2025年，Altcoin季節可能以新的且難以預測的方式形成。

儘管市場最近看到了一個簡短的Altcoin集會，但分析師認為，在發生更廣泛，更持續的轉變之前，這些迷你循環將繼續出現。

Altcoin season may be taking shape in a new and less predictable way in 2025. While the market recently saw a brief burst of activity in the altcoin sector, analysts believe these mini-cycles will continue to appear before a broader, more sustained shift occurs.

AltCoin季節可能在2025年以一種新的且難以預測的方式形成。儘管市場最近在Altcoin行業進行了短暫的活動，但分析師認為，在發生更廣泛，更持續的轉變之前，這些迷你伴侶將繼續出現。

Bitcoin dominance has dropped sharply, and altcoins have started to outperform BTC in the short term, but broader indicators suggest this rotation is still selective. Unlike past cycles, the next altcoin season could be more fragmented, favoring projects with strong fundamentals and execution.

比特幣優勢急劇下降，而山寨幣在短期內開始勝過BTC，但是更廣泛的指標表明這種旋轉仍然是選擇性的。與過去的周期不同，下一個Altcoin季節可能會更加分散，從而有利於具有強大基礎和執行的項目。

Bitcoin Dominance Drops to March Lows as Altcoins Gain Ground

隨著山寨幣獲得地面，比特幣優勢下降至三月低點

Bitcoin dominance has fallen sharply over the past six days, dropping from 65.39% to 62.5%—a decline of nearly 5 basis points and its lowest level since March 31.

在過去的六天中，比特幣的優勢急劇下降，從65.39％下降到62.5％，降低了近5個基點和自3月31日以來的最低水平。

This shift suggests that capital is beginning to flow away from Bitcoin and into altcoins, weakening BTC’s share of the total crypto market cap.

這一轉變表明，資本開始從比特幣轉移到Altcoins，削弱了BTC在總加密市值中的份額。

Bitcoin dominance tracks the percentage of the overall crypto market made up by Bitcoin. A falling dominance level often signals the start of an altcoin season, where smaller-cap tokens outperform Bitcoin.

比特幣優勢跟踪比特幣組成的整體加密市場的百分比。下降的優勢水平通常標誌著Altcoin季節的開始，在該季節中，較小的代幣優於比特幣。

A notable example occurred in late 2024, when dominance dropped from 61.1% to 55% between November 21 and December 7, sparking a broad altcoin rally. If this trend continues, altcoins could see renewed momentum in the days ahead.

一個值得注意的例子發生在2024年底，當時統治地位從11月21日至12月7日之間的61.1％下降到55％，引發了廣泛的Altcoin Rally。如果這種趨勢持續下去，AltCoins可能會在未來的日子裡看到新的動力。

According to Marcin Kazmierczak, Co-founder & COO of RedStone:

根據Redstone的聯合創始人兼首席運營官Marcin Kazmierczak的說法：

“The recent mini altseason reflects growing investor interest in altcoins, driven by or possibly resulting from falling BTC dominance. It’s possible we’ll see sustained rallies, especially as the market matures and more projects gain traction.

“最近的小季季季節反映了投資者對AltCoins的不斷增長，這是由於BTC優勢下降或可能導致的。我們可能會看到持續的集會，尤其是隨著市場的成熟和更多的項目獲得吸引力。

However, I expect that, unlike past cycles, the market will continue the trend of not all altcoins benefiting equally — projects with strong products and excellent go-to-market strategies will likely outperform, while others may struggle to maintain momentum.” – Kazmierczak told BeInCrypto.

但是，我預計，與過去的周期不同，市場將繼續趨勢的趨勢並非所有山寨幣都受益 - 擁有強大產品和出色的上市策略的項目可能會跑贏大盤，而其他人則可能難以維持動力。 ” - Kazmierczak告訴Beincrypto。

Top Altcoins Outpace Bitcoin This Week, But YTD Gap Remains Wide

本週頂級Altcoins超過比特幣，但YTD差距仍然很寬

Year-to-date, Bitcoin (BTC) continues to dominate most of the altcoin market, outperforming 11 of the top 12 altcoins. The only exception is XRP, which has posted a 23% gain this year, slightly edging out Bitcoin.

