隨著法規的發展，Altseason最終可能在2025年第2季度到達

幾個月以來，“ altseason”一直在等待，就像沙漠中的夏季雨一樣：希望，宣布，但經常被推遲。

"For months now, "altseason" has been awaited like a summer rain in the desert: hoped for, announced, but often postponed. Yet, a glimmer of hope emerges from the latest report by Sygnum Bank, which suggests that altcoins could finally experience a revival in the second quarter of 2025.

“幾個月來，”阿爾特賽季一直在等待著，就像沙漠中的夏季雨一樣：希望，宣布，但經常被推遲。然而，Sygnum Bank的最新報告中產生了一絲希望，這表明Altcoins可能在2025年第二季度可以終於體驗到復興。

In the shadow of a dominant bitcoin, altcoins could benefit from a more favorable regulatory climate and increased user traction.

在主要的比特幣的陰影下，山寨幣可以從更有利的監管氣候中受益並增加用戶牽引力。

Regulations Crafted to Revive the Sector

制定為複興該部門的法規

Donald Trump’s crypto America may have more than just a tweet up its sleeve. With the establishment of a Digital Asset Stockpile and the resumption of the regulatory work around stablecoins, Washington is shifting into second gear.

唐納德·特朗普（Donald Trump）的加密貨幣美國（Crypto America）可能不僅有一條推文。隨著數字資產庫存的建立，以及圍繞Stablecoins的監管工作的恢復，華盛頓正在轉變為第二檔。

In its “Investment Outlook”, Sygnum notes: “The regulatory landscape for crypto use cases has radically improved.”

Sygnum指出，在其“投資前景”中：“加密式用例的監管格局從根本上改善了。”

It added that these advances “lay the foundation for a powerful altcoin rally”.

它補充說，這些進步“為強大的Altcoin Rally奠定了基礎”。

In other words, while the dollar wavers, regulators are sharpening their pencils to not miss the innovation train. Decentralized projects might thus transfer value to token holders without ending up in a legal labyrinth.

換句話說，雖然美元搖動，但監管機構正在削減鉛筆，以免錯過創新火車。因此，分散的項目可能會將價值轉移到代幣持有人的情況下，而無需結束法律迷宮。

And in the ring corner, the United States is not alone. Other jurisdictions are also refining favorable rules. Enough to offer an unexpected launching pad for projects still seeking traction.

在環角，美國並不孤單。其他司法管轄區也正在完善有利的規則。足以為仍在尋求牽引力的項目提供意外的發射台。

Bitcoin at the Peak: But For How Much Longer?

比特幣在峰值：但是多長時間？

In April, bitcoin’s dominance over the crypto market peaked at an unprecedented level not seen in four years. For cautious investors, it’s the Noah’s Ark of digital assets. But of course, every season comes to an end.

4月，比特幣對加密貨幣市場的統治地位達到了四年來未見的空前水平。對於謹慎的投資者來說，這是諾亞的數字資產方舟。但是，當然，每個季節都結束了。

Sygnum anticipates that “protocols capable of attracting users will outperform bitcoin, and its dominance will decline.” This is referred to as a reshuffling of the cards.

Sygnum預計“能夠吸引用戶的協議將勝過比特幣，其優勢將下降。”這被稱為卡片的改裝。

Certain names come up persistently: Toncoin, with its close connection to Telegram, Sui, Sonic, Aptos, Berachain… All are developing distinctive strategies. At Sonic, developers who retain users are rewarded. Berachain, meanwhile, encourages its validators to inject liquidity into DeFi. Another approach: more organic, more rooted.

某些名字持續出現：托幣與電報，SUI，Sonic，Aptos，Berachain的密切聯繫，都在製定獨特的策略。在Sonic，保留用戶的開發人員將獲得獎勵。同時，Berachain鼓勵其驗證者將流動性注入Defi。另一種方法：更有機，植根於植根。

And while private blockchains capture value without distributing it, others are slowly weaving their web. The verdict is clear: King Bitcoin may see his subjects demand more attention.

雖然私人區塊鏈捕獲價值而無需分發價值，但其他區塊鏈卻慢慢地編織了他們的網絡。判決很明確：國王比特幣可能會看到他的臣民需要更多的關注。

Altcoins: Fireworks or Damp Squib?

AltCoins：煙火還是潮濕的衝？

Not everything is rosy in the altcoin world. Although conditions are improving, adoption remains uneven. According to Sygnum, initiatives like Base, even though leading in volumes, struggle to provide a fair model to their token holders.

並非一切都很樂觀。儘管條件正在改善，但採用仍然不平衡。根據Sygnum的說法，像Base這樣的倡議，即使領導著卷，也很難為他們的代幣持有人提供公平的模型。

And what about the irrational frenzy around memecoins? CoinGecko recently revealed that in the first quarter, memecoins accounted for 27.1% of investor interest — just behind AI tokens. A fascination that makes you laugh… until it makes you cry.

那周圍的不理性的瘋狂呢？ Coingecko最近透露，在第一季度，Memecoins佔投資者利息的27.1％，僅次於AI令牌。一種讓你發笑的迷戀……直到你哭泣。

But some players are changing the game. The report cites UXLINK surpassing 30 million registered users. Proof that innovation can rhyme with adoption — provided it is based on a robust model.

但是有些玩家正在改變遊戲。該報告引用了Uxlink超過3000萬註冊用戶。證明創新可以通過採用押韻 - 只要它基於強大的模型。

Another perspective from Bitwise: 12 publicly listed companies bought bitcoin for the first time in Q1 2025, bringing public holdings to $57 billion. An institutional rush that highlights growing interest but also refocuses attention on bitcoin.

Bitwise的另一個觀點是：12家公開上市的公司在2025年第1季度首次購買了比特幣，使公共持股量達到570億美元。機構的匆忙突出了人們日益增長的興趣，但也重新調整了對比特幣的關注。

According to market signals, AI tokens and memecoins will be the darlings of 2025. But altcoins do not intend to remain on the sidelines. The question remains whether this regulatory awakening and thirst for innovation will be enough to shake the established order. Will decentralization finally find its moment of glory?

根據市場信號，AI令牌和成員將是2025年的寵兒。但是Altcoins並不打算留在場上。問題仍然是這種監管覺醒和創新的渴望是否足以動搖既定秩序。權力下放會最終找到榮耀的時刻嗎？