随着Altcoins运行AMOK，比特币的优势下降

比特币的[BTC]激增至$ 107.1k，距离ATH的一笔距离仅为108.80美元，这意味着加密市场的情绪坚定不移

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.

比特币的[BTC]激增至$ 107.1k，距离ATH的一笔距离仅为108.8K，这意味着加密市场的情绪坚定不移。但是，在X上的一篇文章中，Alphractal Joao Wedson的创始人兼首席执行官指出，情绪如何成为双刃剑。

Source: Joao Wedson on X

资料来源：X上的Joao Wedson

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

如此强烈的情绪可以向加密货币市场发出新的资本流入。

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，热情的公牛应该缓解他们的期望。尤其是因为长期以来的看涨信念倾向于标志着市场的顶峰，并且可能会捕捉公牛。

How well are the altcoins faring?

Altcoins的表现如何？

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.

在五天的时间里，Altcoins运行了Amok。比特币统治的跌倒以及Total2的快速加息证明了这一点，接下来将进行探索。 BTC.D在2月和3月测试了62％的区域，并在4月令人信服地违反了该区域。

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.

达到65.38％的当地高点后，它下降了高达61.89％。 BTC.D的下降意味着Altcoin的市值增长了比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.

在过去的五天中，比特币的优势恢复了 - 这表明成熟的Altcoin赛季没有发挥作用。

Source: BTC.D on Tradingview

资料来源：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.

不包括比特币的Altcoin市值获得了11.17万亿美元的重新测试。像BTC.D一样，总计2也可以进行技术分析。实际上，我们可以看到Altcoin市值处于上升趋势，但在2月的高点附近面临着僵硬的阻力。

A move beyond $1.31 trillion will hearten altcoin investors.

超过1.31万亿美元的转变将使山寨币投资者令人心动。

Source: TOTAL2 on Tradingview

资料来源：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，系绳储备指标闪烁了警告信号。作为市场最受欢迎的Stablecoin，USDT储备中的远足将意味着市场上的购买力更高。换句话说，它将伴随着强烈看涨的市场条件。

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月中旬以来，系绳储备一直在减少。这反映了降低的购买力，当时BTC几乎击中了新旧的Aths。系绳储备的最后一次下降是在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.

在仅仅一个月的时间内，Altcoin市值下降了2750亿美元，当时降低了23.5％。从2月到4月，Altcoin MCAP下跌了30％。最后，似乎不清楚系绳储备是否会继续下降 - 关注的一个有趣的因素。