Author: Ciaran Lyons, CoinTelegraph; Compiled by: Deng Tong, Golden Finance

A cryptocurrency hedge fund manager said that after the entire cryptocurrency market plummeted on the daily chart, traders may have More time to take advantage of buying opportunities this cycle.

Syncracy Capital co-founder Daniel Cheung said in a Dec. 9 People expected it to be much longer."

Cheung said that during this cycle, traders have shifted to a "short-term" trading mentality and "continuously seek to take profits." . The total cryptocurrency market capitalization fell 5.41% to $3.44 trillion over the past 24 hours, according to CoinMarketCap.

Cryptocurrency analysis firm Santiment highlighted in a Dec. 9 X post that several altcoins that had surged since October “plummeted today.”

Among the top 100 cryptocurrencies, the biggest decliners in 24 hours were Kaia (KAIA), down 31.3%; Stellar, down 28.3%; and Flare, down 26.9%.

Santiment said that if retail traders "react out of fear" and sell cryptocurrencies too quickly, it could trigger an aggressive recovery.

“Assets such as TRX, AVAX, DOT, ICP, POL, FIL and TIA are expected to rebound quickly.”

Pav Hundal, Chief Analyst, Swyftx noted that the overall crypto market pullback “looks like a blip,” adding:

“Prior to the crash, traders were heavily buying leveraged longs. Once spot market liquidity disappeared, they Trapped."

He added: "Leveraged bulls have experienced the equivalent of a market extinction event over the past 24 hours."

In the past 24 hours, according to CoinGlass. Around $1.58 billion in long positions were liquidated within the hour across the cryptocurrency market.

$1.58 billion in long positions were liquidated in the cryptocurrency market in the past 24 hours. Source: CoinGlass

Cheung said, "Timing the market is extremely difficult."

"In previous cycles, participants were mostly A hold and buy the dip mentality,” he said.

“The reality is that timing the market is extremely difficult and the fact that so many people now believe they can predict the ‘top’ for crypto leads me to believe that this uptrend for crypto will be much longer than expected ," Cheung said.

Bitfinex analysts recently said that in the short term, Bitcoin's price decline may not be as deep as last week's 10% plunge, as selling pressure has eased significantly after Bitcoin topped six figures for the first time.

Bitfinex analysts said on December 9: "With actual profits and seller pressure falling so much, we can expect future declines to be less sudden than last week."