Crypto market gives back nearly all 2024–25 gains

The crypto market has given back most gains made during the 2024–2025 pump that followed the 2024 U.S. election, losing about 40% from the October 2025 peak. The Total3 Market Cap — which tracks the market capitalization of the crypto market excluding Bitcoin and Ether — rose more than 91% after the November 5, 2024 election, reaching $1.16 trillion by December 2024 from roughly $600 billion before the pump.

The index slipped into the $900 billion range and traded choppily until January 2025, when it briefly climbed to $1.13 trillion on January 18, two days before Donald Trump’s inauguration. Markets then traded sideways for much of 2025 but pushed to a fresh high near $1.19 trillion in October 2025, only to be followed by a historic crash that ended the structural uptrend.

At the time of publication the Total3 Market Cap sits around $713 billion, roughly the same level as on November 10, 2024, with no clear sign of sustained recovery.

United States

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