比特幣增強主導地位：這對山寨幣意味著什麼？

自今年年初以來，山寨幣季節尚未形成勢頭，因為比特幣繼續受到投資者的大部分關注。

The cryptocurrency market experienced a significant rally last week, providing a much-needed boost for many short-term speculators to turn profits. Bitcoin led the charge, surpassing the $64,790 mark, though the momentum appeared to have eased by the time of writing.

上週加密貨幣市場大幅上漲，為許多短期投機者扭虧為盈提供了急需的推動力。比特幣一馬當先，突破了 64,790 美元大關，儘管在撰寫本文時勢頭似乎有所減弱。

This surge was mirrored across the altcoin landscape, with several cryptocurrencies, including TRON, Avalanche (AVAX), and Chainlink (LINK), recording impressive gains ranging from 20% to 30% within just seven days.

這種激增反映在整個山寨幣領域，包括 TRON、Avalanche (AVAX) 和 Chainlink (LINK) 在內的多種加密貨幣在短短 7 天內就實現了 20% 至 30% 的驚人漲幅。

Despite these gains among widespread altcoins, Bitcoin continues to exert dominance over the entire market.

儘管廣泛使用的山寨幣取得了這些進展，但比特幣繼續在整個市場上發揮主導地位。

Bitcoin Increases Dominance: What Does It Mean For Altcoins?

比特幣增強主導地位：這對山寨幣意味著什麼？

The altcoin season has yet to build up steam since the beginning of the year as Bitcoin continues to receive the lion’s share of investor attention. This is clearly reflected in the Altcoin Season Index, which currently registers a reading of 22 and tipping the scale in favor of Bitcoin. The scale also reads a 29 on the Altcoin Monthly Index, also in favor of Bitcoin.

自今年年初以來，山寨幣季節尚未形成勢頭，因為比特幣繼續受到投資者的大部分關注。這在山寨幣季節指數中得到了清楚的體現，目前的讀數為 22，並且正在向有利於比特幣的方向傾斜。山寨幣月度指數也顯示為 29，也有利於比特幣。

Essentially, the index works by analyzing the performance of various altcoins against Bitcoin. If 75% of the top 50 altcoins performed better than Bitcoin in the past 90 days, it is altcoin season. If 75% of the top 50 altcoins performed better than Bitcoin in the past 90 days, it is deemed an altcoin month. Interestingly, the last official altcoin season occurred during the 2021 bull run.

本質上，該指數的工作原理是分析各種山寨幣相對於比特幣的表現。如果過去 90 天內，前 50 名山寨幣中有 75% 的表現優於比特幣，那麼現在就是山寨幣季節。如果前 50 名山寨幣中有 75% 在過去 90 天內的表現優於比特幣，則該月被視為山寨幣月。有趣的是，最後一個官方山寨幣季節發生在 2021 年牛市期間。

According to the chart below, the last time market dominance almost tipped in favor of altcoins was in January 2024, when it climbed above 75 for only a few days. Nowadays, the scale mostly ranges around 20 to 30, pushing the altcoin season further out of reach. In fact, the index even dipped as low as 12 on July 30, further highlighting the ongoing dominance of Bitcoin.

根據下圖，上一次市場主導地位幾乎向山寨幣傾斜是在 2024 年 1 月，當時它僅在幾天內就攀升至 75 以上。如今，規模大多在 20 到 30 左右，使得山寨幣季節進一步遙不可及。事實上，該指數在 7 月 30 日甚至跌至 12，進一步凸顯了比特幣的持續主導地位。

Supporting this Bitcoin dominance trend is the price data from CoinMarketCap, At the time of writing, Bitcoin is trading at $63,850 with a market cap of $1.26 trillion. This represents a 6.92% increase in the last seven days. As such, 56.3% of the entire crypto market value is currently sitting in Bitcoin.

支持比特幣主導趨勢的是 CoinMarketCap 的價格數據，截至撰寫本文時，比特幣交易價格為 63,850 美元，市值為 1.26 兆美元。這意味著過去 7 天增加了 6.92%。因此，目前整個加密市場價值的 56.3% 是比特幣。

What’s The Performance Outlook For Altcoins?

山寨幣的表現前景如何？

Due to Bitcoin’s dominance, many altcoins now tend to mirror its performance. However, there are periods of exceptions where some altcoins experience notable rallies independently. At the time of writing, Ethereum commands the largest share of the altcoin market cap with $314.2 billion. Other altcoins collectively hold a market cap of $438.48 billion, while stablecoins have a market cap of $161.97 billion.

由於比特幣的主導地位，許多山寨幣現在傾向於反映其表現。然而，也有一些例外時期，有些山寨幣會獨立經歷顯著上漲。截至撰寫本文時，以太坊佔據山寨幣市值的最大份額，達 3,142 億美元。其他山寨幣的總市值為 4,384.8 億美元，而穩定幣的市值為 1,619.7 億美元。

The most impressive gains currently go to Sun Token, a stablecoin swap token based on TRON, which has gained 305% in seven days. Memecoins Dogwifhat (WIF) and POPCAT have also gained 32.7% and 76%, respectively, in the same timeframe.

目前漲幅最令人印象深刻的是Sun Token，這是一種基於波場TRON的穩定幣互換代幣，7天內上漲了305%。 Memecoins Dogwifhat (WIF) 和 POPCAT 也在同一時間內分別上漲了 32.7% 和 76%。

Undoubtedly, altcoins will continue to see varying degrees of performance based on their individual utility and market adoption.

毫無疑問，山寨幣將根據其各自的效用和市場採用程度繼續看到不同程度的表現。