加密货币市场正在经历一段动荡时期，而Altcoins似乎还不是重新获得12月的峰值。

分析师马修·海兰德（Matthew Hyland）表示，我们可能不得不等到四月甚至更长的时间才能目睹完全康复。

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.

加密货币市场继续经历动荡，而AltCoins距离再次达到十二月的高峰似乎还有很长的路要走。分析师马修·海兰德（Matthew Hyland）表示，我们可能不得不等到四月甚至更长的时间才能目睹完全康复。

A pressured crypto market: liquidations and uncertainties

压力的加密市场：清算和不确定性

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，加密货币市场经历了其历史上最大的清算活动之一。在24小时内清算了超过22.4亿美元，将山寨币跌入螺旋式下降。

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）首席执行官本·周（Ben Zhou）甚至认为，实际数字可以达到8至100亿美元。这些大规模的清算是由美国前总统唐纳德·特朗普（Donald Trump）的关税威胁引发的，营造出一种不确定性和恐慌的氛围。

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.

在危机时期，比特币通常被视为避风港，但没有幸免。 2月3日，它低于100,000美元的心理障碍，降至92,584美元，这是自1月下旬以来的最低水平。

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.

尽管它短暂地反弹，但其价格仍然波动，反映了加密投资者的神经。这种下降也影响了替补币，这些山币正在努力恢复。

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.

马修·海兰德（Matthew Hyland）指出，这些事件让人想起过去的危机，例如2020年的危机，当时市场花了几个月的时间才能恢复。 COVID-19大流行在一天之内导致比特币下降了47％，随后在几个月内逐渐恢复。今天似乎正在塑造类似的情况。

Lessons from the past: patience and caution

过去的教训：耐心和谨慎

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.

加密市场的先前周期为理解当前情况提供了宝贵的见解。 2020年，在大流行的最初冲击之后，旗舰加密货币花了五个月才达到稳定的水平，最终在八月份超过了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.

同样，在2022年，Terra的崩溃和FTX的破产导致了持久的中断，需要在恢复正常之前进行数月的合并。

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.

海兰德强调，快速恢复不可能。他解释说：“即使是2020年的V形恢复，也花了数周的时间在上升之前进行了数周的倾角。”

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.

该观点敦促投资者采用患者和测量方法。山寨币通常比比特币更波动，可能需要更多的时间才能再次达到高峰。

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，这个合并时期不一定是坏消息。它使加密货币市场能够摆脱过多，并为更可持续的增长奠定基础。对于精明的投资者来说，鉴于未来的反弹，这也是一个以有吸引力的价格积累资产的机会。 Dogecoin是其中的一部分吗？这些数据充满希望。

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