Crypto Market Drops 40 Percent Since October Peak

The post-election rally in the US was short-lived. Less than a year after the November 2024 presidential election, the crypto market has erased almost all the gains accumulated in its wake. Driven by a spectacular surge in altcoins, the sector peaked in October 2025 before sharply giving up ground. Since this peak, capitalization has fallen by about 40 %, ending a bullish momentum that seemed firmly established. The electoral cycle ultimately did not fulfill its promises.

Broken bullish momentum after electoral euphoria

The bullish sequence started immediately after the US presidential election on November 5, 2024.

The Total3 Market Cap indicator, which measures the total crypto market capitalization excluding Bitcoin and Ether, then experienced a spectacular increase of more than 91%. The main stages of this phase are as follows :

• Before the election : about 600 billion dollars ;
• In December 2024 : a peak at 1,160 billion dollars ;
• The correction phase to the 900 billion dollar area ;
• On January 18, 2025 : rebound to 1,130 billion dollars, two days before Donald Trump’s inauguration;
• In October 2025: new peak at 1,190 billion dollars ;
• After the October 2025 crash: back to 713 billion dollars.

This trajectory shows a rapid rise fueled by the American political context, followed by a sharp reversal. The crash that occurred in October 2025 ended the bullish structure that had prevailed since the election. Currently, the Total3 is trading at a level comparable to that of November 10, 2024, meaning the post-election rally has almost entirely disappeared.

A widespread correction on the main crypto assets

Beyond the altcoins, the main cryptos also suffered marked corrections. Bitcoin lost more than 50 % between its peak and its low during the retracement phase, dropping to around 60,000 dollars before modestly rebounding to 68,000 dollars.

Meanwhile, Ether fell about 60 % from its all-time high near 5,000 dollars reached in August 2025. These movements reflect a widespread contraction in the market, affecting both major assets and more speculative segments.

The psychological climate reflects this tension. The Fear & Greed index shows a level of 14, signaling extreme fear. On February 5, the indicator even fell to 5, the lowest level ever recorded. Such a level of fear, rarely seen, reveals the current fragility of investor sentiment.

In this context, the market finds itself at a delicate balance point. The disappearance of gains related to the US electoral cycle raises the question of the strength of recent bullish drivers. Between technical retreat, investor distrust and lack of a sustainable recovery, the crypto sector enters a phase of observation where rebuilding confidence could prove critical for the coming months.