忘記聖誕節吧。 Altseason 即將來臨。

Altseason 是除比特幣以外的加密貨幣興趣和價格飆升的時期。

As the festive season approaches, the cryptocurrency market appears poised for an exciting period known as "altseason." This phenomenon occurs when interest and prices surge for cryptocurrencies other than Bitcoin.

隨著節日的臨近，加密貨幣市場似乎即將來臨一個被稱為「山寨幣季節」的激動人心的時期。當比特幣以外的加密貨幣的利息和價格飆升時，就會出現這種現象。

In the 2017 bull cycle, for instance, alternative cryptocurrencies soared thousands of times in value within a few short months, minting a generation of newly rich investors in the space.

例如，在 2017 年的多頭週期中，另類加密貨幣的價值在短短幾個月內飆升了數千倍，在該領域造就了一代新富投資者。

Now, with the value of the OTHERS altcoin index surging 76% since early November, to $334 billion, a new golden age appears to be dawning for Bitcoin’s offspring.

現在，隨著 OTHERS 山寨幣指數的價值自 11 月初以來飆升 76%，達到 3,340 億美元，比特幣後代的新黃金時代似乎正在來臨。

“It’s far from a nothingburger, we’re on the brink of a full-blown altseason,” Matthew Mena, head of US crypto research at 21.co, told DL News.

21.co 美國加密貨幣研究主管 Matthew Mena 告訴 DL News：“這遠不是一個小漢堡，我們正處於全面的山寨季節的邊緣。”

While skeptics may doubt that altcoins are poised to soar for a sustained period of time, Mena said positive signs are already emerging.

儘管懷疑論者可能懷疑山寨幣是否會在一段時間內持續飆升，但梅納表示，積極的跡像已經出現。

This year, a number of “dino” coins from the 2017 era have already jumped triple digits.

今年，2017 年的一些「恐龍」硬幣的價格已經躍升了三位數。

XRP, the coin associated with Ripple, is up 177% in the past 30 days, and Dogecoin, the memecoin stalwart, climbed 140% in the same timeframe. Cardano, meanwhile, spiked 186% in the past month, according to CoinGecko.

XRP（與 Ripple 相關的代幣）在過去 30 天內上漲了 177%，而 Memecoin 的堅定支持者 Dogecoin 在同一時間段內上漲了 140%。與此同時，根據 CoinGecko 的數據，卡爾達諾在過去一個月飆升了 186%。

Even Axie Infinity, the blockchain game play that’s long been out of favor, is delivering a 43% return to holders of AXS over the last 14 days.

即使是長期失寵的區塊鏈遊戲 Axie Infinity，在過去 14 天內也為 AXS 持有者帶來了 43% 的回報。

“On top of that, laggards like Ethereum are breaking key resistance levels,” Mena said.

「最重要的是，像以太坊這樣的落後者正在突破關鍵阻力位，」梅納說。

On Tuesday, the second most valuable cryptocurrency crossed the $3,600 mark for the first time since mid June. Many say a trip to $10,000 is just around the corner.

週二，第二大加密貨幣自 6 月中旬以來首次突破 3,600 美元大關。許多人表示，10,000 美元的價格即將到來。

Alex Kruger, a macro analyst, agreed with Mena’s analysis, to a point.

宏觀分析師亞歷克斯·克魯格在某種程度上同意梅納的分析。

Michael Saylor's billion-dollar purchases of Bitcoin “gives oxygen to crypto natives to go gamble,” he told DL News.

Michael Saylor 告訴 DL News，他斥資 10 億美元購買比特幣「為加密貨幣原住民提供了賭博的氧氣」。

That, in turn, is prompting seasoned retail investors to buy DINO coins even as newer entrants pile into memecoins.

這反過來促使經驗豐富的散戶投資者購買 DINO 幣，儘管新進業者紛紛湧入迷因幣。

Even so, Kruger doubts this altseason will feel like the 2017 bull run.

即便如此，克魯格懷疑這個山寨季是否會讓人感覺像是 2017 年的多頭市場。

“Altseason a la 2017 is too much,” he said.

「2017 年的另類賽季太過分了，」他說。

In any event, analysts are watching closely to see how the cycle pans out.

無論如何，分析師都在密切關注這一周期的結果。

After traders realize Bitcoin may not offer as much juicy upside, they “chase pumps” down the food chain, toggling from large caps to small caps, Mena said.

梅納表示，在交易員意識到比特幣可能無法提供那麼多的上漲空間後，他們會沿著食物鏈“追逐”，從大盤股轉向小盤股。

But unlike past cycles, this one features new forces that are reshaping the marketplace.

但與過去的周期不同的是，這個週期的特徵是重塑市場的新力量。

Take crypto ETFs, for instance, Christopher Inks, CEO of trading firm TexasWest Capital, said.

貿易公司 TexasWest Capital 執行長 Christopher Inks 表示，以加密 ETF 為例。

“The usual crypto bro cycling out of Bitcoin and into alts will look differently,” he said.

他說：“通常的加密貨幣兄弟從比特幣轉向替代品的方式看起來會有所不同。”

That's because ETF buyers, who have been in Pac-Man mode, aren't rotating capital into alternative cryptocurrencies.

這是因為一直處於吃豆人模式的 ETF 買家不會將資金轉向替代加密貨幣。

At the same time, Inks and Mena said investors may start focusing on specific sectors such as AI.

同時，Inks 和 Mena 表示，投資人可能會開始關注人工智慧等特定領域。

The intersection of digital assets and AI in offerings such as the bizarre memecoin GOAT is deeply crypto-native and making waves across Crypto Twitter, Mena said.

Mena 表示，數位資產和人工智慧在諸如奇異的模因幣 GOAT 等產品中的交叉，是深度加密原生的，並在加密 Twitter 上掀起了波瀾。

“AI and AI agents are two key sectors I've been keeping an eye on,” he said.

「人工智慧和人工智慧代理是我一直關注的兩個關鍵領域，」他說。