本週期山寨幣的表現低於比特幣

週五，加密貨幣分析師 Miles Deutscher 分享了一個加密貨幣市場的有趣事實。自 2022 年 11 月以來，只有 8 種山寨幣突破了先前的 ATH

The cryptocurrency market has been largely driven by Bitcoin's gains during this bull cycle, enjoying the bullish momentum. However, investors are hoping for a seismic explosion to propel Altcoins to new highs.

加密貨幣市場在本次牛市週期中主要受到比特幣上漲的推動，享受看漲勢頭。然而，投資者希望發生地震性爆炸，將山寨幣推向新高。

As the crypto industry awaits, online reports have revealed that, since FTX's fall, only eight altcoins have hit a new all-time high (ATH) against Bitcoin. A crypto analyst shared his thoughts on the matter.

在加密產業翹首以待之際，網路報道顯示，自 FTX 下跌以來，只有 8 種山寨幣兌比特幣創下歷史新高 (ATH)。一位加密貨幣分析師分享了他對此事的看法。

Altcoins Underperforming Against Bitcoin This Cycle

本週期山寨幣的表現低於比特幣

On Friday, Crypto analyst Miles Deutscher shared an interesting fact about the crypto market. Since November 2022, just eight altcoins have broken their previous ATH against the flagship cryptocurrency.

週五，加密貨幣分析師 Miles Deutscher 分享了一個加密貨幣市場的有趣事實。自 2022 年 11 月以來，只有 8 種山寨幣相對於旗艦加密貨幣突破了先前的 ATH。

To achieve this feat, tokens include Render (RNDR), Tellor (TRB), Injective (INJ), Astar (ASTR), SSV Network (SSV), SingularityNET (AGIX), True Wallet Token (TWT), and Binance Coin (BNB).

為了實現這一壯舉，代幣包括Render (RNDR)、Tellor (TRB)、Injective (INJ)、Astar (ASTR)、SSV Network (SSV)、SingularityNET (AGIX)、True Wallet Token (TWT) 和Binance Coin ( BNB) ）。

It’s worth noting that RNDR was the latest one to accomplish this on March 11 and that the list only contains altcoins launched before FTX's collapse.

值得注意的是，RNDR 是 3 月 11 日實現這一目標的最新一個，而該清單僅包含 FTX 崩潰之前推出的山寨幣。

Deutscher explained that despite his initial shock, the news made sense to him and highlighted some takeaways based on the singularities of this run.

多伊徹解釋說，儘管他一開始感到震驚，但這個消息對他來說是有道理的，並強調了基於這次運行的奇點的一些要點。

First, the analyst considers that asset selection dynamics changed from previous cycles. Investors have been “punished” for being overexposed to certain sectors like L2 and gaming and “rewarded” for participating in others like Memecoins and AI.

首先，分析師認為資產選擇動態與先前的周期相比發生了變化。投資者因過度投資 L2 和遊戲等某些行業而受到“懲罰”，但因參與 Memecoins 和人工智慧等其他行業而受到“獎勵”。

In contrast, in the last cycle, “you could basically bet on anything and beat $BTC.” According to the analyst, the market will likely continue experiencing specific sector outperformance despite the retail liquidity injection.

相比之下，在上一個週期中，“你基本上可以押注任何東西並擊敗 BTC。”該分析師表示，儘管零售流動性注入，但市場可能會繼續經歷特定行業的優異表現。

He also explained that “crypto is an attention economy,” and money will flow where attention is. As a result, even the projects with the best technology won’t perform if there isn’t an exciting narrative to buy.

他還解釋說，“加密貨幣是一種注意力經濟”，資金會流向注意力所在的地方。因此，如果沒有令人興奮的故事可供購買，即使是擁有最好技術的項目也無法實現。

Deutscher's second takeaway highlights the market's current ATH dilution. As he points out, thousands of new products are being launched daily, and “low float/high FDV VC coins are launching in the billions.” These launches are outpacing the new liquidity, resulting in Altcoins struggling with performance.

多伊徹的第二個要點凸顯了市場目前的 ATH 稀釋。正如他指出的那樣，每天都有數以千計的新產品推出，“低流通量/高 FDV 的 VC 幣正在推出數十億種。”這些發行的速度超過了新的流動性，導致山寨幣的表現陷入困境。

More Room To Catch Up

更多空間迎頭趕上

The analyst's third point explains that the bull run has been led by Bitcoin and spot BTC exchange-traded funds (ETH). Based on this, he considers it unsurprising that altcoins have “hardly pumped” so far.

分析師的第三點解釋說，牛市是由比特幣和現貨比特幣交易所交易基金（ETH）引領的。基於此，他認為山寨幣到目前為止「幾乎沒有上漲」並不奇怪。

Various crypto analysts and experts share this opinion. Alex Krüger previously stated that the cycle has been “almost entirely” driven by the Bitcoin ETFs' momentum.

許多加密貨幣分析師和專家都同意這一點。 Alex Krüger 先前曾表示，這一週期「幾乎完全」是由比特幣 ETF 的勢頭推動的。

Deutscher sees Altcoins' underperformance as a bullish signal since Bitcoin's dominance has been instrumental in previous cycles. To him, this performance allows “more room to play catch up” and could drive altcoins to unseen highs.

多伊徹認為山寨幣的表現不佳是一個看漲訊號，因為比特幣的主導地位在先前的周期中發揮了重要作用。對他來說，這種表現讓“有更多的追趕空間”，並可能推動山寨幣達到前所未見的高點。

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The analyst believes the market needs another catalyst for a true Altcoins season. Despite this, he highlights that many investors have had a record Q1 “even in mildly bullish conditions for most alts.”

這位分析師認為，市場需要另一個催化劑來推動真正的山寨幣季節。儘管如此，他強調，“即使在大多數另類投資溫和看漲的情況下”，許多投資者的第一季業績仍創歷史新高。

Ultimately, Deutscher considers there is still room to make big profits this cycle “even without the face-melting altseason we all crave.”

最終，多伊徹認為，“即使沒有我們都渴望的令人心碎的山寨季”，這個週期仍有賺取巨額利潤的空間。