股市下跌，加密貨幣飆漲

週一標誌著加密貨幣看漲勢頭的復甦，比特幣 (BTC) 突破 70,000 美元，眾多山寨幣出現兩位數漲幅。相較之下，股市在開盤時面臨壓力，標準普爾、道瓊指數和納斯達克等主要指數收盤下跌。 BTC/美元升至 71,000 美元上方高位，目標是 73,865 美元的歷史高點。儘管人們擔心波動性和收益率上升，但比特幣仍表現出了韌性，這可能是受到現貨 ETF 資金流入和地緣政治因素的支撐。

Are Cryptos Back on a Bull Run?

加密貨幣又回到牛市了嗎？

After a lackluster performance in Q1, Bitcoin (BTC) has regained its momentum, soaring above $70,000. Altcoins have also joined the party, with many posting double-digit gains, rekindling excitement among crypto enthusiasts.

經過第一季的低迷表現後，比特幣 (BTC) 重新恢復勢頭，飆升至 70,000 美元以上。山寨幣也加入了這一行列，許多山寨幣都實現了兩位數的漲幅，重新點燃了加密貨幣愛好者的興奮。

Stocks: A Tale of Woe

股票：一個悲慘的故事

In contrast to the crypto market's buoyancy, stocks have been under pressure, falling at the market open to start the final week of Q1. The major indices have been setting new highs amidst sticky inflation, but this week's downturn has cast a shadow over the quarter's gains.

與加密貨幣市場的繁榮形成鮮明對比的是，股市一直面臨壓力，在第一季最後一周開盤時下跌。在通膨高漲的情況下，主要股指屢創新高，但本週的低迷給本季的漲幅蒙上了陰影。

Bitcoin's Next Target: All-Time High

比特幣的下一個目標：歷史新高

Data from TradingView reveals that Bitcoin bulls have been relentless, pushing the top crypto to an afternoon high above $71,000. Their sights are now set on Bitcoin's all-time high of $73,865, eager to propel King Crypto into uncharted territory.

TradingView 的數據顯示，比特幣多頭一直在堅持不懈，將頂級加密貨幣推至午後高點 71,000 美元以上。他們現在將目光瞄準了比特幣 73,865 美元的歷史高點，渴望將 King Crypto 推向未知領域。

Volatility on the Rise

波動性上升

Kaiko Research has highlighted the recent increase in Bitcoin's volatility, with flash crashes occurring at least twice in the past few weeks. The report attributes these extreme price drops to the low liquidity and fragmentation of the cryptocurrency market, as well as potential manipulation attempts.

Kaiko Research 強調了近期比特幣波動性的增加，過去幾週至少發生了兩次閃電崩盤。該報告將這些極端的價格下跌歸因於加密貨幣市場的低流動性和分散性，以及潛在的操縱企圖。

Bitcoin's Resilience Amidst Rising Yields

比特幣在收益率上升中的韌性

Despite the rise in real yields in the U.S., Bitcoin has shown remarkable resilience. Kaiko notes that historically, rising yields have dampened Bitcoin prices, making risk assets less attractive. However, this year, BTC has defied this trend, gaining 50% YTD.

儘管美國的實際收益率有所上升，但比特幣卻展現了非凡的彈性。 Kaiko 指出，從歷史上看，收益率上升抑制了比特幣價格，導致風險資產吸引力下降。然而，今年 BTC 卻一反這一趨勢，年初至今上漲了 50%。

Altcoins Paint the Market Green

山寨幣為市場塗上綠色

The altcoin market has been a vibrant sea of green, with only two tokens in the top 200 posting losses. Polymesh (POLYX) led the charge with a 56.4% surge, followed by Reserve Rights (RSR) and Yield Guild Games (YGG) with gains of 44% and 38.5%, respectively.

山寨幣市場一直是一片生氣勃勃的綠色海洋，前 200 名中只有兩種代幣出現虧損。 Polymesh (POLYX) 以 56.4% 的漲幅領先，Reserve Rights (RSR) 和 Yield Guild Games (YGG) 緊隨其後，分別上漲 44% 和 38.5%。

The Halving: A Potential Consolidation Zone

減半：潛在的盤整區

Market analyst Rekt Capital believes that the current cycle has been characterized by "Re-Accumulation Ranges." He suggests that further consolidation at highs may occur before the Halving, in line with historical price tendencies. If Bitcoin can establish $69,000 as support, this idea could be invalidated, paving the way for price expansion.

市場分析師Rekt Capital認為，目前週期的特徵是「重新吸籌區間」。他認為，減半前可能會在高點進一步盤整，這與歷史價格趨勢一致。如果比特幣能夠建立 69,000 美元的支撐位，這個想法可能會失效，為價格擴張鋪平道路。

Overall Market Health

整體市場健康狀況

The overall cryptocurrency market cap has reached $2.68 trillion, with Bitcoin's dominance rate hovering around 52.2%. The return of bull market momentum for cryptos has injected optimism into the market, while stocks have faced headwinds. As the quarter draws to a close, investors will be watching closely to see if the crypto rally can sustain its momentum or if stocks can recover their losses.

加密貨幣整體市值已達2.68兆美元，比特幣的主導率徘徊在52.2%左右。加密貨幣牛市勢頭的回歸為市場注入了樂觀情緒，而股市則面臨逆風。隨著本季接近尾聲，投資人將密切關注加密貨幣漲勢能否維持其勢頭，或是股市能否收復失地。