本文由FBS帶給您。 2025年的加密牛週期不僅會獎勵炒作 - 它會以真正的骨乾為藍色的山頂。

經過多年的監管不確定性和殘酷的熊市波動，機構和企業沒有猜測 - 他們正在尋找基礎設施，公用事業和實際增長。

This article is brought to you by FBS.

本文由FBS帶給您。

The 2025 crypto bull cycle won't just reward hype — it'll put a spotlight on the altcoins with real backbone. After years of regulatory uncertainty and brutal bear-market volatility, institutions and businesses aren't speculating — they're looking for infrastructure, utility, and real growth. In this new landscape, altcoins with serious technology innovation, sound tokenomics, and increasing adoption won't just stand out — they'll lead the way.

2025年的加密牛週期不僅會獎勵炒作 - 它會以真正的骨乾為藍色的山頂。經過多年的監管不確定性和殘酷的熊市波動，機構和企業沒有猜測 - 他們正在尋找基礎設施，公用事業和實際增長。在這一新的景觀中，具有認真技術創新，合理的令牌組和越來越多的採用的山寨幣不僅脫穎而出 - 他們會引領前進。

Hedge funds and macro desks have already begun positioning, following the ripple effects of major catalysts — Bitcoin's 2024 halving, the ETF arms race, and a market narrative that's finally flipping risk-on. And once the capital starts flowing, it flows fast — from BTC to ETH... and then into the sharpest names just beneath the surface.

遵循主要催化劑的連鎖反應 - 比特幣的2024年減半，ETF武器競賽以及最終風險風險的市場敘述，對沖基金和宏觀辦公桌已經開始定位。一旦資本開始流動，它就會快速流動 - 從BTC到ETH ...然後進入表面下方的最鮮明的名稱。

"Altseason" is a period when bitcoin capital is transferred into other cryptocurrencies, producing large multi-month price increases for most altcoins. Throughout history, altcoins have lagged the strong appreciation of Bitcoin. As the price of Bitcoin stabilizes or consolidates following a peak, investors look for higher returns in potential altcoins. According to the Tangem report, "the rise in the inter-seasonal index signals a shift of attention away from bitcoin and towards altcoins." In 2025, a combination of several factors - improved liquidity conditions and potential regulatory clarity - may lay the groundwork for such a cycle.

“ Altseason”是將比特幣資本轉移到其他加密貨幣的時期，大多數Altcoins造成了大量的多個月價格上漲。在整個歷史上，Altcoins落後於比特幣的強烈欣賞。由於比特幣的價格穩定或鞏固了高峰之後，投資者正在尋找潛在山寨幣的更高回報。根據探戈報告：“季節間指數的上升表明，人們將注意力從比特幣轉向山寨幣。”在2025年，幾個因素的組合 - 改善了流動性條件和潛在的調節性清晰度 - 可能為這種週期奠定了基礎。

Signs of Bitcoin's dominance support this thesis. Bitcoin's dominance in May 2025 was ~65%. Despite continuing to rise, the dominance has reached a critical resistance area from which it had previously bounced! When bitcoin dominance increases (as it did in early 2025, to ~65%), it signals that alts are either not growing as fast, or are falling. Most analysts are now signalling that a continued drop in bitcoin dominance to around 50-54% has been a precursor in the past to an altcoin season. In short, the macroeconomic context of 2025 - increased liquidity, Fed policy easing, and the resumption of channeling funds into cryptocurrencies - combined with bitcoin consolidation, may finally lead to the next phase of altcoin-driven growth.

比特幣主導地位的跡象支持這一論文。比特幣在2025年5月的統治地位約為65％。儘管持續上升，但統治地位已經達到了以前彈跳的關鍵阻力區域！當比特幣優勢增加（如2025年初，達到約65％）時，它表明Alts要么不如快速生長，要么下降。現在，大多數分析師都表明，比特幣優勢持續下降至約50-54％，過去是Altcoin季節的前身。簡而言之，2025年的宏觀經濟背景 - 增加了流動性，減輕政策的緩解以及將資金恢復到加密貨幣中 - 與比特幣鞏固結合在一起，最終可能導致下一階段的AltCoin驅動增長。

Legislative changes are another driver. Besides ETFs for Bitcoin and Ethereum (approved late in 2023), US regulators are now considering dozens of proposed ETFs for altcoins. Bloomberg Intelligence recently cited a 90% probability that the Solana spot ETF will be approved in 2025, with similarly high probabilities for XRP and Dogecoin funds. If altcoin ETFs (or other products like ETFs) get approved, it could have the power to channel institutional and retail funds right into altcoin land. Such moves - and corresponding global changes in stablecoin regulation and digital asset management systems - can considerably enhance investor confidence in altcoins.

