there is a global financial crisis that is more likely to happen this year that is why stockmarket and even crypto capitalization is affected by this crash in economy. i dont think that solely the stockmarket is the reason of fall in total market capitalization in crypto.
I think no because stock markets have also gotten the value depreciated and the margin of profits in the stock market has been down as well. There are many reasons for this fall prominent among which is the imposition of duty and taxes and the banning of crypto by some countries.