山寨幣季節仍未到來，市場情緒停滯不前

山寨幣季節指數目前為 35，顯示山寨幣的熊市仍在持續。以太坊的成長乏力和網路規模為市場反彈帶來了挑戰。儘管人們預期山寨幣季節即將到來，但近幾個月來，只有少數前 50 名山寨幣的表現超過了比特幣。

Altcoin Season Remains Elusive as Market Sentiment Fails to Align

由於市場情緒未能協調一致，山寨幣季節仍難以捉摸

The long-anticipated "altcoin season," a period when cryptocurrencies other than Bitcoin (BTC) are expected to outpace BTC, has yet to materialize. As of the most recent data, the Altcoin Season Index stood at 35, a far cry from the 75 threshold required to signal the start of an altcoin rally.

人們期待已久的「山寨幣季節」尚未成為現實，即比特幣 (BTC) 以外的加密貨幣預計將超過 BTC。截至最新數據，山寨幣季節指數為 35，與表明山寨幣反彈開始所需的 75 門檻相去甚遠。

Depressed Altcoins Hamper Recovery

山寨幣低迷阻礙復甦

The tepid performance of altcoins is largely attributed to their inability to maintain momentum over the past 90 days. While some altcoins have shown signs of resurgence, a majority of the top 50 cryptocurrencies by market capitalization have underperformed BTC. This lack of broad-based strength has prevented altcoins from collectively outperforming BTC and triggering an altcoin season.

山寨幣表現不溫不火很大程度上歸因於它們在過去 90 天內無法保持勢頭。儘管一些山寨幣已顯示出復甦的跡象，但市值排名前 50 名的加密貨幣中的大多數表現均遜於 BTC。由於缺乏廣泛的實力，山寨幣無法整體超越 BTC 並引發山寨幣季節。

Ethereum's Slow Pace a Hindrance

以太坊的緩慢步伐是一個障礙

The lackluster growth and network size of Ethereum (ETH), the second-largest cryptocurrency after BTC, is another factor hindering an altcoin rally. In 2021, Ethereum's surging price played a pivotal role in driving up the prices of many altcoins. However, ETH has failed to replicate its previous performance, and its current slow growth may weigh down the altcoin market.

繼比特幣之後的第二大加密貨幣以太坊（ETH）的成長乏力和網路規模是阻礙山寨幣上漲的另一個因素。 2021年，以太幣價格飆升，對眾多山寨幣價格上漲起了關鍵作用。然而，ETH 未能複製先前的表現，其目前的緩慢成長可能會給山寨幣市場帶來壓力。

Low Demand and Network Growth Dampen Sentiment

需求低迷和網路成長削弱了市場情緒

A key indicator of altcoin season is rising demand for ETH. However, the current demand for ETH remains low, as evidenced by the declining number of new addresses joining the Ethereum network. This lack of adoption suggests that the market is not yet ready for a broad-based altcoin rally.

山寨幣季節的關鍵指標是對 ETH 的需求不斷增長。然而，目前對 ETH 的需求仍然很低，加入以太坊網路的新位址數量下降就證明了這一點。這種缺乏採用表明市場尚未準備好迎接廣泛的山寨幣反彈。

Volume Levels Raise Concern

音量水平引起關注

While the recent uptick in ETH volume is a positive sign, it remains below the levels seen at the start of ETH's previous bull run. Low volume may hamper sustained price increases for altcoins over the next few weeks.

雖然最近 ETH 交易量的上升是一個積極的信號，但它仍低於 ETH 上一次牛市開始時的水平。成交量低可能會阻礙未來幾週山寨幣價格的持續上漲。

Altcoins Face an Uphill Battle

山寨幣面臨一場艱苦的戰鬥

Given the current market conditions, an altcoin season appears unlikely in the near term. Altcoins may need to look beyond Ethereum for momentum and find their own catalysts to drive a sustained rally. Until then, altcoin investors face an uphill battle against the depressed market sentiment and the challenges posed by the slow-moving ETH network.

鑑於當前的市場狀況，短期內似乎不太可能出現山寨幣季節。山寨幣可能需要在以太坊之外尋找動力，並找到自己的催化劑來推動持續反彈。在那之前，山寨幣投資者將面臨一場艱苦的戰鬥，應對低迷的市場情緒和緩慢發展的 ETH 網路帶來的挑戰。

Conclusion

結論

The elusive altcoin season continues to disappoint investors as altcoins remain locked in a prolonged downturn. The Altcoin Season Index remains far from signaling a rally, and Ethereum's slow growth and low demand are dampening market enthusiasm. While altcoins may eventually experience a resurgence, investors should temper their expectations for the immediate future and prepare for a potentially extended period of subdued altcoin performance.

由於山寨幣仍處於長期低迷狀態，難以捉摸的山寨幣季節繼續令投資者失望。山寨幣季節指數仍遠未發出反彈訊號，而以太坊的緩慢成長和低需求正在削弱市場熱情。雖然山寨幣最終可能會復甦，但投資者應該調整對不久的將來的預期，並為山寨幣表現可能長期低迷做好準備。