隨著 Layer-1 加密貨幣佔據市場領先地位，Memecoin 暴跌

4 月份，加密貨幣市場發生了範式轉變，memecoin 成為表現最差的板塊，大盤 Layer-1 佔據了舞台中心。這種命運的逆轉，加上各領域小盤加密貨幣的表現不佳，顯示在持續的市場調整中，可能會轉向大盤投資。

Memecoins Witness Significant Decline as Layer-1 Cryptocurrencies Emerge as Market Leaders

隨著 Layer-1 加密貨幣成為市場領導者，Memecoin 大幅下跌

Within the dynamic landscape of the cryptocurrency market, April has marked a notable shift in market sentiment, characterized by a downturn in the performance of memecoins and a surge in the prominence of large-cap Layer-1 cryptocurrencies.

在加密貨幣市場的動態格局中，四月標誌著市場情緒的顯著轉變，其特點是 memecoin 的表現下滑，而大盤 Layer-1 加密貨幣的地位激增。

Memecoins Face Steep Decline

Memecoin 面臨急劇下跌

Memecoins, a category of cryptocurrencies often characterized by their whimsical nature and association with internet memes, have experienced a significant setback in April. The memecoin basket, which comprises small-cap cryptocurrencies heavily influenced by retail investor sentiment, has witnessed a precipitous decline of approximately 40%. This stark reversal follows a period of remarkable growth in March, when memecoins soared over 140%, driven by a surge in speculative interest.

Memecoins 是一類加密貨幣，通常以其異想天開的性質和與網路迷因的聯繫為特徵，在四月經歷了重大挫折。 memecoin 籃子由深受散戶投資者情緒影響的小盤加密貨幣組成，已急劇下跌約 40%。這一明顯逆轉是在 3 月經歷了一段顯著增長時期之後發生的，當時，在投機興趣激增的推動下，memecoin 飆升了 140% 以上。

Layer-1 Cryptocurrencies Shine

Layer-1 加密貨幣大放異彩

In contrast to the struggles faced by memecoins, Layer-1 cryptocurrencies, which are the foundation upon which blockchain networks operate and facilitate transactions, have emerged as the standout performers in April. The Layer-1 basket, composed of established large-cap cryptocurrencies such as Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Cardano (ADA), and Avalanche (AVAX), has exhibited remarkable resilience during the recent market correction. Notably, the Layer-1 basket has outperformed Bitcoin (BTC), the largest cryptocurrency by market capitalization, declining by a mere 12% compared to BTC's 18% drop.

與模因幣面臨的困境相比，作為區塊鏈網路運行和促進交易的基礎的 Layer-1 加密貨幣在 4 月表現出色。 Layer-1 籃子由以太坊(ETH)、幣安幣(BNB)、Solana (SOL)、Cardano (ADA) 和Avalanche (AVAX) 等成熟的大盤加密貨幣組成，在最近的市場中表現出了顯著的彈性更正。值得注意的是，Layer-1 籃子的表現優於市值最大的加密貨幣比特幣 (BTC)，與 BTC 18% 的跌幅相比，Layer-1 籃子僅下跌 12%。

Shift Towards Large Caps?

轉向大盤股？

The contrasting performance of memecoins and Layer-1 cryptocurrencies signals a potential shift in investor sentiment away from riskier, speculative assets towards more established and reliable digital assets. This trend is often observed during market corrections, as investors seek refuge in assets perceived as less risky.

memecoin 和 Layer-1 加密貨幣的對比表現表明，投資者情緒可能會從風險較高的投機性資產轉向更成熟和可靠的數位資產。這種趨勢在市場調整期間經常出現，因為投資者尋求風險較低的資產來尋求庇護。

Analysis of Market Dynamics

市場動態分析

To further understand the dynamics at play, analysts have examined the performance of cryptocurrencies relative to BTC. This analysis reveals that ETH and BNB, the two largest cryptocurrencies in the Layer-1 basket, have demonstrated particular strength against BTC. While ETH has declined only 4% against BTC, BNB has surprisingly increased incrementally in April.

為了進一步了解其中的動態，分析師研究了加密貨幣相對於 BTC 的表現。該分析表明，Layer-1 籃子中最大的兩種加密貨幣 ETH 和 BNB 相對於 BTC 表現出了特別的優勢。雖然 ETH 兌 BTC 僅下跌 4%，但 BNB 在 4 月卻出現了令人驚訝的增量。

On the other hand, smaller-cap cryptocurrencies represented in baskets such as Liquid Staking and DeFi have underperformed significantly, indicating a potential shift of capital towards large-cap assets.

另一方面，Liquid Stake 和 DeFi 等籃子中的小盤加密貨幣表現明顯不佳，表明資本可能轉向大盤資產。

Market Rotation Favoring ETH and BNB

市場輪動有利於 ETH 和 BNB

The resilience of ETH and BNB during the market correction and their outperformance against BTC suggest that investors may be rotating their holdings towards large-cap Layer-1 cryptocurrencies. This trend is anticipated to continue in the second quarter of 2024, with ETH and BNB poised to be the most promising performers.

ETH 和 BNB 在市場調整期間的彈性及其相對 BTC 的優異表現表明，投資者可能會將其持有的資產轉向大盤第 1 層加密貨幣。預計這一趨勢將在 2024 年第二季度持續，其中 ETH 和 BNB 有望成為最有前途的表現者。

Smaller tokens within the ecosystems of ETH and BNB, such as Ethereum Layer-2 tokens like MATIC, which has underperformed significantly in 2024, may also benefit from this shift in market sentiment.

ETH 和 BNB 生態系統內的較小代幣，例如 MATIC 等以太坊 Layer-2 代幣，在 2024 年表現明顯不佳，也可能受益於市場情緒的這種轉變。

Conclusion

結論

The cryptocurrency market has undergone a notable shift in dynamics in April, with memecoins experiencing a significant decline while Layer-1 cryptocurrencies have emerged as the frontrunners. This trend suggests a potential shift in investor preferences towards large-cap, less risky assets, and may continue to shape the market landscape in the coming months.

4 月份，加密貨幣市場的動態發生了顯著變化，memecoin 經歷了大幅下滑，而 Layer-1 加密貨幣已成為領先者。這一趨勢表明投資者的偏好可能會轉向大盤、風險較低的資產，並可能在未來幾個月繼續影響市場格局。