在樂觀和謹慎的擔憂中，加密貨幣市場在減半後飆升

週一交易結束時，加密貨幣市場飆升，比特幣達到 67,000 美元。這次上漲是在週末減半事件之後發生的，減半事件減少了比特幣的發行量，導致比特幣上漲 3%。儘管以太坊小幅上漲，但市場情緒仍然樂觀，10,000 種加密貨幣中有 171 種出現上漲。以數位資產為主的股票也出現了飆升，Coinbase 和 MicroStrategy 漲幅顯著。然而，人們仍然擔心減半對礦商的影響以及潛在的市場波動。

Crypto Market Surges Post-Halving, Igniting Optimism and Concerns

減半後加密貨幣市場飆升，引發樂觀與擔憂

As the trading session closed on Monday, the cryptocurrency market soared, propelled by a renewed surge in Bitcoin. The leading cryptocurrency had briefly touched $67,000, alleviating fears of a steeper correction. This recent upturn followed the highly anticipated halving event over the weekend, which saw Bitcoin's new supply issuance slashed by half. Consequently, Bitcoin has gained over 3% in the past 24 hours, trading at approximately $66,500. Ethereum, although trailing slightly, experienced a modest 1.5% increase, reaching $3,200.

隨著週一交易時段結束，在比特幣再次飆升的推動下，加密貨幣市場飆升。領先的加密貨幣曾一度觸及 67,000 美元，緩解了人們對更大幅度調整的擔憂。最近的改善是在周末備受期待的減半事件之後發生的，比特幣的新供應量減少了一半。因此，比特幣在過去 24 小時內上漲了 3% 以上，交易價格約為 66,500 美元。以太坊雖然略有落後，但小幅上漲 1.5%，達到 3,200 美元。

This bullish trend extended across the board, with a staggering 171 out of nearly 10,000 cryptocurrencies listed on CoinMarketCap recording gains. The CoinDesk 20 Index (CDI), which encompasses leading cryptocurrencies, also surged by over 3%, largely influenced by a 15% jump in Near Protocol's native token, NEAR. The positive sentiment radiated into stocks focused on digital assets, with Coinbase (COIN) and MicroStrategy (MSTR) witnessing gains of 7% and 12%, respectively.

這種看漲趨勢全面延伸，CoinMarketCap 上列出的近 10,000 種加密貨幣中有 171 種錄得漲幅，令人震驚。涵蓋領先加密貨幣的 CoinDesk 20 指數 (CDI) 也飆升了 3% 以上，這主要受到 Near Protocol 原生代幣 NEAR 上漲 15% 的影響。正向情緒輻射到以數位資產為主的股票，Coinbase (COIN) 和 MicroStrategy (MSTR) 分別上漲 7% 和 12%。

Publicly traded mining companies also shared in the enthusiasm. Riot Platforms (RIOT) and Hut 8 Mining Corp (HUT) experienced increases between 15% and 20%, while Marathon Digital (MARA) climbed by 6%. The catalyst for this fervor was a surge in transaction fees, a critical revenue stream for these companies, hinting at potentially improved financial prospects.

上市礦業公司也表現出了同樣的熱情。 Riot Platforms (RIOT) 和 Hut 8 Mining Corp (HUT) 的股價上漲了 15% 至 20%，而 Marathon Digital (MARA) 則上漲了 6%。這種熱情的催化劑是交易費用的飆升，交易費用是這些公司的關鍵收入來源，暗示財務前景可能會改善。

However, not all industry professionals are convinced by the buoyant market. Markus Thielen, founder of 10x Research, expressed skepticism in a recent interview with CoinDesk TV, arguing that Bitcoin's halving does not necessarily signal a bullish trend. He anticipates a fragile market in the coming months, potentially leading to a deeper decline. Thielen's concerns stem from the possibility that miners may sell around $5 billion worth of Bitcoin to sustain operations after their revenues were halved.

然而，並非所有行業專業人士都相信蓬勃發展的市場。 10x Research 創辦人 Markus Thielen 在最近接受 CoinDesk TV 採訪時表達了懷疑，認為比特幣減半不一定預示著看漲趨勢。他預計未來幾個月市場將變得脆弱，可能導致更嚴重的下跌。蒂倫的擔憂源於礦工在收入減半後可能會出售價值約 50 億美元的比特幣以維持營運的可能性。

Thielen's views resonate with historical data on Bitcoin's price movements post-halving. Traditionally, Bitcoin has experienced a significant rise 50-100 days after the event. Additionally, crypto hedge fund QCP Capital recently highlighted this pattern, suggesting that bullish investors may soon become more aggressive in their positions.

