隨著數字資產的法規繼續改善，Altcoins可能會在2025年第二季度復活

Sygnum在其第二季度的2025年投資前景中表示，該空間已“明顯改善”的加密用例法規，為強大的Alt部門集會創造了基礎。

As digital asset regulations continue to improve, we may see a resurgence of altcoins in the second quarter of 2025, according to Swiss bank Sygnum.

根據瑞士銀行Sygnum的數據，隨著數字資產法規的不斷改善，我們可能會在2025年第二季度看到Altcoins的複興。

In its Q2 2025 investment outlook, Sygnum said the space has seen “drastically improved” regulations for crypto use cases, setting the stage for a strong second-quarter rally in the alt-sector. However, it added that “none of the positive developments have been priced in.”

Sygnum在其第二季度的2025年投資前景中說，該空間已看到加密貨例案例的“大幅改進”法規，為Alt領域的強烈第二季度集會奠定了基礎。但是，它補充說：“沒有任何積極的發展。”

In April, Bitcoin dominance reached a four-year high, signaling that crypto investors are rotating their funds into an asset perceived to be relatively safer.

4月，比特幣優勢達到了四年的高度，表明加密貨幣投資者正在將其資金旋轉到被認為相對更安全的資產中。

Still, Sygnum said regulatory developments in the US, such as President Donald Trump’s establishment of a Digital Asset Stockpile and advancing stablecoin regulations, may propel broader crypto adoption.

Sygnum表示，美國的監管發展仍可能推動更廣泛的加密貨幣採用，例如唐納德·特朗普總統建立數字資產庫存和推進Stablecoin法規。

“We expect protocols successful in gaining user traction to outperform and Bitcoin’s dominance to decline,” Sygnum wrote.

Sygnum寫道：“我們預計協議成功地獲得了用戶牽引力，以勝過表現優於比特幣的主導地位。”

Increased focus on economic value ignites competition

增加對經濟價值點燃競爭的關注

Sygnum also said that competition would increase as the market focuses on economic value. Increased competition in a market often results in better products, ultimately benefiting consumers:

Sygnum還表示，隨著市場關注經濟價值，競爭將會增加。市場競爭的增加通常會導致更好的產品，最終使消費者受益：

Sygnum added that while high-performance blockchains address limitations of the Bitcoin, Ethereum and Solana blockchains, they find it challenging to achieve meaningful adoption and fee income.

Sygnum補充說，儘管高性能區塊鏈解決了比特幣，以太坊和Solana區塊鏈的局限性，但他們發現實現有意義的採用和費用收入是具有挑戰性的。

The report highlighted that some approaches have been more sustainable. These include Berachain’s approach of incentivizing validators to provide liquidity to decentralized finance (DeFi) applications, Sonic’s rewarding developers that attract and retain users, and Toncoin’s Telegram affiliation to access 1 billion users.

該報告強調，某些方法更可持續。其中包括Berachain激勵驗證者為分散融資（DEFI）應用程序提供流動性的方法，Sonic的吸引和留住用戶的獎勵開發人員以及Toncoin的Telegram隸屬關係以訪問10億用戶。

Aside from layer-1 chains, Sygnum highlighted that layer-2 networks like Base also have potential. The report pointed out that while the memecoin frenzy on the blockchain pushed its users and revenue to new highs, it made an equally sharp decline after memecoins started losing steam.

除了第1層鏈外，Sygnum還強調了類似第2層網絡（例如基地）也具有潛力。該報告指出，雖然區塊鏈上的Memecoin Frenzy將其用戶推向了新高，但在Memecoins開始失去Steam之後，它同樣急劇下降。

Despite this, Sygnum noted that Base remains the layer-2 leader in metrics like daily transactions, throughput and total value locked.

儘管如此，Sygnum指出，基礎仍然是每日交易，吞吐量和總價值鎖定等指標的第2層領導者。

Related: Italy finance minister warns US stablecoins pose bigger threat than tariffs

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Memecoins still a leading crypto narrative in Q1

Memecoin仍然是第一季度的主要加密敘事

Despite recent price declines, memecoins remained a dominant crypto narrative in Q1 2025. A CoinGecko report recently highlighted that memecoins remained dominant as a crypto narrative in the first quarter of 2025. The crypto data company said memecoins had 27.1% of global investor interest, second only to artificial intelligence tokens, which had 35.7%.

儘管價格最近下降，但Memecoins仍然是2025年第1季度的主要加密敘事。最近的一份Coingecko報告最近強調，Memecoins在2025年第一季度作為加密貨幣敘事仍然占主導地位。加密數據公司表示，Memecoins表示，Memecoins在Global Invester Ipport of Global Investor Export佔了27.1％的全球投資人，而Art Intellition Intellition Intellition Intellition Intellition Intellition Intellotice Intelligence Tokence Tokence tokens tokence tokens at佔35.7％。

While retail investors are still busy with memecoins, institutions have a different approach. Asset manager Bitwise reported on April 14 that publicly traded firms are stacking Bitcoin. At least 12 public companies purchased Bitcoin for the first time in Q1 2025, pushing public firm holdings to $57 billion.

雖然散戶投資者仍在忙於模因，但機構採用了不同的方法。資產經理Bitwise在4月14日報告說，公開交易的公司正在堆疊比特幣。至少有12家上市公司在2025年第1季度首次購買了比特幣，將公共公司持股推向了570億美元。