Global Crypto Market Cap Falls to Eight-Month Low at 2.93 Trillion Dollars

The global cryptocurrency market has dropped to its lowest level in eight months, wiping out all gains recorded since the start of the year. Fresh data from CoinGecko shows that the total market capitalization fell to about 2.93 trillion dollars late Thursday, a level not seen since April.

A Sharp Reversal From October’s Peak

The downturn is part of a broader retreat. Market capitalization is now down nearly 33 percent from its record high of roughly 4.4 trillion dollars reached in early October. It has also fallen about 14 percent since January, fueling speculation that the market may be entering a new bearish phase.

Despite the current pullback, history shows similar patterns. In April 2025, total market value bottomed at roughly 2.5 trillion dollars before recovering sharply and pushing to new highs within six months. Since March 2024, the market has largely traded within a defined range and has now returned to the middle of that band.

Macro Pressure and Investor Caution

Michaël van de Poppe, co founder of MN Trading, said Friday that short term bearish pressure may continue until the Bank of Japan announces its interest rate decision. The bank raised rates to 0.75 percent on Friday morning. Although some analysts saw this move as negative for crypto markets, Bitcoin climbed 2.3 percent shortly after the decision.