比特幣第一季表現強勁：價格飆升、市場主導地位和創新點燃加密貨幣熱潮

根據 Messari 的一份報告，比特幣 (BTC) 在 2024 年第一季 (Q1) 表現出色，創下歷史新高 (ATH)，鞏固了其市值主導地位。比特幣成長的關鍵因素包括對供應量減半的預期、現貨 BTC ETF 的成功以及機構資金流入的增加，這些都有助於其在加密貨幣生態系統中的認可和主導地位。

Bitcoin's Stellar Q1 Performance: A Surge in Price, Dominance, and Innovation

比特幣第一季的出色表現：價格、主導地位和創新的飆升

The cryptocurrency landscape has witnessed a remarkable surge in the first quarter of 2024, with Bitcoin (BTC) taking center stage. A comprehensive report by Messari, a leading market intelligence firm, reveals the key factors fueling Bitcoin's impressive performance, its dominance in the cryptocurrency ecosystem, and the emergence of transformative trends shaping the future of digital assets.

2024 年第一季度，加密貨幣格局出現顯著飆升，其中比特幣 (BTC) 佔據了中心舞台。領先的市場情報公司 Messari 的一份綜合報告揭示了推動比特幣令人印象深刻的表現、其在加密貨幣生態系統中的主導地位以及塑造數位資產未來的變革趨勢的出現的關鍵因素。

Price Surge and Market Cap Dominance

價格飆升和市值主導

Bitcoin's price trajectory in Q1 2024 has been nothing short of extraordinary. It has experienced a remarkable 68.78% growth quarter-over-quarter (QoQ), reaching an all-time high (ATH) of $73,100. This surge has propelled Bitcoin's market cap dominance to an impressive 49.7% in March 2024. Messari's report highlights that such dominance is a hallmark of the start of a new halving cycle, where Bitcoin typically leads the charge for the wider cryptocurrency market.

2024 年第一季比特幣的價格軌跡非比尋常。它經歷了 68.78% 的季度環比 (QoQ) 驚人增長，達到 73,100 美元的歷史新高 (ATH)。這種飆升使比特幣的市值主導地位在2024 年3 月達到令人印象深刻的49.7%。Messari 的報告強調，這種主導地位是新減半週期開始的標誌，在這個週期中，比特幣通常會引領更廣泛的加密貨幣市場。

Inscription Activity: Driving Fees and Transaction Dynamics

銘文活動：驅動費用與交易動態

A notable aspect of Bitcoin's Q1 performance lies in the significant inscription activity witnessed in Q4 2023. This activity had a pronounced impact on transaction fees, which surged by 699.4% QoQ. However, Q1 2024 saw a 41.9% decline in subscription-related fees. Despite this decrease in total fees, inscription-related transactions continue to account for a substantial 18.4% of Bitcoin's total fees, underscoring their enduring relevance.

比特幣第一季表現的一個值得注意的方面在於 2023 年第四季出現的大量記號活動。這項活動對交易費用產生了顯著影響，交易費用環比飆升 699.4%。然而，2024 年第一季訂閱相關費用下降了 41.9%。儘管總費用有所下降，但與銘文相關的交易仍佔比特幣總費用的 18.4%，凸顯了其持久的相關性。

The report further reveals a decline in average daily transactions and daily active addresses by 15.3% and 4.7% QoQ, respectively. This observation suggests a potential decrease in activity from bots or "super users." The report correlates this shift with the decline in inscription-related activities and fees.

報告進一步顯示，平均每日交易量和每日活躍地址較上月分別下降了 15.3% 和 4.7%。這項觀察結果表明機器人或「超級用戶」的活動可能會減少。該報告將這種轉變與登記相關活動和費用的下降聯繫起來。

ETF Inflows: A Watershed Moment for Bitcoin's Legitimization

ETF 流入：比特幣合法化的分水嶺

One of the most significant developments in Q1 2024 has been the remarkable growth of programmable layers in the cryptocurrency ecosystem. Established layers such as Rootstock and Stacks have demonstrated leadership in total value locked (TVL), while newer layers like BOB and Merlin have experienced rapid growth.

2024 年第一季最重要的發展之一是加密貨幣生態系統中可編程層的顯著成長。 Rootstock 和 Stacks 等成熟層已在總價值鎖定 (TVL) 方面展現出領先地位，而 BOB 和 Merlin 等較新層則經歷了快速增長。

TVL's 127% QoQ growth has been primarily driven by non-BTC assets, as Bitcoin-locked amounts have lagged behind the Lightning Network and alt-L1 networks that host significant amounts of BTC.

TVL 環比成長 127% 主要是由非 BTC 資產推動的，因為比特幣鎖定金額落後於託管大量 BTC 的閃電網路和 alt-L1 網路。

Furthermore, the approval and launch of nine spot ETFs and one ETF conversion in Q1 2024 have marked a watershed moment for Bitcoin's legitimization by the US government and traditional finance institutions. These ETFs have attracted over $12 billion in inflows within their first month of operation. Notably, BTC ETFs have surpassed silver ETFs in assets under management (AUM) but continue to trail behind gold ETFs.

此外，2024年第一季批准並推出9只現貨ETF和1只ETF轉換，標誌著美國政府和傳統金融機構比特幣合法化的分水嶺。這些 ETF 在營運第一個月就吸引了超過 120 億美元的資金流入。值得注意的是，BTC ETF 的管理資產 (AUM) 已超過白銀 ETF，但仍落後於黃金 ETF。

Institutional Adoption: MicroStrategy's Record Holdings

機構採用：MicroStrategy 的唱片控股

Institutional adoption of Bitcoin has reached new heights, with MicroStrategy, the largest institutional BTC holder, surpassing its previous holdings with an impressive 215,000 BTC. ETFs also accumulated a substantial 212,000 BTC in inflows during Q1, further solidifying Bitcoin's prominence in the financial markets.

機構對比特幣的採用達到了新的高度，最大的機構 BTC 持有者 MicroStrategy 的持有量達到了令人印象深刻的 215,000 BTC，超過了先前的持有量。第一季 ETF 也累積了 212,000 比特幣的大量流入，進一步鞏固了比特幣在金融市場的主導地位。

Outlook and Conclusion

展望與結論

Bitcoin's exceptional performance in Q1 2024, characterized by significant price appreciation and market cap dominance, has solidified its position as the leading cryptocurrency. The anticipation for the supply halving, coupled with the success of BTC ETFs and institutional inflows, has contributed to Bitcoin's growth and recognition in mainstream finance.

比特幣在 2024 年第一季的出色表現，以價格大幅上漲和市值主導為特徵，鞏固了其作為領先加密貨幣的地位。對供應量減半的預期，加上 BTC ETF 的成功和機構資金流入，促進了比特幣的成長和主流金融的認可。

As we progress into the future, the cryptocurrency landscape is likely to witness further evolution and innovation. Bitcoin, with its proven track record and robust network effects, is well-positioned to continue leading the digital asset revolution.

隨著我們走向未來，加密貨幣領域可能會見證進一步的演進和創新。比特幣憑藉其良好的記錄和強大的網路效應，處於有利地位，可以繼續引領數位資產革命。