比特幣主導著加密貨幣市場，將山寨幣留在灰塵中

2025年的第一季度是由Altcoin季節的談話主導的，就像公牛週期結束時一樣。

The first quarter of 2025 was largely dominated by talks of the altcoin season, which usually comes about when the bull cycle is ending. In past cycles, capital tends to rotate from Bitcoin to other cryptocurrencies as investors look to maximize gains ahead of the bear market.

2025年的第一季度在很大程度上由山寨幣季節的談話主導，這通常是在牛週結束時發生的。在過去的周期中，隨著投資者希望在熊市之前最大化的收益，資本傾向於從比特幣轉向其他加密貨幣。

However, the story has been very different for the cryptocurrency market so far this year, with most large-cap assets failing to enjoy the same capital rotation seen in past cycles. The latest on-chain data shows that Bitcoin has continued to dominate the crypto market, outperforming all categories of altcoins.

但是，今年到目前為止，加密貨幣市場的故事有很大不同，大多數大型資產都無法享受過去週期中相同的資本輪換。最新的鍊鍊數據表明，比特幣繼續主導加密市場，表現優於所有類別的山寨幣。

Is It Time To Buy Altcoins?

是時候購買山寨幣了嗎？

In an April 5 post on X, pseudonymous analyst Darkfost shared an interesting on-chain insight into the performance of all altcoin categories relative to the world’s largest cryptocurrency. According to the online pundit, the altcoins are underperforming compared to Bitcoin in terms of market capitalization growth.

在4月5日關於X的帖子中，偽分析師Darkfost分享了一個有趣的鏈上，洞察所有Altcoin類別相對於世界上最大的加密貨幣的性能。根據在線專家的說法，與比特幣相比，在市值增長方面，AltCoins的表現不佳。

According to the analyst, the variation between the 365-day MA and the 30-day MA serves as an indicator of growth momentum. Typically, when the short-term moving average (30-day MA) rises faster than the long-term moving average (365-day MA), it implies rapid market cap growth.

根據分析師的說法，365天MA與30天MA之間的變化是生長動量的指標。通常，當短期移動平均線（30天MA）上升的速度高於長期移動平均線（365天MA）時，這意味著市值快速增長。

On the flip side, a reduced growth momentum is indicated by a lagging 30-day moving average.

另一方面，落後30天的移動平均線落後的增長勢頭降低了。

As observed in the chart above, Bitcoin is outpacing the large-cap and mid-to-small-cap altcoins in terms of their market cap growth. Darkfost noted that this difference in the growth ratio has reached a level last seen in October 2023, a period correlated with a brief altcoin rally and subsequently BTC’s dominance.

如上圖中所觀察到的那樣，比特幣在其市值增長方面超過了大型和中小型CAP山寨幣。 Darkfost指出，增長率的這種差異已達到2023年10月的最後一個水平，這一時期與短暫的Altcoin集會以及隨後BTC的主導地位有關。

The analyst further highlighted that when this growth ratio turns negative, it often signals that a strong correction has occurred. Historically, a negative ratio might present a potential buying opportunity for investors looking to get into the market.

分析師進一步強調，當這種增長率變為負面時，通常會表明發生了強大的校正。從歷史上看，負比例可能會為希望進入市場的投資者帶來潛在的購買機會。

Bitcoin And Ethereum Price Quick Look

比特幣和以太坊價格快速外觀

At the time of writing, the price of BTC is trading at around the $83,500 mark, indicating no significant change in the past 24 hours. In the same vein, the ETH token is priced at approximately $1,805, showing no movement in the past day.

在撰寫本文時，BTC的價格約為83,500美元，表明過去24小時沒有重大變化。同樣，ETH代幣的價格約為1,805美元，在過去的一天中沒有移動。

While the premier cryptocurrency dropped by about 15% in the first quarter of 2025, Ethereum lost almost double its value in the same period. This gap in performance highlights how poorly the "king of altcoins" has fared in recent months.

儘管2025年第一季度的總理加密貨幣下降了約15％，但以太坊在同一時期的價值幾乎損失了兩倍。這種表現差距凸顯了“山寨幣之王”在最近幾個月的情況下的差異。