Crypto market cap falls to 8-month low, analysts see more pain ahead

The total crypto market cap fell to $2.93 trillion, its lowest since April, erasing yearly gains as analysts anticipated further declines.

The total crypto market capitalization has fallen to an eight-month low, wiping out all gains this year, as analysts remain bearish in the short-term.

Total market capitalization fell to $2.93 trillion in late trading on Thursday, its lowest level since April, according to CoinGecko.

The total market value of crypto has declined by around 33% since its all-time high of around $4.4 trillion in early October and is down almost 14% since the beginning of this year, prompting many analysts and observers to claim the bear market is underway.

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