The crypto market cap fell to $2.93 trillion in late trading on Thursday, marking its lowest level since April, according to CoinGecko. The total crypto market cap also erased its gains for 2025, as the broader crypto market capitalization moved deeper into a pullback.
CoinGecko data showed the crypto market cap dropped about 33% from its earlier peak near $4.4 trillion in early October. The report also put the year-to-date decline at almost 14%, based on the latest total crypto market cap reading.
Earlier in the year, the crypto market cap hit a 2025 low of $2.5 trillion on April 9 before it recovered and later reached fresh highs about six months later. After that rebound, the crypto market capitalization stayed range-bound, and it has now returned to the middle of that long-running band.
Crypto market cap slides from $4.4T peak as CoinGecko tracks the pullback
CoinGecko’s estimate placed the crypto market cap at $2.93 trillion, and it described the move as the lowest point since April. As a result, the total crypto market cap moved back toward levels seen earlier in the year.
The report said the crypto market capitalization has traded inside a broad range since March 2024. Now, the renewed decline pulled the crypto market cap back into that same zone.
Several analysts focused on the short-term trend after the crypto market cap broke lower. MN Fund co-founder Michaël van de Poppe said on Friday that the market could face more short-term pressure until the next macro signal clears.
Bank of Japan rate hike and Bitcoin BTC move as Santiment flags fear
The report linked the short-term pressure to macro conditions, including a Bank of Japan rate hike. Japan’s central bank raised rates to 0.75% on Friday morning, according to the same report.
At the same time, Bitcoin BTC moved higher, even as the crypto market cap stayed weak. The report showed BTC at $86,894, up 2.3%, after the Bank of Japan decision.
Van de Poppe described the downside risk in his own terms.
“Wouldn’t be surprised if BTC continues to cascade and gets itself into a form of capitulation in the next 24 hours, as the trend clearly is down,”
Michaël van de Poppe said. He added,
“That would mean -10/20% move on altcoins, which then should be bouncing quite quickly.”
Another market voice tied the move to risk appetite. Nick Ruck, director of LVRG Research, told Cointelegraph the decline in crypto market capitalization “reflects a broader correction driven by macroeconomic pressures and reduced risk appetite among investors.” He also said, “While short-term volatility persists, this pullback presents potential accumulation opportunities in fundamentally strong projects as the sector continues to mature and attract institutional capital.”
On sentiment, Santiment reported on Friday that fear dominated social commentary again.
“Commentary is mainly showing fear after Bitcoin bounced to $90.2K yesterday, and then quickly retraced to $84.8K,”
Santiment said. The report also noted the Fear and Greed Index sat at 16, labeled “extreme fear,” and it said the index has stayed below 30 since early November.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: December 19, 2025 • 🕓 Last updated: December 19, 2025
