Crypto Market Cap Drops to Eight-Month Low at $2.93 Trillion

The total crypto market capitalization dropped to $2.93 trillion in late Thursday trading, its lowest point since April.

This decline erased most of this year's gains, with analysts forecasting continued downward pressure in the near term.

Bitcoin climbed 2.3% following the Bank of Japan's interest rate hike, but Michaël van de Poppe predicted a 10% to 20% cascade for Bitcoin, potentially triggering similar drops in altcoins.

Ruck, director of LVRG Research, attributed the decline to broader correction driven by macroeconomic pressures and reduced investor risk appetite, calling it an opportunity for accumulation in fundamentally strong projects.