It's worth noting that if you look at the global market cap chart for cryptocurrencies in log scale it's far less dramatic and still holds the uptrend.
A log scale chart is plotted in such a way that two equivalent percent changes are represented by the same vertical distance on the scale, regardless of what the price of the asset is when the change occurs.
Many professionals use logarithmic charts because it helps them see how big moves are not on an absolute dollar basis, but on a percentage basis. Linear charts can be a bit distorted, especially when assets are fast moving... like crypto.
So rest assure... we are still in a bull market if you use log scale.