JPMorgan analysts today noted a significant retreat in the cryptocurrency ecosystem from the highs reached after the 2024 US presidential election, amid growing concerns about the broader macroeconomic environment and risk assets.
The bank reported that the total cryptocurrency market capitalization ended February at approximately $2.74 trillion, the lowest since the election in early November 2024.
The market downturn saw popular tokens decline more than 20%, with some assets experiencing even steeper declines as prices retreated and began to show negative momentum since the start of 2025.
Despite the downward trend in asset prices, trading volumes showed resilience, with some tokens and exchanges posting month-on-month gains.
JPMorgan noted that while the regulatory and administrative landscape is evolving toward a more favorable operating environment for cryptocurrencies, macroeconomic risks have overshadowed the progress made in the U.S. on regulatory, legislative, and judicial policy clarity.
The investment bank also noted that gold retained its status as a preferred “safe haven” asset, with its price rising another 2%, while Bitcoin lost 18% in February.