隨著Altcoins運行AMOK，比特幣的優勢下降

比特幣的[BTC]激增至$ 107.1k，距離ATH的一筆距離僅為108.80美元，這意味著加密市場的情緒堅定不移

Bitcoin’s [BTC] surge to $107.1k, just a stone’s throw away from the ATH at $108.8k, meant the crypto market sentiment was firmly bullish. However, in a post on X, Founder and CEO of Alphractal Joao Wedson noted how sentiment could be a double-edged sword.

比特幣的[BTC]激增至$ 107.1k，距離ATH的一筆距離僅為108.8K，這意味著加密市場的情緒堅定不移。但是，在X上的一篇文章中，Alphractal Joao Wedson的創始人兼首席執行官指出，情緒如何成為雙刃劍。

Source: Joao Wedson on X

資料來源：X上的Joao Wedson

Such strong sentiment can signal fresh capital inflows to the crypto market.

如此強烈的情緒可以向加密貨幣市場發出新的資本流入。

However, enthusiastic bulls should temper their expectations. Especially since extended periods of high bullish conviction tend to mark market tops and could trap the bulls.

但是，熱情的公牛應該緩解他們的期望。尤其是因為長期以來的看漲信念傾向於標誌著市場的頂峰，並且可能會捕捉公牛。

How well are the altcoins faring?

Altcoins的表現如何？

For a span of five days, altcoins ran amok. This was demonstrated by the Bitcoin Dominance’s fall, as well as the TOTAL2’s rapid hike, which will be explored next. The BTC.D had tested the 62% area as resistance in February and March, and breached this zone convincingly in April.

在五天的時間裡，Altcoins運行了Amok。比特幣統治的跌倒以及Total2的快速加息證明了這一點，接下來將進行探索。 BTC.D在2月和3月測試了62％的區域，並在4月令人信服地違反了該區域。

After hitting a local high of 65.38%, it dropped as low as 61.89%. This drop in the BTC.D implied that the altcoin’s market cap grew faster than BTC’s.

達到65.38％的當地高點後，它下降了高達61.89％。 BTC.D的下降意味著Altcoin的市值增長了比BTC的速度快。

Over the past five days, Bitcoin Dominance has recovered though – A sign that a full-fledged altcoin season was not in play.

在過去的五天中，比特幣的優勢恢復了 - 這表明成熟的Altcoin賽季沒有發揮作用。

Source: BTC.D on Tradingview

資料來源：btc.d on TradingView

The altcoin market cap excluding Bitcoin saw a retest of the $1.17 trillion-mark. Like the BTC.D, the TOTAL2 can also be subjected to technical analysis. In fact, we can see that the altcoin market cap was on an uptrend, but faced stiff resistance near its February highs.

不包括比特幣的Altcoin市值獲得了11.17萬億美元的重新測試。像BTC.D一樣，總計2也可以進行技術分析。實際上，我們可以看到Altcoin市值處於上升趨勢，但在2月的高點附近面臨著僵硬的阻力。

A move beyond $1.31 trillion will hearten altcoin investors.

超過1.31萬億美元的轉變將使山寨幣投資者令人心動。

Source: TOTAL2 on Tradingview

資料來源：TROTING VIEW上的Total2

However, the Tether reserve metric flashed a warning signal. As the market’s most popular stablecoin, a hike in USDT reserves would imply higher buying power in the market. In other words, it would be accompanied by strongly bullish market conditions.

但是，繫繩儲備指標閃爍了警告信號。作為市場最受歡迎的Stablecoin，USDT儲備中的遠足將意味著市場上的購買力更高。換句話說，它將伴隨著強烈看漲的市場條件。

Since mid-March, the Tether reserves have been dwindling. This reflected reduced buying power, at a time when BTC was nearly hitting old and new ATHs. The last time such a decline in Tether reserves occurred was back in June-July 2024.

自3月中旬以來，繫繩儲備一直在減少。這反映了降低的購買力，當時BTC幾乎擊中了新舊的Aths。繫繩儲備的最後一次下降是在2024年6月至7月。

In just over a month, the altcoin market cap fell $275 billion – A 23.5% drawdown at that time. From February to April, the altcoin mcap has fallen by 30%. Finally, it seemed unclear if the Tether reserves would continue to decline – An interesting factor to keep an eye on.

在僅僅一個月的時間內，Altcoin市值下降了2750億美元，當時降低了23.5％。從2月到4月，Altcoin MCAP下跌了30％。最後，似乎不清楚繫繩儲備是否會繼續下降 - 關注的一個有趣的因素。