市場狂熱回歸：加密貨幣市場進入「極度貪婪」階段

加密貨幣市場最近令人震驚地重新成為人們關注的焦點，隨之而來的是，人們的情緒也發生了巨大的轉變。經過幾年的動盪之後，市場現在正經歷樂觀情緒的高漲，這將投資者的情緒推向了許多分析師所說的「極度貪婪」階段。但這對投資人意味著什麼？

The cryptocurrency market has recently experienced a surge in optimism, pushing investor sentiment into a phase many analysts are calling "Extreme Greed." This shift marks a drastic change from the market's turbulent few years and signals a high-risk, high-reward environment for investors. But what exactly does this mean, and how should investors approach it?

加密貨幣市場最近經歷了樂觀情緒的高漲，將投資者情緒推向了許多分析師稱之為「極度貪婪」的階段。這一轉變標誌著市場與幾年來的動盪相比發生了巨大變化，也預示著投資者面臨著高風險、高回報的環境。但這到底意味著什麼？ 投資人該如何看待它？

Cryptocurrency markets are known for their volatility, with prices swinging dramatically in both directions. However, the current phase of extreme optimism is a clear indication that bullish sentiment has reached an apex. The Fear and Greed Index, which gauges investor sentiment in both traditional markets and crypto, has surged into the "extreme greed" zone for the first time in months, driven by soaring prices across major cryptocurrencies like Bitcoin, Ethereum, and even lesser-known altcoins.

加密貨幣市場以其波動性聞名，價格雙向大幅波動。然而，當前階段的極度樂觀情緒清楚地表明看漲情緒已達到頂峰。在比特幣、以太坊甚至鮮為人知的加密貨幣價格飆升的推動下，衡量傳統市場和加密貨幣投資者情緒的恐懼與貪婪指數數月來首次飆升至「極度貪婪」區域山寨幣。

This shift in sentiment is largely attributed to several positive catalysts. Bitcoin's recent crossing of significant price thresholds, hitting new multi-year highs, has instilled a wave of optimism among investors. At the same time, Ethereum's continued dominance in the DeFi (decentralized finance) and NFT (non-fungible token) sectors has also bolstered investor confidence. Additionally, institutional investments, regulatory clarity, and growing mainstream adoption have provided further impetus to the bull run.

這種情緒的轉變很大程度上歸因於幾個正面的催化劑。比特幣最近突破了重要的價格門檻，創下了多年來的新高，為投資者帶來了一波樂觀情緒。同時，以太坊在 DeFi（去中心化金融）和 NFT（不可替代代幣）領域的持續主導地位也提振了投資者的信心。此外，機構投資、監管清晰度和日益主流的採用也為多頭市場提供了進一步的動力。

The term "Extreme Greed" in the cryptocurrency market is not just a catchy phrase; it is a precise reflection of investor psychology, as evidenced by specific market indicators. The Fear and Greed Index, which measures factors such as market volatility, momentum, and social media sentiment, has been in the "extreme greed" zone for several weeks.

加密貨幣市場中的「極度貪婪」一詞不僅僅是一個朗朗上口的短語；它準確地反映了投資者的心理，具體的市場指標就證明了這一點。衡量市場波動性、動量和社交媒體情緒等因素的恐懼與貪婪指數已連續幾週處於「極度貪婪」區域。

Another key indicator is the behavior of retail investors. Trading volume has surged, and many new participants have entered the market, particularly those drawn by the fear of missing out (FOMO). This type of exuberance often leads to a disregard for fundamentals, with speculative investments taking precedence over long-term value creation.

另一個關鍵指標是散戶的行為。交易量激增，許多新參與者進入市場，尤其是那些因害怕錯過機會（FOMO）而吸引的參與者。這種繁榮往往會導致對基本面的忽視，投機性投資優先於長期價值創造。

On the technical side, we are also witnessing the rise of “altseason,” where smaller cryptocurrencies have outperformed Bitcoin and Ethereum in percentage gains. These altcoins have attracted attention for their potential to offer rapid, exponential returns, further stoking the flames of greed among traders looking for the next big winner.

在技​​術方面，我們也見證了「替代季節」的興起，其中較小的加密貨幣的百分比漲幅超過了比特幣和以太坊。這些山寨幣因其提供快速、指數回報的潛力而引起人們的關注，進一步激發了尋找下一個大贏家的交易者的貪婪之火。

While the shift into extreme greed may sound appealing, it is important to recognize the risks inherent in such a phase. Historically, periods of extreme greed in the crypto market have often been followed by sharp corrections or market crashes. The rapid influx of new money can create inflated asset prices, setting the stage for a potential bubble.

