一位著名的加密貨幣分析師對當前市場環境下山寨幣廣泛上漲的潛力表示懷疑

這位被稱為「Flow Horse」的交易員最近強調了目前不太可能出現山寨幣季節的挑戰。

A cryptocurrency analyst has cast doubt on the possibility of a widespread altcoin rally in the current market.

一位加密貨幣分析師對當前市場上山寨幣廣泛上漲的可能性表示懷疑。

The trader, known as The Flow Horse recently highlighted the challenges that make an altcoin season unlikely at this time.

這位被稱為「Flow Horse」的交易員最近強調了目前不太可能出現山寨幣季節的挑戰。

The analyst believes the issue stems from insufficient liquidity within the market. While some assets might see significant price surges, this typically comes at the expense of other assets. The current market dynamic means that traders’ experiences vary widely depending on their holdings. Those invested in popular, capitalized assets may feel the market is thriving, while others holding less liquid tokens might perceive a downturn as their investments stagnate or lose value.

分析師認為，問題的根源在於市場流動性不足。雖然某些資產的價格可能會大幅上漲，但這通常是以犧牲其他資產為代價的。目前的市場動態意味著交易者的經驗根據其持有量的不同而有很大差異。那些投資於受歡迎的資本化資產的人可能會覺得市場正在蓬勃發展，而其他持有流動性較低的代幣的人可能會覺得市場低迷，因為他們的投資停滯或失去了價值。

The Flow Horse highlighted that the market has become highly selective, favoring rotations into specific assets rather than a broad-based surge across all altcoins. The idea of a unified “altseason,” where rising interest and capital lift all tokens, seems increasingly implausible. The analyst noted that the sheer volume of low-quality projects in the crypto space further dilutes available resources, leaving little room for a general market uplift.

Flow Horse 強調，市場已經變得高度選擇性，傾向於轉向特定資產，而不是所有山寨幣的廣泛飆升。統一的「替代季節」的想法，即不斷增長的興趣和資本提升所有代幣，似乎越來越難以置信。這位分析師指出，加密貨幣領域大量的低品質項目進一步稀釋了可用資源，為整體市場提升留下了很小的空間。

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The trader also analyzed Bitcoin’s dominance (BTC.D), which measures the proportion of the crypto market cap attributed to Bitcoin. Currently sitting at 58.53%, the metric has climbed by over 4% in the past six months. This trend indicates that Bitcoin has been gaining value relative to altcoins, underscoring the current market’s preference for the leading cryptocurrency over smaller, riskier assets.

該交易員還分析了比特幣的主導地位（BTC.D），該指標衡量了比特幣在加密貨幣市值中所佔的比例。該指標目前為 58.53%，在過去六個月內成長了 4% 以上。這一趨勢表明，比特幣相對於山寨幣的價值一直在上漲，突顯出當前市場對領先的加密貨幣的偏好，而不是規模較小、風險較高的資產。

With these trends in play, the analyst concludes that the crypto market is unlikely to experience a broad altcoin rally in the near future. Instead, the focus seems to remain on selective assets with established interest and liquidity, while other tokens struggle to maintain relevance.

鑑於這些趨勢，分析師得出的結論是，加密貨幣市場不太可能在不久的將來經歷廣泛的山寨幣上漲。相反，焦點似乎仍然集中在具有既定興趣和流動性的選擇性資產上，而其他代幣則難以保持相關性。