Crypto market cap hits 8-month low amid correction fears

The total cryptocurrency market capitalization has fallen to an eight-month low, raising the possibility of further short-term corrections, Cointelegraph reports. According to data from Coingecko, the market cap is now $2.93 trillion, down approximately 33% from its peak in early October. Crypto analyst Michaël van de Poppe suggested that if BTC declines further into a sell-off, altcoins could face an additional correction of 10% to 20%. Conversely, blockchain analytics firm Santiment noted that market sentiment remains at a level of extreme fear. The firm observed that historically, strong pessimism among retail investors has often served as a signal for a market rebound.