立法變更是另一個驅動力。除了比特幣和以太坊的ETF（2023年下半年批准）外，美國的監管機構現在正在考慮數十個擬議的AltCoins的ETF。彭博情報公司最近列出了90％的概率，即2025年批准Solana Spot ETF，XRP和Dogecoin基金的可能性很高。如果AltCoin ETF（或其他產品（例如ETF）獲得批准），它可能有權將機構和零售資金直接轉入Altcoin Land。這種舉動 - 以及穩定法規和數字資產管理系統的相應全球變化 - 可以大大增強投資者對山寨幣的信心。

Now, here are the five altcoins that FBS analysts are watching in 2025.

現在，這是FBS分析師在2025年觀看的五個Altcoins。

Hedera (HBAR)

Hedera（HBAR）

Hedera Hashgraph is a strong contender for the distributed ledger technology crown, abandoning the traditional blockchain architecture in favor of its own hashgraph consensus protocol. As opposed to power-devouring proof-of-work or probabilistic proof-of-stake systems, Hedera's "gossip about gossip" method provides deterministic completeness, extremely high performance, and ultralow power consumption. In practice, Hedera typically processes more than 10,000 transactions per second for fractions of a cent, and with completion time less than one second.

Hedera Hashgraph是分佈式分類帳冠的強大競爭者，放棄了傳統的區塊鏈體系結構，有利於自己的主題共識協議。與動力換波的工作證明或概率證明系統相反，Hedera的“關於八卦”方法提供了確定性的完整性，極高的性能和超低功耗。實際上，Hedera通常以每秒為單位的分數處理超過10,000件交易，並且完成時間少於一秒鐘。

The biggest single reason to take Hedera seriously is the governance, which is widely recognized as likely to be one of the most institutionally robust to have been put forward by any major cryptocurrency. The network is governed not only by anonymous validators or open-source development groups but also by Hedera's Governing Board of up to 39 prominent worldwide companies such as Google, IBM, Boeing, LG, and Deutsche Telekom. Each board member gets one vote on decisions for the network, and no organization can own the ledger. The Council serves for a period of three years (two terms maximum), and the founder of the hashgraph protocol, Swirlds, is a permanent member of the council.

認真對待Hedera的最大原因是治理，這被廣泛認為是任何主要加密貨幣提出的最強大的可能是最強大的。該網絡不僅受匿名驗證者或開源開發小組的管轄，而且還受Hedera的管理委員會（包括Google，IBM，Boeing，LG和Deutsche Telekom）的最高39家知名公司。每個董事會成員對網絡的決定進行一票，並且沒有組織可以擁有分類帳。該理事會服務時間為三年（最高兩個任期），Hashgraph協議的創始人Swirlds是理事會的常設成員。

Hedera has been deeply involved in actual enterprise solutions since day one. Members like LG and Boeing were some of the earliest to explore uses for supply chain logistics and IoT networks. Hedera has been actively expanding in recent years in areas such as tokenization, digital payments, and decentralized finance. As part of a significant strategic initiative, the Board of Governors voted to create a $408 million ecosystem development fund in January 2025, valued at 4.86 billion HBAR tokens, to support new projects, startups, and dApps. Hedera's embedded tokenization model and asset studio allow for the issuance of real assets - bonds, stocks,

自第一天起，Hedera就一直深入參與實際的企業解決方案。像LG和波音公司這樣的成員是探索供應鏈物流和物聯網網絡的最早用途。近年來，Hedera在代幣化，數字支付和分散融資等領域一直在積極擴展。作為一項重大戰略倡議的一部分，董事會投票決定在2025年1月創建一個耗資4.08億美元的生態系統發展基金，價值48.6億HBAR代幣，以支持新項目，初創公司和DAPP。 Hedera的嵌入式令牌化模型和資產工作室允許發行真實資產 - 債券，股票，