Cryptocurrency market capitalization evaporated by 300 billion dollars in a week. Analysts doubt whether prices can break new records again this year.

This week, the cryptocurrency market continued to fluctuate, with a total market value evaporating by about $300 billion, and market sentiment dropping to the lowest point since early summer. At the time of writing, the second largest token Ethereum fell by 9.95% over the past seven days, breaking the $4000 mark, with traders generally considering this level as a key support for Ethereum. Bitcoin, on the other hand, fell by over 5% this week, marking the biggest drop since March. Samer Hasn, senior market analyst at asset brokerage platform XS.com, pointed out that the continued downward pressure was due to a lack of sufficient buying power to defend prices after a large-scale liquidation wave on Monday. The long liquidation on Friday further weakened market confidence, while the overall market adjustment amplified the cautious tone. Earlier this week, over $1.6 billion in long positions were liquidated, causing panic among investors. According to CoinGlass, the cryptocurrency market saw another total liquidation of $511 million on Friday.