The cryptocurrency market sentiment sharply reversed and plummeted, with the market value increase for the year almost completely turning into a bubble in just one month.

Cryptocurrencies have wiped out almost all of the market value gains recorded so far this year in just over a month. According to data from CoinGecko, the total market value of all cryptocurrencies reached a historic peak of nearly $4.4 trillion on October 6, but a subsequent 20% drop reduced the year-to-date gain to only 2.5%. In the days following the record market value, a sudden sell-off of approximately $19 billion in leveraged positions triggered this round of declines, completely shattering market confidence. Traders have shown little sign of betting on a rebound.