山寨币季节仍未到来，市场情绪停滞不前

山寨币季节指数目前为 35，表明山寨币的熊市仍在持续。以太坊的增长乏力和网络规模给市场反弹带来了挑战。尽管人们预期山寨币季节即将到来，但近几个月来，只有少数前 50 名山寨币的表现超过了比特币。

Altcoin Season Remains Elusive as Market Sentiment Fails to Align

由于市场情绪未能协调一致，山寨币季节仍然难以捉摸

The long-anticipated "altcoin season," a period when cryptocurrencies other than Bitcoin (BTC) are expected to outpace BTC, has yet to materialize. As of the most recent data, the Altcoin Season Index stood at 35, a far cry from the 75 threshold required to signal the start of an altcoin rally.

人们期待已久的“山寨币季节”尚未成为现实，即比特币 (BTC) 以外的加密货币预计将超过 BTC。截至最新数据，山寨币季节指数为 35，与表明山寨币反弹开始所需的 75 阈值相去甚远。

Depressed Altcoins Hamper Recovery

山寨币低迷阻碍复苏

The tepid performance of altcoins is largely attributed to their inability to maintain momentum over the past 90 days. While some altcoins have shown signs of resurgence, a majority of the top 50 cryptocurrencies by market capitalization have underperformed BTC. This lack of broad-based strength has prevented altcoins from collectively outperforming BTC and triggering an altcoin season.

山寨币表现不温不火很大程度上归因于它们在过去 90 天内无法保持势头。尽管一些山寨币已显示出复苏的迹象，但市值排名前 50 名的加密货币中的大多数表现均逊于 BTC。由于缺乏广泛的实力，山寨币无法整体超越 BTC 并引发山寨币季节。

Ethereum's Slow Pace a Hindrance

以太坊的缓慢步伐是一个障碍

The lackluster growth and network size of Ethereum (ETH), the second-largest cryptocurrency after BTC, is another factor hindering an altcoin rally. In 2021, Ethereum's surging price played a pivotal role in driving up the prices of many altcoins. However, ETH has failed to replicate its previous performance, and its current slow growth may weigh down the altcoin market.

继比特币之后的第二大加密货币以太坊（ETH）的增长乏力和网络规模是阻碍山寨币上涨的另一个因素。 2021年，以太坊价格飙升，对众多山寨币价格上涨起到了关键作用。然而，ETH 未能复制之前的表现，其目前的缓慢增长可能会给山寨币市场带来压力。

Low Demand and Network Growth Dampen Sentiment

需求低迷和网络增长削弱了市场情绪

A key indicator of altcoin season is rising demand for ETH. However, the current demand for ETH remains low, as evidenced by the declining number of new addresses joining the Ethereum network. This lack of adoption suggests that the market is not yet ready for a broad-based altcoin rally.

山寨币季节的一个关键指标是对 ETH 的需求不断增长。然而，当前对 ETH 的需求仍然很低，加入以太坊网络的新地址数量下降就证明了这一点。这种缺乏采用表明市场尚未准备好迎接广泛的山寨币反弹。

Volume Levels Raise Concern

音量水平引起关注

While the recent uptick in ETH volume is a positive sign, it remains below the levels seen at the start of ETH's previous bull run. Low volume may hamper sustained price increases for altcoins over the next few weeks.

虽然最近 ETH 交易量的上升是一个积极的信号，但它仍低于 ETH 上一次牛市开始时的水平。成交量低可能会阻碍未来几周山寨币价格的持续上涨。

Altcoins Face an Uphill Battle

山寨币面临一场艰苦的战斗

Given the current market conditions, an altcoin season appears unlikely in the near term. Altcoins may need to look beyond Ethereum for momentum and find their own catalysts to drive a sustained rally. Until then, altcoin investors face an uphill battle against the depressed market sentiment and the challenges posed by the slow-moving ETH network.

鉴于当前的市场状况，短期内似乎不太可能出现山寨币季节。山寨币可能需要在以太坊之外寻找动力，并找到自己的催化剂来推动持续反弹。在那之前，山寨币投资者将面临一场艰苦的战斗，应对低迷的市场情绪和缓慢发展的 ETH 网络带来的挑战。

Conclusion

结论

The elusive altcoin season continues to disappoint investors as altcoins remain locked in a prolonged downturn. The Altcoin Season Index remains far from signaling a rally, and Ethereum's slow growth and low demand are dampening market enthusiasm. While altcoins may eventually experience a resurgence, investors should temper their expectations for the immediate future and prepare for a potentially extended period of subdued altcoin performance.

由于山寨币仍处于长期低迷状态，难以捉摸的山寨币季节继续令投资者失望。山寨币季节指数仍远未发出反弹信号，而以太坊的缓慢增长和低需求正在削弱市场热情。虽然山寨币最终可能会复苏，但投资者应该调整对不久的将来的预期，并为山寨币表现可能长期低迷做好准备。