加密貨幣市場正在經歷一段動盪時期，而Altcoins似乎還不是重新獲得12月的峰值。

分析師馬修·海蘭德（Matthew Hyland）表示，我們可能不得不等到四月甚至更長的時間才能目睹完全康復。

The crypto market continues to experience turbulence, and altcoins still seem a long way from reaching their December peaks again. According to analyst Matthew Hyland, we will likely have to wait until April, or even longer, to witness a full recovery.

加密貨幣市場繼續經歷動盪，而AltCoins距離再次達到十二月的高峰似乎還有很長的路要走。分析師馬修·海蘭德（Matthew Hyland）表示，我們可能不得不等到四月甚至更長的時間才能目睹完全康復。

A pressured crypto market: liquidations and uncertainties

壓力的加密市場：清算和不確定性

On February 3rd, the crypto market experienced one of the largest liquidation events in its history. Over $2.24 billion was liquidated in 24 hours, plunging altcoins into a downward spiral.

2月3日，加密貨幣市場經歷了其歷史上最大的清算活動之一。在24小時內清算了超過22.4億美元，將山寨幣跌入螺旋式下降。

Ben Zhou, CEO of Bybit, even believes the actual figure could reach $8 to $10 billion. These massive liquidations were triggered by the threats of tariffs from former U.S. President Donald Trump, creating an atmosphere of uncertainty and panic.

拜比特（Bybit）首席執行官本·週（Ben Zhou）甚至認為，實際數字可以達到8至100億美元。這些大規模的清算是由美國前總統唐納德·特朗普（Donald Trump）的關稅威脅引發的，營造出一種不確定性和恐慌的氛圍。

Bitcoin, often seen as a safe haven in times of crisis, was not spared. On February 3rd, it fell below the psychological barrier of $100,000, dropping to $92,584, its lowest level since late January.

在危機時期，比特幣通常被視為避風港，但沒有倖免。 2月3日，它低於100,000美元的心理障礙，下降到92,584美元，這是自1月下旬以來的最低水平。

Although it briefly rebounded, its price remains volatile, reflecting the nerves of crypto investors. This drop has also affected altcoins, which are struggling to recover.

儘管它短暫地反彈，但其價格仍然波動，反映了加密投資者的神經。這種下降也影響了替補幣，這些山幣正在努力恢復。

Matthew Hyland points out that these events are reminiscent of past crises, such as the one in 2020, when the market took several months to recover. The COVID-19 pandemic had caused a 47% drop in Bitcoin in one day, followed by a gradual recovery over several months. A similar scenario seems to be shaping up today.

馬修·海蘭德（Matthew Hyland）指出，這些事件讓人想起過去的危機，例如2020年的危機，當時市場花了幾個月的時間才能恢復。 COVID-19大流行在一天之內導致比特幣下降了47％，隨後在幾個月內逐漸恢復。今天似乎正在塑造類似的情況。

Lessons from the past: patience and caution

過去的教訓：耐心和謹慎

Previous cycles of the crypto market offer valuable insights for understanding the current situation. In 2020, after the initial shock of the pandemic, the flagship crypto took five months to reach a stable level, finally surpassing $11,000 in August.

加密市場的先前週期為理解當前情況提供了寶貴的見解。 2020年，在大流行的最初衝擊之後，旗艦加密貨幣花了五個月才達到穩定的水平，最終在八月份超過了11,000美元。

Similarly, in 2022, the collapse of Terra and the bankruptcy of FTX led to lasting disruptions, requiring months of consolidation before a return to normal.

同樣，在2022年，Terra的崩潰和FTX的破產導致了持久的中斷，需要在恢復正常之前進行數月的合併。

Hyland emphasizes that a quick recovery is unlikely. “Even a V-shaped recovery, like that of 2020, took weeks with numerous dips before rising,” he explains.

海蘭德強調，快速恢復不可能。他解釋說：“即使是2020年的V形恢復，也花了數週的時間在上升之前進行了數週的傾角。”

This perspective urges investors to adopt a patient and measured approach. Altcoins, often more volatile than Bitcoin, could take even more time to reach their peaks again.

該觀點敦促投資者採用患者和測量方法。山寨幣通常比比特幣更波動，可能需要更多的時間才能再次達到高峰。

However, this period of consolidation is not necessarily bad news. It allows the crypto market to shed excesses and lay the groundwork for more sustainable growth. For savvy investors, it is also an opportunity to accumulate assets at attractive prices, in view of a future rebound. Is Dogecoin part of it? These data are hopeful.

但是，這個合併時期不一定是壞消息。它使加密貨幣市場能夠擺脫過多，並為更可持續的增長奠定基礎。對於精明的投資者來說，鑑於未來的反彈，這也是一個以有吸引力的價格積累資產的機會。 Dogecoin是其中的一部分嗎？這些數據充滿希望。

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