山寨幣季節指數於 11 月 28 日觸及 60，預示著潛在的牛市

CoinMarketCap 追蹤的山寨幣季節指數於 11 月 28 日觸及 60。

The Altcoin Season Index, a metric that gauges the collective performance of altcoins relative to Bitcoin over a rolling 90-day period, stood at 60 on November 28, according to data from CoinMarketCap. This reading indicates that, over the past 90 days, 75% of the top 100 coins, excluding stablecoins and wrapped tokens, have outperformed BTC.

根據 CoinMarketCap 的數據，山寨幣季節指數是衡量山寨幣相對於比特幣在 90 天滾動期間整體表現的指標，該指數在 11 月 28 日為 60。該讀數表明，在過去 90 天裡，排名前 100 的代幣中，75%（不包括穩定幣和打包代幣）的表現優於 BTC。

The index, which is updated daily by CoinMarketCap (CMC), serves as a useful barometer for the shifting dynamics between Bitcoin and altcoins. Historically, sustained periods of altcoin outperformance have coincided with phases of retail-driven market exuberance, often signaling a later stage in the bull cycle.

該指數由 CoinMarketCap (CMC) 每日更新，是比特幣和山寨幣之間動態變化的有用晴雨表。從歷史上看，山寨幣持續表現優異的時期與散戶驅動的市場繁榮階段同時發生，通常預示著牛市週期的後期階段。

As highlighted by the recent CryptoQuant analysis, the strength of the Bitcoin rally, fueled by institutional demand and exchange-traded funds (ETFs), could present a double-edged sword for the altcoin market. While ETFs may provide a convenient entry point for institutions into the crypto space, their preference for major altcoins may limit liquidity for smaller altcoins, making it harder for them to reach new highs.

正如最近的 CryptoQuant 分析所強調的那樣，在機構需求和交易所交易基金 (ETF) 的推動下，比特幣反彈的強勁勢頭可能對山寨幣市場來說是一把雙面刃。雖然 ETF 可能為機構進入加密貨幣領域提供了一個便利的切入點，但他們對主要山寨幣的偏好可能會限制較小山寨幣的流動性，使它們更難達到新高。

Several experts have pointed to the role of fresh capital and exchange activity in driving altcoin performance. In a November 27 post, CryptoQuant lead researcher Ki Young Ju highlighted the flow of Bitcoin capital and its impact on the altcoin market.

幾位專家指出了新資本和交易活動在推動山寨幣表現方面的作用。在 11 月 27 日的貼文中，CryptoQuant 首席研究員 Ki Young Ju 強調了比特幣資本的流動及其對山寨幣市場的影響。

Ju's analysis suggests that while institutions may enter the altcoin market through ETFs, their involvement is largely limited to major altcoins. In the absence of institutional capital, smaller projects that rely solely on retail traders and exchange activity face challenges in reaching new highs.

Ju的分析表明，雖然機構可能透過ETF進入山寨幣市場，但他們的參與很大程度上僅限於主要山寨幣。在缺乏機構資本的情況下，僅依賴散戶交易者和交易所活動的小型專案在達到新高方面面臨挑戰。

According to Ju, sustained capital inflows into crypto exchanges are crucial for altcoins to reach new highs. Without fresh capital entering the exchanges, altcoins may struggle to generate the momentum needed to follow Bitcoin's rally.

Ju表示，持續的資金流入加密貨幣交易所對於山寨幣創下新高至關重要。如果沒有新的資本進入交易所，山寨幣可能很難產生跟隨比特幣上漲所需的動力。

To achieve this, Ju emphasizes the need for altcoins to focus on developing real-world use cases that can independently attract new capital, rather than simply riding on Bitcoin's coattails. The growth of trends like Decentralized Physical Infrastructure Networks (DePIN) could present a strategic shift in this direction.

為了實現這一目標，Ju 強調山寨幣需要專注於開發能夠獨立吸引新資本的現實世界用例，而不是簡單地搭上比特幣的順風車。去中心化實體基礎設施網路（DePIN）等趨勢的成長可能會帶來朝這個方向的策略轉變。

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