在機構繁榮和市場動盪之際，比特幣的主導地位達到三年來的峰值

比特幣在加密貨幣領域的主導地位已達到三年來的最高水平，佔2.4 兆美元市場的55%，反映出對持有比特幣的美國交易所交易基金的強勁需求，而較小的代幣則經歷了一段動盪時期。

Bitcoin Dominance Surges to Three-Year High as Institutional Demand and Rocky Market Conditions Boost Demand for Digital Gold

由於機構需求和動盪的市場狀況刺激了對數位黃金的需求，比特幣的主導地位飆升至三年高點

The cryptocurrency market has witnessed a significant shift in dominance in recent months, with Bitcoin establishing a commanding lead over its smaller rivals. As of the end of last week, Bitcoin accounted for a remarkable 55% of the $2.4 trillion virtual currency market, a level not seen since April 2021, according to data from CoinMarketCap.

近幾個月來，加密貨幣市場的主導地位發生了重大轉變，比特幣相對於規模較小的競爭對手建立了絕對領先優勢。 CoinMarketCap 的數據顯示，截至上週末，比特幣在價值 2.4 兆美元的虛擬貨幣市場中佔據了 55% 的份額，這是自 2021 年 4 月以來的最高水平。

This surge in Bitcoin's dominance has been driven by a combination of factors, including robust demand for US exchange-traded funds (ETFs) that hold the cryptocurrency, as well as a period of volatility and sell-offs in the broader cryptocurrency market.

比特幣主導地位的飆升是由多種因素推動的，包括對持有加密貨幣的美國交易所交易基金（ETF）的強勁需求，以及更廣泛的加密貨幣市場的一段時期的波動和拋售。

The launch of three-month-old US spot ETFs from issuers such as BlackRock Inc. and Fidelity Investments has been a major catalyst for Bitcoin's growth. These ETFs have attracted approximately $56 billion in assets to date, making them one of the most successful ETF debuts in history. The inflows from institutional investors into these ETFs have played a significant role in boosting Bitcoin's performance relative to the rest of the market, according to Benjamin Celermajer, director at digital-asset investment manager Magnet Capital.

貝萊德 (BlackRock Inc.) 和富達投資 (Fidelity Investments) 等發行人推出的三個月期美國現貨 ETF 一直是比特幣成長的主要催化劑。迄今為止，這些 ETF 已吸引了約 560 億美元的資產，使其成為史上最成功的 ETF 之一。數位資產投資管理公司 Magnet Capital 總監 Benjamin Celermajer 表示，機構投資者對這些 ETF 的資金流入在提升比特幣相對於市場其他產品的表現方面發揮了重要作用。

While Bitcoin has enjoyed a period of relative strength, smaller cryptocurrencies have faced headwinds and experienced substantial declines in recent weeks. A gauge of these smaller digital assets has sunk more than 30% since the highs reached in mid-March, coinciding with reduced expectations for looser US monetary policy settings that have fueled speculative gains in the past.

儘管比特幣經歷了一段時間的相對強勢，但較小的加密貨幣面臨阻力，並在最近幾週經歷了大幅下跌。自 3 月中旬達到高點以來，這些規模較小的數位資產的指標已下跌超過 30%，與此同時，人們對美國寬鬆貨幣政策環境的預期也有所下降，而過去曾助長投機性收益。

The cryptocurrency market has long been characterized by periods of volatility and uncertainty, and recent events have highlighted the cyclical nature of the industry. While Bitcoin has emerged as a dominant force during this period, it remains to be seen whether it can maintain its current level of dominance or whether smaller cryptocurrencies will experience a resurgence in the future.

長期以來，加密貨幣市場的特徵是波動性和不確定性，最近發生的事件凸顯了該行業的周期性。儘管比特幣在此期間已成為主導力量，但它是否能保持目前的主導地位，或者較小的加密貨幣是否會在未來復甦，還有待觀察。

Adding further fuel to the Bitcoin rally, the market is eagerly anticipating the upcoming Bitcoin halving event, which is expected to occur around April 2023. Halvings reduce the new supply of Bitcoin by half, and historically, these events have been associated with price increases. However, there is growing skepticism about whether this trend will continue, given that Bitcoin recently reached a historical peak.

市場熱切期待即將到來的比特幣減半事件，預計將在2023 年4 月左右發生，為比特幣的漲勢進一步推波助瀾。這些事件都與價格上漲有關。然而，鑑於比特幣最近達到了歷史峰值，人們越來越懷疑這種趨勢是否會持續下去。

Despite the uncertainty surrounding the long-term outlook for Bitcoin, its recent surge in dominance is a clear indication of institutional demand and the growing acceptance of cryptocurrencies as an asset class. As the market continues to evolve, it will be fascinating to witness the ongoing interplay between Bitcoin and the wider cryptocurrency landscape.

儘管比特幣的長期前景存在不確定性，但其近期主導地位的飆昇明確表明了機構需求以及加密貨幣作為一種資產類別的接受程度不斷提高。隨著市場的不斷發展，見證比特幣和更廣泛的加密貨幣領域之間的持續相互作用將是令人著迷的。