比特幣的連勝結束，主導地位在市場調整中上升

由於現貨ETF需求放緩和市場避險情緒等因素，比特幣預計將結束連續七個月的上漲動能。儘管如此，比特幣的主導率，或者說它在加密貨幣市場中的份額，最近達到了三年來的高點，這表明比特幣有進一步的上漲潛力，並且在未來幾個月內比特幣相對於山寨幣的主導地位可能會增強。

Bitcoin Ending Months-Long Winning Streak, Dominance Ascending

比特幣結束數月的長期連勝，主導地位不斷上升

Amidst a confluence of macroeconomic factors and market dynamics, Bitcoin (BTC) is poised to conclude a remarkable seven-month winning streak. Despite this momentary setback, analysts anticipate a further solidification of Bitcoin's dominance within the cryptocurrency landscape.

在宏觀經濟因素和市場動態的共同作用下，比特幣（BTC）有望結束長達七個月的連續上漲。儘管出現暫時的挫折，但分析師預計比特幣在加密貨幣領域的主導地位將進一步鞏固。

Data from CoinDesk and TradingView indicates that Bitcoin has experienced an 11% monthly loss as of this writing, trading at $63,200. This marks its first monthly loss since August 2023. The CoinDesk 20 Index, a gauge of the most liquid digital assets, has also declined by nearly 20% to 2,185 points for the month.

來自 CoinDesk 和 TradingView 的數據表明，截至撰寫本文時，比特幣每月下跌 11%，交易價格為 63,200 美元。這是自 2023 年 8 月以來的首次月下跌。

Several factors have contributed to this market correction. Notably, the dwindling likelihood of interest rate cuts by the Federal Reserve (Fed) has dampened sentiment. Moreover, reduced demand for spot Bitcoin exchange-traded funds (ETFs) in the United States, coupled with a general aversion to risk in financial markets, has tempered the recent Bitcoin rally.

有幾個因素促成了這個市場調整。值得注意的是，聯準會降息的可能性不斷減小，抑制了市場情緒。此外，美國對現貨比特幣交易所交易基金（ETF）的需求減少，加上金融市場普遍厭惡風險，抑制了近期比特幣的漲勢。

Conversely, the continued expansion of prominent stablecoins has provided some support. However, market participants are closely monitoring the U.S. Treasury's quarterly refunding statement scheduled for Wednesday. If the Treasury issues a higher volume of short-term bills, it could free up liquidity, potentially supporting risk assets such as Bitcoin.

相反，知名穩定幣的持續擴張提供了一些支撐。然而，市場參與者正在密切關注美國財政部定於週三發布的季度退款聲明。如果財政部發行更多的短期票據，可能會釋放流動性，從而可能支持比特幣等風險資產。

The U.S. Treasury has announced plans to increase borrowing in the April to June quarter. This increased borrowing could lead to an increase in bond supply and higher yields, which would potentially reduce the incentive for investors to allocate funds towards risky assets like Bitcoin.

美國財政部已宣布計劃在四月至六月季度增加借款。借貸的增加可能會導致債券供應增加和收益率上升，這可能會降低投資者將資金分配給比特幣等風險資產的動力。

Notably, the Treasury intends to maintain a balance of $850 billion in its Treasury General Account (TGA) by the end of September, slightly higher than the previously anticipated $750 billion. This move has raised concerns among market observers who believe that the Treasury may be attempting to stimulate asset prices.

值得注意的是，財政部計劃在9月底將其財政部普通帳戶（TGA）餘額維持在8,500億美元，略高於先前預期的7,500億美元。此舉引起了市場觀察人士的擔憂，他們認為財政部可能試圖刺激資產價格。

Bitcoin's Dominance Rises

比特幣的主導地位上升

Concurrently with the market correction, Bitcoin's dominance rate, or its share of the overall cryptocurrency market, has surged to a three-year high of 57%. This breakout from a six-month consolidation pattern suggests that Bitcoin could continue to outshine alternative cryptocurrencies (altcoins) in the near term.

在市場調整的同時，比特幣的主導率，或者說它在整個加密貨幣市場中的份額，已飆升至三年來的新高57%。六個月盤整模式的突破表明，比特幣在短期內可能繼續超越其他加密貨幣（山寨幣）。

According to Fairlead Strategies, the dominance rate breakout signals a "continuation of a long-term turnaround phase, which has reversed much of the altcoin gains made in early 2021." The firm believes that Bitcoin will continue to outperform altcoins in the intermediate term.

根據 Fairlead Strategies 的說法，主導率突破標誌著「長期扭虧為盈階段的延續，這已經扭轉了 2021 年初山寨幣的大部分漲幅」。該公司認為，從中期來看，比特幣的表現將持續優於山寨幣。

This dominance rate increase signifies a potential shift in investor sentiment towards a concentration on Bitcoin as a more reliable and established cryptocurrency. However, the market remains volatile, and external factors could influence the trajectory of both Bitcoin and the broader cryptocurrency landscape.

這種主導率的上升意味著投資者情緒可能會轉向比特幣作為一種更可靠、更成熟的加密貨幣。然而，市場仍然不穩定，外部因素可能會影響比特幣和更廣泛的加密貨幣格局的軌跡。