The cryptocurrency market capitalization has lost more than a trillion US dollars since November 8, 2021 when it reached 3.1 trillion US$. Now, the market capitalization is less than 2 trillion US$.
It is my opinion that the main cause for this is the fact that the the Federal Reserve is changing monetary policy due to the inflationary pressures. Stock prices are also being affected by this. Investors are selling and taking the dollars to less risky markets.
Cryptocurrency has seen wilder swings in values, so this crash is not entirely unexpected.