trump’s victory, while the Fear and Greed Index is experiencing its longest period of fear since the Terra-LUNA collapse in 2022.
By December 2024, after the U.S. elections, the Total3 indicator — which tracks the total cryptocurrency market capitalization excluding Bitcoin and Ethereum — had surged to $1.16 trillion. Today, Total3 stands at $713 billion, returning to its November 10, 2024 level, when post-election optimism peaked.
According to Coinpaper, after reaching its December high, the market corrected to the $900 billion range before making one final push to $1.13 trillion on January 18, 2025, just two days before Trump’s inauguration.
Prices then remained largely flat for most of 2025. In October, Total3 climbed to a new local high of around $1.19 trillion. However, the breakout quickly failed. A sharp market collapse followed, breaking the upward structure and triggering a prolonged decline with no convincing recovery so far. As a result, the entire post-election rally has been wiped out — a rare full-cycle reversal in less than a year.
Meanwhile, Bitcoin fell more than 50% from its October peak to a low below $60,000 before recovering to around $68,000, while Ethereum declined about 60% from its all-time high near $5,000 recorded in August 2025.
Longest period of crypto fear
Observers also point to a sharp deterioration in investor sentiment. The Crypto Fear and Greed Index currently stands at 9, firmly placing it in the “extreme fear” zone. On February 5, the index briefly dropped to 5 — the lowest reading of the current cycle.
Historically, FGI readings below 10 have occurred only three times: during the March 2020 market crash, after the Terra (LUNA) collapse in 2022, and now.
Current crypto sentiment has remained at extreme lows for 23 consecutive days, marking the longest sustained period of fear since the Terra-LUNA crash in 2022.
While such fear can create buying opportunities, it also reflects deep market uncertainty. After a $730 billion crypto market wipeout, the question remains: has the era of boom-and-bust cycles finally come to an end?
As we wrote, CryptoQuant warns of rising volatility in bear market
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