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The cryptocurrency market has experienced a significant downturn, with several indices retracing their post-U.S. election gains.
According to The Block’s Data & Insights newsletter, the GMCI indices, which track various sectors of the crypto market, have shown a bearish trend, with many indices, including the GML2, GMMEME, GMDEPIN, GMGM, GMAI, GMSMALL, GMMID, GMSOL, and GMSOLMEME, returning to their pre-election levels.
Notably, the GMMEME and GMAI indices have plunged nearly 60% and 56%, respectively, from their December 2024 peaks. This decline reflects a broader market correction, with similar drawdowns observed across the mentioned indices.
In contrast to this widespread decline, the GMUSA and GMDEFI indices have shown relative resilience. The GMUSA index, which includes cryptocurrencies like SOL, XRP, DOGE, ADA, LINK, LTC, and XLM, is down 29% from its January 2025 peak. These tokens represent protocols with a legal entity based in the United States.
The GMDEFI index, which comprises DeFi tokens such as LINK, OM, UNI, ONDO, AAVE, and MKR, has also fared relatively better, down 38% since its December peak. The outperformance of these indices is attributed to the protocols’ potential benefits from a pro-crypto government administration in the U.S.
The broader GM30 index, representing the top 30 cryptocurrencies, has also outperformed the market to some extent, with a 24% decline from its December peak. However, this performance is primarily due to the stability in prices of BTC, XRP, and BNB, which have maintained their levels since December. Other altcoins included in the index have not fared as well.
This market trend underscores the ongoing altcoin annihilation, with the TOTAL2 index falling 28% since its early December 2024 peak. Meanwhile, BTC has seen a modest decline of 6% from the TOTAL2’s peak, and the BTC dominance index, BTC.D, has risen by 13% in the same period, indicating a flight to the relative safety of Bitcoin amidst the market’s volatility.
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