由於市場波動，比特幣減半後山寨幣的前景好壞參半

儘管比特幣最近減半，但山寨幣市場仍然不確定。儘管一些專家預測山寨幣即將上漲，但山寨幣季節指數和 Tether 主導地位等關鍵指標表明，山寨幣上漲可能還需要一段時間。然而，市場狀況和專家情緒表明，隨著比特幣主導地位的下降，比特幣可能會轉向山寨幣，這可能會導致未來幾個月的大幅反彈。

Altcoins: A Post-Halving Assessment Amidst Market Volatility

山寨幣：市場波動中的減半後評估

The recent halving of Bitcoin (BTC), a much-anticipated event in the cryptocurrency realm, has sent ripples through the market, leaving observers grappling with its implications and the trajectory of altcoins.

最近，比特幣（BTC）減半是加密貨幣領域備受期待的事件，在市場上引起了軒然大波，讓觀察人士努力應對其影響和山寨幣的發展軌跡。

Altcoins in the Shadow of Bitcoin

比特幣陰影下的山寨幣

In the wake of the halving, Bitcoin's dominance has remained unyielding, attracting the lion's share of investor attention and capital. This has led to a noticeable decline in the combined market capitalization of altcoins, which has plummeted from $1.27 trillion in March to $1.06 trillion as of April 23.

減半後，比特幣的主導地位依然堅不可摧，吸引了大部分投資者的注意和資本。這導致山寨幣總市值顯著下降，從 3 月的 1.27 兆美元暴跌至截至 4 月 23 日的 1.06 兆美元。

The impact has been felt across the top 100 altcoins, with approximately 80% experiencing declines ranging from 2% to a staggering 50%. Even Ethereum (ETH), the second-largest cryptocurrency by market cap, has not escaped this downturn, falling from a peak of $3,727 on April 8 to around $3,200 on April 23.

前 100 名的山寨幣都受到了影響，大約 80% 的山寨幣跌幅從 2% 到驚人的 50% 不等。即使是市值第二大加密貨幣以太幣（ETH）也未能逃脫這次低迷，從 4 月 8 日的 3,727 美元高峰跌至 4 月 23 日的 3,200 美元左右。

The Prelude to an Altcoin Season?

山寨幣季節的前奏？

Historically, Bitcoin bull markets have often ushered in periods known as "altcoin seasons," where capital flows into alternative cryptocurrencies, sometimes outperforming Bitcoin itself. However, the current market dynamics diverge from this pattern, with Bitcoin's dominance remaining elevated.

從歷史上看，比特幣牛市經常會迎來被稱為「山寨幣季節」的時期，資本流入替代加密貨幣，有時表現優於比特幣本身。然而，當前的市場動態與這種模式背道而馳，比特幣的主導地位仍然很高。

Indicators to Watch for an Altcoin Rally

觀察山寨幣反彈的指標

Analysts scrutinize various indicators to gauge the potential for an impending altcoin rally.

分析師仔細審查各種指標，以評估山寨幣即將上漲的潛力。

1. Altcoin Season Index: This index measures the relative strength of altcoins compared to Bitcoin. While it initially dipped after the halving, indicating Bitcoin's dominance, altcoins have experienced a steeper decline in value since then. The index currently stands at 39, suggesting an altcoin season may still be some time away.
2. Tether (USDT) Dominance: A downward trend in USDT dominance indicates investors' increased willingness to take on risk by exchanging stablecoins for crypto assets, potentially signaling the onset of an altcoin season. Analysis shows that making new lower lows in USDT dominance correlates with early signs of altcoin rallies.
3. Trading Volume and Price Appreciation: A notable increase in trading volume accompanied by sustained price appreciation across multiple altcoins is a key indicator of an impending rally.

Experts' Perspectives

山寨幣季節指數：此指數衡量山寨幣與比特幣相比的相對強度。雖然它在減半後最初下跌，表明比特幣的主導地位，但自那時起山寨幣的價值經歷了更大的下跌。該指數目前為39，顯示山寨幣季節可能還需要一段時間。這一趨勢的開始山寨幣季節。分析顯示，USDT 的主導地位創下新低與山寨幣反彈的早期跡象相關。專家的觀點

Seasoned crypto analysts anticipate a shift in market sentiment towards altcoins in the post-halving environment.

經驗豐富的加密貨幣分析師預計，在減半後的環境中，市場情緒將轉向山寨幣。

• Emperor: Observes that Bitcoin's dominance has peaked, suggesting the potential for a major altcoin rally, particularly if Bitcoin maintains stability.
• Michaël van de Poppe: Notes that decreasing Bitcoin dominance indicates a rotation towards altcoins, with Ethereum's evolving role as a settlement layer potentially boosting altcoin performance.

A Call for Informed Decision-Making

Empire：觀察到比特幣的主導地位已經達到頂峰，這表明山寨幣有可能出現大幅上漲，特別是如果比特幣保持穩定的話。而以太坊作為結算層的角色不斷演變可能會推動山寨幣的發展山寨幣的表現。

While experts provide insights into potential market trends, it is crucial to conduct thorough research and make informed decisions when allocating funds in the volatile cryptocurrency market.

雖然專家提供了對潛在市場趨勢的見解，但在波動的加密貨幣市場中分配資金時，進行徹底的研究並做出明智的決策至關重要。

Remember the golden rule of investing: never invest more than you can afford to lose. Closely monitor key indicators and keep a pulse on altcoin performance to navigate the market with a calculated approach.

記住投資的黃金法則：投資永遠不要超過你能承受的損失。密切監控關鍵指標並密切關注山寨幣的表現，以經過深思熟慮的方法駕馭市場。