This market cap at the moment is more than 3 times bigger than the market cap before one year.
The bull run from the end of last year and the begining of this year was connected with wall street.
The situation in the moment is almost stable around $ 450 B which should represent the real situation regarding the market.
Yes, there are a lot of people on the sidelines waiting for new bull run, which I think will happen in the late april/may.
You could check coin market cup movement for the market cap of the market for the past years and see the trend. The fall in february was predictable, if you were comparing the data from the last years. Also, the bad news that came up in februrary...everything was driving in that way.
For me, the market cap will gain new possitions and probably by the end of the year will reach again $ 800 B or even more...