儘管對機構流入越來越興奮，比特幣優勢仍然存在

儘管通過ETF批准對機構流入越來越興奮，但Altcoin市場並沒有顯示出太多複興。

The cryptocurrency market has seen limited signs of an altcoin revival despite growing excitement around institutional inflows by way of ETF approvals.

儘管通過ETF批准，對機構流入越來越興奮，但加密貨幣市場的跡像有限。

According to CoinMarketCap’s Altcoin Season Index, the current score stands at 18/100, still placing the market firmly in “Bitcoin Season.” The index tracks whether the top 100 altcoins (excluding stablecoins and wrapped tokens) have collectively outperformed Bitcoin over the preceding 90 days.

根據CoinMarketCap的Altcoin賽季指數，目前的分數為18/100，仍然將市場牢牢地置於“比特幣季節”。該索引跟踪了前100個Altcoins（不包括Stablecoins和包裹的代幣）在過去的90天內統稱比比特幣超過了比特幣。

A score above 75 is typically reached during “Altcoin Season,” a period characterized by significant capital rotation from Bitcoin into higher-beta altcoins as investors chase greater short-term returns. Such seasons usually feature parabolic altcoin price surges, amplified social media hype, and increased retail participation.

在“ Altcoin季節”中，通常達到75的得分，這個時期的特徵是，隨著投資者追求更大的短期回報，從比特幣向更高β替代幣旋轉。這樣的季節通常以拋物線替代幣價格飆升，社交媒體炒作的放大和增加零售參與。

However, recent readings have remained consistently low. Yesterday’s score was 14, down four points from today, last week’s was 15, and last month’s was only marginally higher at 16. Based on the 90-day timeframe, the lowest was recorded at 13 on March 12. This indicates that we’re still in a Bitcoin-dominant phase, which experts predict will continue until the middle of 2025, a year after the 2024 Bitcoin halving.

但是，最近的讀數一直保持較低。昨天的分數為14，比今天比今天的分數下降了4分，上個月的分數僅為16。根據90天的時間限額，最低的時間是3月12日的13日記錄。這表明我們仍處於比特幣優勢階段，專家預測，該階段將持續到2025年中期，直到2025年中期，在20224年的20224 Bitve thave the 2025年。

At that point, we can expect to see a shift in momentum, with altcoins taking the lead in a potential bull run. Key indicators to watch for this shift include trading volume and market capitalization.

到那時，我們可以期望看到動量發生變化，而Altcoins在潛在的牛隊中領先。關注這一班次的關鍵指標包括交易量和市值。

Rising altcoin trading volumes, compared to stablecoins and Bitcoin, would indicate the influx of new capital into the market. “Memecoins like Dogecoin and newer tokens like SUI have already shown significant growth, but for a true altseason, growth should be seen across all sectors”, noted SuperDuperCycle, a crypto influencer.

與Stablecoins和Bitcoin相比，AltCoin交易的上升量將表明新資本進入市場。加密影響者Superdupercycle指出，“像Sui這樣的狗狗和新代幣這樣的成員已經顯示出顯著的增長，但是在一個真正的季后賽中，應在所有部門中看到增長。”

“While these don’t guarantee a record-breaking altseason, they have recently been stacking up. If Bitcoin stabilizes and doesn’t crash, altcoins are likely to start the next market wave.”

“儘管這些並不能保證創紀錄的季后賽，但它們最近一直在堆積。如果比特幣穩定並且不會崩潰，那麼Altcoins可能會開始下一個市場浪潮。”

Still, there are some signs of divergence beginning to emerge, particularly in AI- and RWA-themed tokens, but not enough to favor the altcoins index. Until altcoins consistently outperform BTC across the top 100 list, the Altcoin Season Index is unlikely to flip bullish anytime soon.

儘管如此，仍然存在一些分歧開始出現的跡象，尤其是在AI-和RWA主題的令牌中，但不足以偏愛AltCoins指數。除非AltCoins在前100名列表中始終勝過BTC之前，AltCoin賽季指數不太可能很快翻轉看漲。