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…