Bloomberg: Cryptocurrencies have almost wiped out all of their year-to-date market capitalization gains in just over a month.

PANews reported on November 7th that, according to Bloomberg, cryptocurrencies have almost wiped out all of their year-to-date market capitalization gains in just over a month. CoinGecko data shows that the total market capitalization of all cryptocurrencies reached a record high of nearly $4.4 trillion on October 6th, but has since fallen 20%, bringing the asset class's year-to-date gain to just 2.5%. This market downturn began just days after reaching an all-time high, when approximately $19 billion in leveraged positions were suddenly liquidated, severely damaging market confidence, and traders showed almost no signs of betting on a rebound.

Bitcoin has fallen 8% so far this week, on track for its worst weekly performance since March. In the process, Bitcoin broke below its 200-day moving average, a closely watched support level that has held true since the 2022 bear market. While the recent sell-off has been widespread, the deepest losses have been concentrated in altcoins—smaller, more volatile tokens—which have significantly underperformed this year. “Aside from Bitcoin and Ethereum, the crypto market has been on the defensive for months,” said Augustine Fan, a partner at SignalPlus. “New money flowing into altcoins or DeFi projects has been minimal. Mainstream participation is likely to remain weak due to the lack of recent catalysts and persistent security and regulatory concerns.”