(qlmbusinessnews.com . Sun 22nd Feb, 2026) London, UK —
From Bull to Bear: UK's Cryptocurrency Market Erases 2024 Election Gains
The UK's crypto market witnessed a seismic downturn in October, erasing the bullish momentum and deeply affecting investor confidence.
Crypto Market Wipes Out Majority of Post-US Election Surge Gains
The UK's cryptocurrency market has surrendered most of the impressive gains it recorded in the wake of the 2024 US presidential elections, witnessing a steep decline of around 40% from its October 2025 zenith.
The Total3 Market Cap, an indicator that evaluates the market capitalisation of the entire crypto sphere barring Ether (ETH) and Bitcoin (BTC), which stood at $1.16 trillion in December 2024 following a 91% surge post-election, has considerably retracted. Before this surge, triggered by the election results announced on November 5, 2024, the Total3 Market Cap hovered around $600 billion.
In the aftermath of the election and leading into early 2026, the crypto market saw its value fluctuate, with the Total3 Market Cap experiencing a temporary resurgence to $1.13 trillion on January 18, 2025, just ahead of Donald Trump's inauguration. Despite this, the market's momentum was short-lived, and after several months of sideways trading, a catastrophic drop in October 2025 upended the prolonged bullish trend in the sector.
As of now, the Total3 Market Cap is approximately $713 billion, essentially returning to its pre-election pump levels, with the future recovery of the market remaining uncertain.
Bitcoin and Ether, two crypto market stalwarts, have also seen significant retractions from their highs, with Bitcoin dropping over 50% from its peak, briefly dipping to $60,000 before a marginal climb back to around $68,000. Similarly, Ether's value tumbled by 60% from a high of nearly $5,000 in August 2025.
The prevailing mood among crypto investors is distinctly bearish, with the Fear and Greed Index, a gauge of market sentiment, indicating ‘extreme fear' at a current rating of 14, as per CoinMarketCap data. This downturn marks a notable shift in the crypto landscape, highlighting the volatile nature of digital currencies and the impact of geopolitical events on market dynamics.
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