Crypto Market Sinks to Pre-Election Levels Amidst Widespread Selling Pressure

The crypto market has been on a downward trend since its peak in October 2025, with altcoins bearing the brunt of the decline. Total3, which serves as a proxy for altcoin performance by excluding Bitcoin and Ethereum from its calculations, has plummeted by around 40% to approximately $713 billion. This represents a significant drop from its peak of nearly $1.19 trillion in October 2025.

According to historical data, Total3 surged after the US presidential election on November 5, 2024, climbing over 91% and reaching about $1.16 trillion by December 2024. However, this rally did not hold, and Total3 later slipped into the $900 billion range before briefly rebounding to around $1.13 trillion in January 2025.

The current market situation shows that selling pressure has remained high across smaller tokens, resulting in a steep six-month decline for Total3. Bitcoin and Ethereum have also experienced significant price drops, with Bitcoin trading at around $67,970 on February 20, 2026, down from its peak near the high-$60,000 range, and Ether priced at about $1,946.91, having fallen by over 60% from its August 2025 high.

Market sentiment remains in extreme fear, with the Crypto Fear & Greed Index reading 14 out of 100, classifying conditions as 'Extreme Fear.' The indicators recorded a recent low of five on February 5, 2026, marking the lowest value shown in the index's available history. As a result, traders are closely watching whether new money returns to higher-beta altcoins or remains in larger, more liquid coins.