本周期山寨币的表现低于比特币

周五，加密货币分析师 Miles Deutscher 分享了一个有关加密货币市场的有趣事实。自 2022 年 11 月以来，只有 8 种山寨币突破了之前的 ATH

The cryptocurrency market has been largely driven by Bitcoin's gains during this bull cycle, enjoying the bullish momentum. However, investors are hoping for a seismic explosion to propel Altcoins to new highs.

加密货币市场在本次牛市周期中主要受到比特币上涨的推动，享受看涨势头。然而，投资者希望发生地震性爆炸，将山寨币推向新高。

As the crypto industry awaits, online reports have revealed that, since FTX's fall, only eight altcoins have hit a new all-time high (ATH) against Bitcoin. A crypto analyst shared his thoughts on the matter.

在加密行业翘首以待之际，网上报道显示，自 FTX 下跌以来，只有 8 种山寨币兑比特币创下历史新高 (ATH)。一位加密货币分析师分享了他对此事的看法。

Altcoins Underperforming Against Bitcoin This Cycle

本周期山寨币的表现低于比特币

On Friday, Crypto analyst Miles Deutscher shared an interesting fact about the crypto market. Since November 2022, just eight altcoins have broken their previous ATH against the flagship cryptocurrency.

周五，加密货币分析师 Miles Deutscher 分享了一个有关加密货币市场的有趣事实。自 2022 年 11 月以来，只有 8 种山寨币相对于旗舰加密货币突破了之前的 ATH。

To achieve this feat, tokens include Render (RNDR), Tellor (TRB), Injective (INJ), Astar (ASTR), SSV Network (SSV), SingularityNET (AGIX), True Wallet Token (TWT), and Binance Coin (BNB).

为了实现这一壮举，代币包括 Render (RNDR)、Tellor (TRB)、Injective (INJ)、Astar (ASTR)、SSV Network (SSV)、SingularityNET (AGIX)、True Wallet Token (TWT) 和 Binance Coin (BNB) ）。

It’s worth noting that RNDR was the latest one to accomplish this on March 11 and that the list only contains altcoins launched before FTX's collapse.

值得注意的是，RNDR 是 3 月 11 日实现这一目标的最新一个，并且该列表仅包含 FTX 崩溃之前推出的山寨币。

Deutscher explained that despite his initial shock, the news made sense to him and highlighted some takeaways based on the singularities of this run.

多伊彻解释说，尽管他一开始感到震惊，但这个消息对他来说是有道理的，并强调了基于这次运行的奇点的一些要点。

First, the analyst considers that asset selection dynamics changed from previous cycles. Investors have been “punished” for being overexposed to certain sectors like L2 and gaming and “rewarded” for participating in others like Memecoins and AI.

首先，分析师认为资产选择动态与之前的周期相比发生了变化。投资者因过度投资 L2 和游戏等某些行业而受到“惩罚”，但因参与 Memecoins 和人工智能等其他行业而受到“奖励”。

In contrast, in the last cycle, “you could basically bet on anything and beat $BTC.” According to the analyst, the market will likely continue experiencing specific sector outperformance despite the retail liquidity injection.

相比之下，在上一个周期中，“你基本上可以押注任何东西并击败 BTC。”该分析师表示，尽管零售流动性注入，但市场可能会继续经历特定行业的优异表现。

He also explained that “crypto is an attention economy,” and money will flow where attention is. As a result, even the projects with the best technology won’t perform if there isn’t an exciting narrative to buy.

他还解释说，“加密货币是一种注意力经济”，资金会流向注意力所在的地方。因此，如果没有令人兴奋的故事可供购买，即使是拥有最好技术的项目也无法实现。

Deutscher's second takeaway highlights the market's current ATH dilution. As he points out, thousands of new products are being launched daily, and “low float/high FDV VC coins are launching in the billions.” These launches are outpacing the new liquidity, resulting in Altcoins struggling with performance.

多伊彻的第二个要点凸显了市场当前的 ATH 稀释。正如他指出的那样，每天都有数以千计的新产品推出，“低流通量/高 FDV 的 VC 币正在推出数十亿种。”这些发行的速度超过了新的流动性，导致山寨币的表现陷入困境。

More Room To Catch Up

更多空间迎头赶上

The analyst's third point explains that the bull run has been led by Bitcoin and spot BTC exchange-traded funds (ETH). Based on this, he considers it unsurprising that altcoins have “hardly pumped” so far.

分析师的第三点解释说，牛市是由比特币和现货比特币交易所交易基金（ETH）引领的。基于此，他认为山寨币到目前为止“几乎没有上涨”并不奇怪。

Various crypto analysts and experts share this opinion. Alex Krüger previously stated that the cycle has been “almost entirely” driven by the Bitcoin ETFs' momentum.

许多加密货币分析师和专家都同意这一观点。 Alex Krüger 此前曾表示，这一周期“几乎完全”是由比特币 ETF 的势头推动的。

Deutscher sees Altcoins' underperformance as a bullish signal since Bitcoin's dominance has been instrumental in previous cycles. To him, this performance allows “more room to play catch up” and could drive altcoins to unseen highs.

多伊彻认为山寨币的表现不佳是一个看涨信号，因为比特币的主导地位在之前的周期中发挥了重要作用。对他来说，这种表现让“有更多的追赶空间”，并可能推动山寨币达到前所未见的高点。

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The analyst believes the market needs another catalyst for a true Altcoins season. Despite this, he highlights that many investors have had a record Q1 “even in mildly bullish conditions for most alts.”

这位分析师认为，市场需要另一种催化剂来推动真正的山寨币季节。尽管如此，他强调，“即使在大多数另类投资温和看涨的情况下”，许多投资者的第一季度业绩仍创历史新高。

Ultimately, Deutscher considers there is still room to make big profits this cycle “even without the face-melting altseason we all crave.”

最终，多伊彻认为，“即使没有我们都渴望的令人心碎的山寨季”，这个周期仍有赚取巨额利润的空间。