The global cryptocurrency market has lost more than half of its value since reaching a record high eight months ago, according to new research published by The Kobeissi Letter.

The total crypto market capitalization peaked at $4.3 trillion on October 6, 2025. As of this week, it has fallen to approximately $2 trillion, representing a decline of 54% over 261 days.

Based on those figures, the market has shed an average of $8.8 billion in value per day since the peak.

The sharp decline has fueled renewed debate among investors about the sector’s outlook. Some traders on X said the cryptocurrency market lacks a strong catalyst to drive a sustained recovery, although those views reflect market sentiment rather than confirmed forecasts.

The report also highlighted growing expectations of further weakness in Bitcoin.

According to the research, markets are now pricing in a 64% probability that Bitcoin will trade below $50,000 at some point in 2026. The probability of the cryptocurrency falling below $45,000 has also risen to 46%.

Bitcoin remains the world’s largest cryptocurrency by market value and often sets the direction for the broader digital asset market.

The latest figures underscore the scale of the downturn, with the cryptocurrency market having lost more than $2.3 trillion in value since its all-time high in October last year.