蒂倫的觀點與比特幣減半後價格走勢的歷史數據產生共鳴。傳統上，比特幣會在事件發生後 50-100 天經歷大幅上漲。此外，加密貨幣對沖基金 QCP Capital 最近強調了這種模式，表明看漲投資者可能很快就會變得更加積極。

Funding rates, particularly for leveraged positions in derivatives trading, add another layer of complexity to the market dynamics. These rates have cooled considerably, with some even falling into steep negative territory, especially for less mainstream cryptocurrencies. This situation sets the stage for a potential rapid rebound if investor appetite for risk returns.

資金利率，尤其是衍生性商品交易中的槓桿頭寸，為市場動態增添了另一層複雜性。這些利率已經大幅下降，有些甚至跌入陡峭的負值區域，特別是對於不太主流的加密貨幣。如果投資者對風險回報有興趣，這種情況將為潛在的快速反彈奠定基礎。

Emerging Trends and Layer 2 Solutions

新興趨勢與第 2 層解決方案

The Bitcoin halving event also marked the beginning of "Epoch V," which introduced Runes, a new protocol for creating meme coins on the Bitcoin network. This launch, combined with the halving, has spurred the creation of hundreds of tokens, resulting in skyrocketing transaction fees. The average cost has exceeded $70, a significant leap from previous levels.

比特幣減半事件也標誌著「Epoch V」的開始，它引入了 Runes，一種在比特幣網路上創建 meme 硬幣的新協議。這次發行，加上減半，刺激了數百種代幣的創建，導致交易費用飆升。平均成本已超過 70 美元，較之前水準有了顯著飛躍。

This surge in transaction fees on April 20, peaking at $128, could motivate users to migrate to alternative solutions like the Lightning Network or side chains such as Fedimint and Ark. Bitcoin Core developer Ava Chow believes that high fee environments will drive the community to explore these layer-2 solutions more actively.

4 月 20 日交易費用激增，達到 128 美元的峰值，可能會促使用戶遷移到閃電網路等替代解決方案或 Fedimint 和 Ark 等側鏈。二層解決方案更加積極。

A recent report by Messari supports Chow's predictions, emphasizing the need for layer-2 solutions as Bitcoin evolves from digital gold to a broader platform for development. This transformation has partly been spurred by the Ordinals protocol, which allows data storage on Bitcoin's smallest units, satoshis, leading to a surge in transactions and NFT-like inscriptions.

Messari 最近的一份報告支持了 Chow 的預測，強調隨著比特幣從數位黃金發展到更廣泛的開發平台，需要第二層解決方案。這種轉變在一定程度上是由 Ordinals 協議推動的，該協議允許將資料儲存在比特幣的最小單位 satoshis 上，導致交易和類似 NFT 的銘文激增。

Furthermore, tokens associated with Bitcoin's layer-2 solutions have performed remarkably well. Post-halving, tokens like Elastos' ELA and SatoshiVM's SAVM have witnessed substantial gains, highlighting the market's growing focus on these secondary platforms.

此外，與比特幣第二層解決方案相關的代幣表現非常出色。減半後，亦來雲的 ELA 和 SatoshiVM 的 SAVM 等代幣都出現了大幅上漲，凸顯了市場對這些二級平台日益增長的關注。

However, the surge in interest and activity on these layer-2 platforms poses a new challenge: accessibility. High transaction fees could potentially exclude users with smaller balances from utilizing non-custodial services like the Lightning Network. As Chow points out, each layer-2 solution still requires an on-chain transaction to function, exacerbating the issue.

然而，人們對這些第 2 層平台的興趣和活動激增帶來了新的挑戰：可訪問性。高額交易費用可能會導致餘額較小的使用者無法使用閃電網路等非託管服務。正如 Chow 指出的那樣，每個第 2 層解決方案仍然需要鏈上交易才能發揮作用，這加劇了問題。

Despite these hurdles, solutions are emerging, such as custodial Lightning services that aim to mitigate transaction costs, ensuring that new users can access the Bitcoin market even in high-fee environments.

儘管存在這些障礙，解決方案仍在不斷出現，例如旨在降低交易成本的託管閃電服務，確保新用戶即使在高費用環境下也可以進入比特幣市場。