尽管对机构流入越来越兴奋，比特币优势仍然存在

尽管通过ETF批准对机构流入越来越兴奋，但Altcoin市场并没有显示出太多复兴。

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

尽管通过ETF批准，对机构流入越来越兴奋，但加密货币市场的迹象有限。

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.

根据CoinMarketCap的Altcoin赛季指数，目前的分数为18/100，仍然将市场牢牢地置于“比特币季节”。该索引跟踪了前100个Altcoins（不包括Stablecoins和包裹的代币）在过去的90天内统称比比特币超过了比特币。

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季节”中，通常达到75的得分，这个时期的特征是，随着投资者追求更大的短期回报，从比特币向更高β替代币旋转。这样的季节通常以抛物线替代币价格飙升，社交媒体炒作的放大和增加零售参与。

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，最近的读数一直保持较低。昨天的分数为14，比今天比今天的分数下降了4分，上个月的分数仅为16。根据90天的时间限额，最低的时间是3月12日的13日记录。这表明我们仍处于比特币优势阶段，专家预测，该阶段将持续到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.

到那时，我们可以期望看到动量发生变化，而Altcoins在潜在的牛队中领先。关注这一班次的关键指标包括交易量和市值。

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.

与Stablecoins和Bitcoin相比，AltCoin交易的上升量将表明新资本进入市场。加密影响者Superdupercycle指出，“像Sui这样的狗狗和新代币这样的成员已经显示出显着的增长，但是在一个真正的季后赛中，应在所有部门中看到增长。”

“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.”

“尽管这些并不能保证创纪录的季后赛，但它们最近一直在堆积。如果比特币稳定并且不会崩溃，那么Altcoins可能会开始下一个市场浪潮。”

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.

尽管如此，仍然存在一些分歧开始出现的迹象，尤其是在AI-和RWA主题的令牌中，但不足以偏爱AltCoins指数。除非AltCoins在前100名列表中始终胜过BTC之前，AltCoin赛季指数不太可能很快翻转看涨。