山寨币季节指数表明焦点从比特币（BTC）转移

分析师指出，这一里程碑反映出人们的注意力不断从比特币（BTC）转向山寨币，并且在过去几个月中出现了显着增长。

A recent analysis by CryptoQuant contributor Burakkesmeci has highlighted a significant shift in altcoin trading volume on Binance, the world's largest cryptocurrency exchange by trading volume. According to Burakkesmeci, altcoin trading volume on Binance has grown by 11% since May 2024, when it stood at 50.8%.

CryptoQuant 撰稿人 Burakkesmeci 最近的一项分析强调了币安（全球交易量最大的加密货币交易所）上山寨币交易量的重大变化。 Burakkesmeci 表示，自 2024 年 5 月以来，币安上的山寨币交易量增长了 11%，当时的交易量达到 50.8%。

“Retail interest in altcoins is rising steadily, and this momentum could set the stage for a potential bull market in 2025,” Burakkesmeci noted in his analysis.

Burakkesmeci 在他的分析中指出：“散户对山寨币的兴趣正在稳步上升，这种势头可能为 2025 年潜在的牛市奠定基础。”

Binance has seen a rise in altcoin pair trading, which now accounts for over 77% of its total volume as of January 2025. This marks a substantial increase compared to the 50.8% altcoin trading volume observed in May 2024.

币安的山寨币配对交易有所增加，截至 2025 年 1 月，山寨币配对交易量目前占其总交易量的 77% 以上。与 2024 年 5 月观察到的山寨币交易量 50.8% 相比，这标志着大幅增长。

The increasing dominance of altcoin trading on Binance reflects broader changes in the cryptocurrency landscape. Investors are diversifying their portfolios, seeking opportunities beyond Bitcoin (BTC) and Ethereum (ETH). While Bitcoin's price movements are still closely watched, altcoins have become an area of growing interest, driven by both retail traders and institutional investors.

山寨币交易在币安上日益占据主导地位反映了加密货币格局的更广泛变化。投资者正在实现投资组合多元化，寻找比特币（BTC）和以太坊（ETH）以外的机会。尽管比特币的价格走势仍受到密切关注，但在散户交易者和机构投资者的推动下，山寨币已成为人们日益关注的领域。

Burakkesmeci emphasized that the consistent increase in altcoin trading volume is a clear sign of confidence in altcoins, setting the stage for potential growth in 2025. “With retail participation on the rise, altcoins could continue to gain momentum,” he noted.

Burakkesmeci 强调，山寨币交易量的持续增长是对山寨币信心的明显迹象，为 2025 年的潜在增长奠定了基础。“随着零售参与度的上升，山寨币可能会继续获得动力，”他指出。

Several market participants share this view, with many foreseeing the altcoin market to be ripe for expansion when increasing interest in newer digital assets translates into capitalization.

一些市场参与者都同意这一观点，许多人预计，当对新数字资产的兴趣增加转化为资本化时，山寨币市场扩张的时机已经成熟。

Ethereum, the second most valuable cryptocurrency by market capitalization, has been at the forefront of this movement. Traders are keeping a close eye on the price action of ETH, and some analysts have targets with significant upside.

以太坊是市值第二高的加密货币，一直处于这一运动的最前沿。交易员正在密切关注 ETH 的价格走势，一些分析师设定了具有显着上涨空间的目标。

“If Ethereum breaks resistance levels, we could see it go from $4,000 to $8,000,” said Mister Crypto, a popular crypto trader.

“如果以太坊突破阻力位，我们可能会看到它从 4,000 美元升至 8,000 美元，”受欢迎的加密货币交易员 Crypto 先生表示。

This could spur a broader altcoin rally because history has also shown that, in terms of price action, Ethereum typically leads the pack.

这可能会刺激更广泛的山寨币反弹，因为历史也表明，就价格走势而言，以太坊通常处于领先地位。

Despite the growing altcoin dominance, some metrics, like CoinMarketCap's Altcoin Season Index, are still showing a preference for Bitcoin. The index currently scores altcoins at 46, indicating a slight lean towards “Bitcoin Season,” where Bitcoin dominates the market's attention. Bitcoin's dominance in the overall cryptocurrency market stands at 57.74%, having increased by 2.4% over the last month.

尽管山寨币的主导地位日益增强，但一些指标（例如 CoinMarketCap 的山寨币季节指数）仍然显示出对比特币的偏好。该指数目前对山寨币的评分为 46，表明稍微倾向于“比特币季节”，即比特币主导市场注意力。比特币在整个加密货币市场的主导地位为 57.74%，较上个月增加了 2.4%。

However, many analysts believe that a drop in Bitcoin dominance is often a precursor to an altcoin season. As more capital flows into altcoins, Bitcoin dominance typically declines, signaling that a shift towards alternative cryptocurrencies is underway.

然而，许多分析师认为，比特币主导地位的下降往往是山寨币季节的前兆。随着越来越多的资本流入山寨币，比特币的主导地位通常会下降，这表明正在向替代加密货币转变。

The Altcoin Season Index has dropped 18 points since December 9. Source: CoinMarketCap

自 12 月 9 日以来，山寨币季节指数已下跌 18 点。来源：CoinMarketCap

Although the growing dominance of altcoins in Binance shows promise, according to some analysts, the upcoming season for altcoins may not be quite like the others.

尽管山寨币在币安中日益增长的主导地位显示出希望，但一些分析师认为，山寨币即将到来的季节可能与其他季节不太一样。

Ki Young Ju, CEO of CryptoQuant, points out that, among the altcoins, only selected projects with strong use cases and narratives will dominate.

CryptoQuant 首席执行官 Ki Young Ju 指出，在山寨币中，只有具有强大用例和叙述性的选定项目才能占据主导地位。

“This market cycle will differ from those of before because the rotation of capital from Bitcoin into altcoins might not be what drives the market this time around,” Ju explained.

Ju解释说：“这个市场周期将与以前不同，因为资本从比特币转向山寨币可能不是这一次驱动市场的因素。”

In fact, some analysts believe that the next bull market will be driven by DeFi tokens, which have already started to show strength in recent weeks.

事实上，一些分析师认为，下一次牛市将由 DeFi 代币推动，这些代币最近几周已经开始表现出强势。

“The next bull market will be led by DeFi tokens, not Bitcoin or Ethereum,” said Lark Davis, a crypto influencer with over 1 million followers on YouTube.

YouTube 上拥有超过 100 万粉丝的加密货币影响者拉克·戴维斯 (Lark Davis) 表示：“下一个牛市将由 DeFi 代币引领，而不是比特币或以太坊。”

This view is shared by several other market participants, who believe that DeFi tokens are poised for a major breakout in the coming year.

其他几位市场参与者也同意这一观点，他们认为 DeFi 代币有望在来年实现重大突破。

With a lot of anticipation building for the next bull market in cryptocurrencies, all eyes will be on the performance of altcoins, especially in light of the increasing altcoin dominance observed over the past few months.

随着人们对加密货币下一个牛市的预期越来越高，所有的目光都将集中在山寨币的表现上，特别是考虑到过去几个月山寨币的主导地位不断增强。