山寨币季节指数于 11 月 28 日触及 60，预示着潜在的牛市

CoinMarketCap 追踪的山寨币季节指数于 11 月 28 日触及 60。虽然略低于前一天的 61，但市场仍坚定地处于山寨币季节

The Altcoin Season Index, a metric that gauges the collective performance of altcoins relative to Bitcoin over a rolling 90-day period, stood at 60 on November 28, according to data from CoinMarketCap. This reading indicates that, over the past 90 days, 75% of the top 100 coins, excluding stablecoins and wrapped tokens, have outperformed BTC.

根据 CoinMarketCap 的数据，山寨币季节指数是衡量山寨币相对于比特币在 90 天滚动期间整体表现的指标，该指数在 11 月 28 日为 60。该读数表明，在过去 90 天里，排名前 100 的代币中，75%（不包括稳定币和打包代币）的表现优于 BTC。

The index, which is updated daily by CoinMarketCap (CMC), serves as a useful barometer for the shifting dynamics between Bitcoin and altcoins. Historically, sustained periods of altcoin outperformance have coincided with phases of retail-driven market exuberance, often signaling a later stage in the bull cycle.

该指数由 CoinMarketCap (CMC) 每日更新，是比特币和山寨币之间动态变化的有用晴雨表。从历史上看，山寨币持续表现优异的时期与散户驱动的市场繁荣阶段同时发生，通常预示着牛市周期的后期阶段。

As highlighted by the recent CryptoQuant analysis, the strength of the Bitcoin rally, fueled by institutional demand and exchange-traded funds (ETFs), could present a double-edged sword for the altcoin market. While ETFs may provide a convenient entry point for institutions into the crypto space, their preference for major altcoins may limit liquidity for smaller altcoins, making it harder for them to reach new highs.

正如最近的 CryptoQuant 分析所强调的那样，在机构需求和交易所交易基金 (ETF) 的推动下，比特币反弹的强劲势头可能对山寨币市场来说是一把双刃剑。虽然 ETF 可能为机构进入加密货币领域提供了一个便利的切入点，但他们对主要山寨币的偏好可能会限制较小山寨币的流动性，使它们更难达到新高。

Several experts have pointed to the role of fresh capital and exchange activity in driving altcoin performance. In a November 27 post, CryptoQuant lead researcher Ki Young Ju highlighted the flow of Bitcoin capital and its impact on the altcoin market.

几位专家指出了新资本和交易活动在推动山寨币表现方面的作用。在 11 月 27 日的帖子中，CryptoQuant 首席研究员 Ki Young Ju 强调了比特币资本的流动及其对山寨币市场的影响。

Ju's analysis suggests that while institutions may enter the altcoin market through ETFs, their involvement is largely limited to major altcoins. In the absence of institutional capital, smaller projects that rely solely on retail traders and exchange activity face challenges in reaching new highs.

Ju的分析表明，虽然机构可能通过ETF进入山寨币市场，但他们的参与很大程度上仅限于主要山寨币。在缺乏机构资本的情况下，仅依赖散户交易者和交易所活动的小型项目在达到新高方面面临挑战。

According to Ju, sustained capital inflows into crypto exchanges are crucial for altcoins to reach new highs. Without fresh capital entering the exchanges, altcoins may struggle to generate the momentum needed to follow Bitcoin's rally.

Ju表示，持续的资金流入加密货币交易所对于山寨币创下新高至关重要。如果没有新的资本进入交易所，山寨币可能很难产生跟随比特币上涨所需的动力。

To achieve this, Ju emphasizes the need for altcoins to focus on developing real-world use cases that can independently attract new capital, rather than simply riding on Bitcoin's coattails. The growth of trends like Decentralized Physical Infrastructure Networks (DePIN) could present a strategic shift in this direction.

为了实现这一目标，Ju 强调山寨币需要专注于开发能够独立吸引新资本的现实世界用例，而不是简单地搭上比特币的顺风车。去中心化物理基础设施网络（DePIN）等趋势的增长可能会带来朝这个方向的战略转变。

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