比特幣的崛起是否限制了替代幣增長的潛力？

比特幣優勢（BTC.D）的持續增長促進了人們對山寨幣季節潛力的猜測。

The persistent increase in Bitcoin Dominance (BTC.D) has fueled speculation about the potential for an altcoin season. While some analysts anticipate a correction in BTC.D that could open the door for altcoins to gain traction, a market expert has raised caution.

比特幣優勢（BTC.D）的持續增長促進了人們對山寨幣季節潛力的猜測。儘管一些分析師預計BTC.D進行了更正，可以為Altcoins贏得吸引力，但市場專家提出了謹慎。

He argues that the current cycle may differ from previous patterns, with Bitcoin holders unlikely to sell their positions to shift into altcoins.

他認為，當前週期可能與以前的模式有所不同，比特幣持有人不太可能出售其位置以轉移到山寨幣。

Is Bitcoin’s Rise Limiting the Potential for Altcoin Growth?

比特幣的崛起是否限制了替代幣增長的潛力？

BeInCrypto reported last week that Bitcoin Dominance reached its highest level in over four years. According to the latest data, BTC.D stood at 64.5%, an 11% increase since the beginning of the year.

Beincrypto上週報導說，比特幣在四年來的最高水平達到了最高水平。根據最新數據，BTC.D的率為64.5％，自今年年初以來增長了11％。

Many analysts are forecasting an incoming pullback in the metric. Mister Crypto, for instance, noted that BTC.D appears poised for rejection at a major trendline. This resistance level is significant because, historically, Bitcoin dominance has struggled to break through it.

許多分析師都在指標中預測了傳入的回調。例如，Crypto先生指出，BTC.D似乎準備在主要趨勢線上拒絕。這種抵抗水平很重要，因為從歷史上看，比特幣優勢一直在努力突破它。

“Bitcoin dominance is about to get rejected here. As soon as this happens, altcoins will rally hard!” he wrote.

“比特幣優勢將在這裡被拒絕。一旦發生這種情況，Altcoins就會艱難地集會！”他寫道。

Another analyst shared his optimistic outlook, suggesting an imminent shift.

另一位分析師分享了他樂觀的前景，這表明即將發生轉變。

“Bitcoin Dominance is collapsing.

“比特幣優勢正在崩潰。

Altseason is coming this year.

Altseason今年即將到來。

You just need patience,” Merlijn The Trader posted.

您只需要耐心，”交易者發布的梅林。

BeInCrypto has also reported on similar market predictions, highlighting traders’ anticipation of an altcoin season. Yet, not all agree. Experts remain divided on when exactly an altseason might materialize.

Beincrypto還報導了類似的市場預測，強調了交易者對Altcoin季節的預期。但是，並非所有人都同意。專家在何時出現何時可能實現。

Meanwhile, Scott Melker, Host of The Wolf Of All Streets Podcast, took a stronger stance, contending that the current cycle is fundamentally different.

同時，所有街道播客的狼的主持人斯科特·梅爾克（Scott Melker）採取了更強的立場，認為當前週期從根本上有所不同。

In the latest post on X (formerly Twitter), Melker explained that in previous market cycles, investors rotated their investments between Bitcoin and altcoins, which caused shifts in Bitcoin’s dominance.

梅爾克（Melker）在X（以前是Twitter）的最新文章中解釋說，在以前的市場週期中，投資者輪換了比特幣和Altcoins之間的投資，這導致了比特幣的統治地位。

“This time, new money is flowing into Bitcoin from retail, institutions, and even governments – and it’s not trickling down to altcoins. It can’t go from an ETF into a meme,” Melker remarked.

梅爾克說：“這次，新資金正在從零售，機構甚至政府的比特幣中流入比特幣，而且它並沒有滴入山寨幣。它不能從ETF轉變為模因。”

Melker highlighted that the decline of altcoins against Bitcoin is largely driven by holders selling their altcoins out of necessity rather than moving capital into Bitcoin. According to him, this represents “capitulation,” where investors abandon their altcoins due to financial pressures rather than market strategy.

梅爾克（Melker）強調，針對比特幣的山寨幣的下降主要是由於持有人出於必要而出售其山寨幣而不是將資本轉移到比特幣中。據他說，這代表了“投降”，由於財務壓力而不是市場戰略，投資者放棄了其山寨幣。

Nonetheless, the same isn’t the case for BTC. Unlike altcoin holders, Bitcoin investors are not selling their Bitcoin to buy altcoins. Thus, Melker’s analysis suggests that altcoins may require an influx of external capital to recover rather than relying on the traditional flow of funds from Bitcoin.

但是，BTC並非如此。與Altcoin持有人不同，比特幣投資者沒有出售其比特幣購買altcoins。因此，梅爾克（Melker）的分析表明，山寨幣可能需要大量的外部資本才能恢復，而不是依靠比特幣的傳統資金流。

This shift in market behavior aligns with broader trends in the cryptocurrency space. Bitcoin is increasingly being viewed as a store of value amid inflation concerns.

市場行為的這種轉變與加密貨幣空間中更廣泛的趨勢保持一致。在通貨膨脹方面，比特幣越來越被視為價值存儲。

“This cycle may change Bitcoin from a risk asset to an inflation hedge since there is nowhere else but gold and BTC to park money,” an analyst commented.

一位分析師評論說：“這個週期可能會將比特幣從風險資產變為通貨膨脹對沖，因為除了黃金和BTC以外的其他地方可以停放錢。”

Furthermore, BeInCrypto noted yesterday that the US Dollar Index (DXY) plunged to a three-year low. The decline triggered a rally in Bitcoin.

此外，Beincrypto昨天指出，美元指數（DXY）跌至三年低點。下降引發了比特幣的集會。

It surged past $87,000 yesterday, marking highs last seen on Liberation Day. In addition, the rally has continued.

昨天，它飆升了87,000美元，標誌著Highs在解放日的最後一次出現。此外，集會繼續進行。

Over the past day, the largest cryptocurrency has seen a 0.91 % increase. At the time of writing, it was trading at $88,408.

在過去的一天中，最大的加密貨幣增長了0.91％。在撰寫本文時，它的交易價格為88,408美元。

Notably, the dollar’s decline has also benefited gold. The precious metal surged to a new all-time high (ATH) of $3,456 today.

值得注意的是，美元的下降也使黃金受益。今天，貴金屬飆升至新的歷史最高（ATH），價格為3,456美元。

“Gold prices are now up +47% over the last 12 months,” The Kobeissi Letter revealed.

Kobeissi信中透露：“在過去的12個月中，黃金價格現在上漲 +47％。”

The contrasting performances have reinforced the narrative of Bitcoin as a reliable investment, positioning it alongside gold. With increasing economic concerns, both assets are emerging as key safe havens.

對比的表演加強了比特幣作為可靠投資的敘述，並將其定位在黃金的範圍內。隨著經濟關注的越來越多，這兩種資產都成為關鍵的避風港。