Crypto Market Cap Hits Lowest Since 2024

Total crypto market capitalization fell 12.6%, or $304.8 billion, in the second quarter of 2026, closing the period at $2.1 trillion, according to CoinGecko's 2026 Q2 Crypto Industry Report.

It was the market's third straight quarterly decline and its lowest level since September 2024, roughly 52% below October 2025's peak.

Bitcoin fell 14.2% over the quarter, while Ethereum dropped 25.4%, according to the report. Average daily trading volume across the market declined 20.9% quarter-on-quarter to $93.1 billion. 

CoinGecko noted that April ranked among the year's strongest months before momentum reversed, with the steepest losses concentrated in June, following the combination of factors: increased ETF outflows, a hawkish Federal Reserve stance, fluctuating US-Iran tensions, and a symbolic Bitcoin sale by Strategy.

Source: CoinGecko

The stablecoin sector shrank by $4.8 billion, or 1.6%, ending Q2 at $305.1 billion — its first quarterly decline since Q3 2023. 

Circle's USDC posted the sector's largest outflow, falling 4.8% to $73.5 billion. Tether's USDT held roughly steady, rising 0.2% to $184.4 billion and lifting its market share to 60%. 

Sky's USDS fell 16.4% and Ethena's USDe dropped 24.4%, which CoinGecko attributed to yield compression below the risk-free rate.

Source: CoinGecko

Spot trading volume on the top 10 centralized exchanges fell 27.9% to $1.95 trillion, hitting a monthly low of $619 billion in May before recovering to $695 billion in June.

 Binance retained a 38.7% market share, while MEXC's volume more than halved, dropping it from second to seventh among exchanges. Perpetual futures volume fell 10%, from $14.1 trillion in Q1 to $12.7 trillion in Q2.

Meanwhile, prediction markets moved against the broader trend, with notional volume growing 48.7% to $113.8 billion, driven by major sporting events. 

Kalshi's share rose from 42.4% to 58.9%, while Polymarket's fell from 35.8% to 30.2%. Rothera, a joint venture between Robinhood and Susquehanna International Group launched in May, reached fourth place by June with $2.1 billion in volume.

Hyperliquid's HYPE token broke into the top 10 cryptocurrencies by market cap during the quarter, a move CoinGecko linked to new ETF products, prediction market activity, and a partnership with Coinbase. 

Tokenized collectibles volume also climbed, rising to $406 million in June from $97 million in January, with Collector Crypt capturing 62.8% of the segment.

A third straight quarter of market cap decline signals sustained risk-off sentiment across crypto, even as pockets of growth in prediction markets and select altcoins point to shifting, rather than uniformly shrinking, investor activity.

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