It took just over a month for cryptocurrencies to erase almost all of this year’s market value gains.
At its Oct. 6 peak, the total market value of all cryptocurrencies touched a record of nearly $4.4 trillion, but a 20% decline since then leaves asset class up a modest 2.5% for the year, according to CoinGecko data. The downturn that began with the sudden liquidation of about $19 billion in leveraged positions just days after the all-time high shattered confidence, and traders show few signs of betting on a rebound.
