Crypto market cap has halved since Sept. 2025 rally, data shows

According to data from CryptoRank, the total cryptocurrency market capitalization has been cut in half since the rally in September 2025, falling from $4.21 trillion to $2.1 trillion. Over the same period, the market share of stablecoins has nearly doubled, rising from 7.56% to 15%, an increase of approximately 98%. However, the total supply of stablecoins grew by only 10.6%, from $285.6 billion to $316 billion. CryptoRank explained that the increased market share for stablecoins is not due to new issuance but is instead attributable to the broad decline across the crypto market and the resulting contraction in its overall size.