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.

Van de Poppe warned that Bitcoin could still break lower within twenty four hours and drag alternative coins down by 10 to 20 percent before a possible rebound.

Nick Ruck, Research Director at LVRG, told Cointelegraph that the latest market wide decline reflects macro pressure and reduced appetite for risk. He added that ongoing volatility may create opportunities for investors who focus on strong fundamental projects.

Sentiment Turns Fearful Again

Blockchain analytics platform Santiment reported that crypto market sentiment returned to fear levels on Friday. Social media activity shifted sharply toward pessimistic commentary after a rapid intraday swing that pushed Bitcoin up to 90,200 dollars before dropping back toward 84,800 dollars.

Santiment noted that past market cycles show a clear pattern. When retail investors push a negative narrative more aggressively than a positive one, it often becomes a contrarian signal.

The Fear and Greed Index has now fallen to 16. This reflects severe fear and marks the lowest reading since early November.