The cryptocurrency market capitalization has retreated to levels last seen in early November, when Donald Trump’s election victory triggered a significant breakout beyond a critical resistance zone.

Bitcoin (BTC) has climbed back to nearly $80,000 after briefly dipping below $75,000 on Monday. This recovery sparked a broader rally, lifting the prices of other major cryptocurrencies.

Dogecoin (DOGE), BNB (Binance’s native token), XRP, and Cardano’s ADA all gained as much as 10%, helping to alleviate some of the losses incurred over the past 24 hours. The CoinDesk 20 index, which tracks the top 20 cryptocurrencies, also added close to 9%.

In broader market terms, the crypto market cap has dropped to levels resembling those seen in early November, when Trump’s win ignited a rally that pushed the market value past a resistance level that had previously limited growth.

In traditional equity markets, speculation about a potential tariff respite led the S&P 500 to soar over 7% on Monday, although most of those gains were quickly reversed after the White House called the reports “fake news.”

Meanwhile, over $1.2 billion worth of crypto-related futures were liquidated on Monday as key digital assets plummeted by more than 20%, setting the stage for a bounce as traders closed short positions and unwound excessive selling, as reported by CoinDesk.

With many traders looking to Bitcoin for signs of market stability, there remains caution due to the ongoing uncertainty surrounding global trade tensions.

“We remain hopeful that Bitcoin may attract investors seeking safe havens, especially if it demonstrates strength relative to traditional assets during a potential short-term recovery phase,” said Jupiter Zheng, partner at HashKey Capital, in a message to CoinDesk via Telegram. “Bitcoin has seen declines but has generally remained more stable compared to other assets.”

According to Alex Kuptsikevich, chief market analyst at FxPro, while a rebound is underway, the market may still be “emotionally oversold,” and the conditions necessary for a full reversal are not yet in place.

“Crypto sentiment is deep in the extreme fear zone at 23, significantly higher than what we’re seeing in traditional markets,” Kuptsikevich said in an email. “This suggests that the current sell-off is more organized, which could make it more dangerous for investors.”