雖然向極端貪婪的轉變聽起來很有吸引力，但重要的是要認識到這一階段固有的風險。從歷史上看，加密貨幣市場極度貪婪的時期往往伴隨著急劇的調整或市場崩潰。新資金的快速湧入可能會導致資產價格上漲，從而為潛在的泡沫埋下伏筆。

Investors should be particularly cautious of the "pump and dump" schemes that are common during such periods. When prices are fueled by speculation rather than fundamentals, volatility can reach dangerous levels, and sudden market shifts can lead to significant losses for those who are not prepared.

投資人應特別警惕在此期間常見的「拉高拋售」計畫。當價格受到投機而非基本面推動時，波動性可能達到危險水平，而突然的市場變化可能會給那些沒有做好準備的人帶來重大損失。

Moreover, the influx of retail investors often leads to short-term price fluctuations that can be difficult to navigate. Without a solid understanding of the market's underlying fundamentals, many investors may find themselves caught in the volatility, chasing prices upward and panic-selling when the market inevitably cools down.

此外，散戶的湧入往往會導致難以應對的短期價格波動。如果對市場的基本面沒有充分的了解，許多投資者可能會發現自己陷入了波動之中，在市場不可避免地降溫時追高價格並恐慌性拋售。

So, what should investors do when the cryptocurrency market enters an "extreme greed" phase? There is no one-size-fits-all answer, but several key strategies can help mitigate risk.

那麼，當加密貨幣市場進入「極度貪婪」階段時，投資者該怎麼辦？沒有一刀切的答案，但有幾個關鍵策略可以幫助降低風險。

1. Stick to a Plan: It's essential to set clear investment goals and stick to them, regardless of market euphoria. For long-term investors, this might mean continuing to accumulate positions in blue-chip cryptocurrencies like Bitcoin and Ethereum, which are viewed by many as safer bets. For short-term traders, maintaining discipline and adhering to pre-determined entry and exit points can help avoid the emotional rollercoaster of speculative trading.

1. 堅持計畫：無論市場情緒如何，設定明確的投資目標並堅持執行這些目標至關重要。對長期投資者來說，這可能意味著繼續累積比特幣和以太幣等藍籌加密貨幣的頭寸，許多人認為這是更安全的押注。對於短期交易者來說，保持紀律並遵守預先確定的進場和出場點可以幫助避免投機交易的情緒過山車。

2. Diversify Investments: Diversification remains one of the most effective strategies to mitigate risk. Rather than going all-in on a single cryptocurrency or asset, consider spreading your investments across a basket of different coins or assets. This approach helps protect against potential market corrections that might affect certain coins more than others.

2. 投資多元化：多元化仍是降低風險最有效的策略之一。與其全力投資單一加密貨幣或資產，不如考慮將投資分散在一籃子不同的加密貨幣或資產上。這種方法有助於防止潛在的市場調整，這些調整可能對某些代幣的影響比其他代幣更大。

3. Be Prepared for Volatility: The extreme greed phase is likely to be followed by periods of extreme fear. Be mentally and financially prepared for sharp price fluctuations. Having an exit strategy and understanding the risks involved will help you avoid emotional decision-making when the market turns against you.

3. 為波動做好準備：極度貪婪階段之後可能會出現極度恐懼時期。為價格劇烈波動做好心理和財務準備。制定退出策略並了解所涉及的風險將幫助您在市場對您不利時避免情緒化的決策。

4. Stay Informed: The cryptocurrency market is continuously evolving, and staying informed about developments in technology, regulation, and market sentiment is critical. Understanding the broader context can help you make more informed decisions, rather than relying solely on price action and speculative trends.

4. 隨時了解情況：加密貨幣市場不斷發展，及時了解技術、監管和市場情緒的發展至關重要。了解更廣泛的背景可以幫助您做出更明智的決策，而不是僅僅依賴價格行為和投機趨勢。

The current extreme greed phase in the cryptocurrency market offers both significant opportunities and substantial risks. As prices continue to soar, investors must tread carefully and avoid falling prey to short-term speculation. While the temptation to capitalize on rapid gains is strong, maintaining a long-term perspective, doing thorough research, and remaining disciplined in your investment strategy will ultimately yield the best outcomes.

目前加密貨幣市場的極度貪婪階段既提供了巨大的機遇，也帶來了巨大的風險。隨著價格持續飆升，投資者必須謹慎行事，避免成為短期投機的受害者。雖然利用快速收益的誘惑很大，但保持長遠眼光、進行徹底研究並嚴格遵守投資策略將最終產生最佳結果。