The crypto market has retracted most of the gains made during the 2024-2025 pump that kicked off after the 2024 elections in the United States, and has lost about 40% of its value from the peak recorded in October 2025.

The Total3 Market Cap, a metric tracking the market capitalization of the entire crypto market, excluding Ether ETHUSD and Bitcoin BTCUSD, surged by over 91% immediately following the outcome of the US Presidential election on November 5, reaching a high of $1.16 trillion by December 2024.

For context, the Total3 Market Cap was about $600 billion directly before the 2024 US election pump.

The market then fell to the $900 billion range, with price whipsawing until January 2025, when the Total3 briefly climbed back up to…