The crypto market has retreated hard since its October 2025 peak, and altcoins have absorbed most of the damage. Total3, which tracks the crypto market’s value excluding Bitcoin and Ether, has fallen about 40% from around $1.19 trillion to roughly $713 billion.
Total3 surged after the US presidential election on November 5, 2024. It climbed more than 91% and reached about $1.16 trillion by December 2024, up from around $600 billion before the move.
The rally did not hold. Total3 later slipped into the $900 billion range and kept swinging through early 2025. It briefly rebounded to about $1.13 trillion on January 18, 2025, before momentum faded again.
After months of sideways trading, Total3 set a fresh high near $1.19 trillion in October 2025. A broad sell-off followed, which pushed the gauge down to the low-$700 billion area, leaving it near its November 2024 level.
Total3 serves as a broad proxy for altcoin performance because it excludes Bitcoin and Ether. Its latest level extends a steep six-month slide, showing that selling pressure has stayed heavy across smaller tokens.
Bitcoin has also pulled back hard from its peak. Recent data shows Bitcoin closed at about $67,970 on February 20, 2026, after trading near the high-$60,000 range through the week.
The data tracked by Total3’s decline indicates Bitcoin’s downturn at more than 50% from peak to trough, with a low near $60,000 before a rebound toward $68,000.
Ether has followed the broader sell-off. CoinGecko data put ETH at about $1,946.91 on February 20, 2026, after several trading sessions near the $2,000 mark, highlighting how tightly price action has compressed after the recent decline.
The broader market data indicated Ether’s fall to about 60% from its August 2025 high near $5,000. The move has removed most of the asset’s late-cycle gains.
Sentiment indicators continue to reflect risk aversion. The Crypto Fear & Greed Index reads 14 out of 100 and classifies conditions as “Extreme Fear.” The indicators recorded a recent low of five on February 5, 2026. This level marks the lowest value shown in the index’s available history.
Market action still shows no lasting turnaround. Total3 continues to hover near $713 billion, while Bitcoin and Ether trade far below their 2025 highs, leaving much of the previous cycle’s gains wiped out.
Traders are watching whether new money returns to higher-beta altcoins or stays in larger, more liquid coins. Fear-based sentiment gauges remain weak, and price action has not confirmed a firm base yet.
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