年初至今，比特幣（BTC）繼續佔據主導地位，大多數Altcoin市場表現優於前12名山寨幣中的11個。 XRP唯一的例外是，今年的收益率為23％，略微淘汰了比特幣。

This performance gap is one reason the broader market has remained in a Bitcoin-led phase, with capital largely consolidating around BTC rather than spreading evenly across the altcoin space.

這種績效差距是更廣泛的市場一直處於比特幣為主導的階段的原因之一，其資本在很大程度上圍繞BTC鞏固，而不是在Altcoin空間中均勻散佈。

However, the trend has shifted sharply in the past seven days. Despite BTC rising 7% during this period, it was outperformed by all of the top 12 altcoins—most notably by Ethereum (ETH), which jumped 43%, and Dogecoin (DOGE), which surged 36%.

但是，在過去的七天中，這種趨勢急劇變化。儘管BTC在此期間上漲了7％，但它的表現均優於所有前12個山寨幣，最著名的是以太坊（ETH），漲幅為43％，而Dogecoin（Doge）（Doge）飆升了36％。

This short-term reversal may indicate the early stages of a potential altcoin season. According to Aurelie Barthere, Principal Research Analyst at Nansen, Solana looks bullish:

這種短期逆轉可能表明潛在的山寨幣季節的早期階段。 Nansen的首席研究分析師Aurelie Barthere表示，Solana看起來看漲：

“We like SOL for strong fundamentals plus stabilizing 50-day moving average vs BTC.” – Barthere told BeInCrypto.

“我們喜歡SOL強大的基本面加上穩定50天的移動平均值與BTC。” - 巴特雷告訴Beincrypto。

If altcoins continue to sustain this momentum and outperform BTC more consistently, it could signal a broader market rotation away from Bitcoin dominance and into the altcoin sector.

如果AltCoins繼續維持這一勢頭並更加一致地勝過BTC，則可能表明，從比特幣優勢到Altcoin行業的市場旋轉更廣泛。

Altcoin Market Cap Rises, But Index Signals BTC Still Leads

Altcoin市值升高，但指數信號BTC仍然領先

The total market cap of altcoins has surged over the past week, rising from $1.07 trillion to $1.30 trillion—a significant increase signaling strong inflows into the altcoin sector.

在過去的一周中，AltCoins的總市值飆升，從10.7萬億美元增加到1.30萬億美元，這一大幅增加了山寨幣行業的大幅增長。

Despite this growth, the CoinMarketCap Altcoin Season Index has declined from 35 to 31 in the same period, showing that most altcoins are still underperforming relative to Bitcoin.

儘管有這種增長，但在同一時期，CoinMarketCap Altcoin季節指數從35下降到31個，表明大多數山寨幣相對於比特幣仍表現不佳。

This disconnect suggests that while money is flowing into altcoins, it’s not yet broad or strong enough across the top 100 assets to trigger a true altcoin season.

這種斷開連接表明，雖然資金流入山寨幣，但在前100名資產中尚未足夠廣泛或強大，無法觸發真正的Altcoin季節。

The CMC Altcoin Season Index measures whether the market is favoring altcoins over Bitcoin by analyzing the performance of the top 100 altcoins.

CMC AltCoin季節指數通過分析前100個AltCoins的性能來衡量市場是否支持Altcoin而不是比特幣。

If at least 75% of them outperform Bitcoin, it’s considered Altcoin Season; if 25% or fewer do, it’s Bitcoin Season. The index ranges from 1 to 100 and updates daily.

如果其中至少有75％的比特幣勝過比特幣，則被認為是Altcoin季節；如果25％或更少，那是比特幣季節。索引範圍從1到100，每天更新。

With the current value sitting at 31, the market remains in a Bitcoin-dominated phase, despite the rising altcoin market cap—highlighting that only a limited number of altcoins are driving the gains.

儘管目前的價值佔31，儘管Altcoin市值上升，但市場仍處於比特幣主導的階段，其中只有有限數量的Altcoins驅動了收益。