比特币 (BTC) 市场主导地位预计将在 2025 年保持强劲

根据摩根大通最近的分析，比特币 (BTC) 的市场主导地位预计将在 2025 年保持强劲。

Bitcoin’s [BTC] market dominance is poised to remain strong in 2025, driven by several key factors, according to a recent analysis by JPMorgan. Currently, BTC holds around 55% of the total cryptocurrency market capitalization, outpacing Ethereum and other altcoins.

摩根大通最近的一项分析显示，在几个关键因素的推动下，比特币 [BTC] 的市场主导地位预计将在 2025 年保持强劲。目前，BTC 约占加密货币总市值的 55%，超过了以太坊和其他山寨币。

A team of analysts led by Nikolaos Panigirtzoglou highlighted several aspects that contribute to Bitcoin’s enduring influence in an increasingly competitive landscape.

Nikolaos Panigirtzoglou 领导的分析师团队强调了比特币在竞争日益激烈的环境中保持持久影响力的几个方面。

Bitcoin’s market dominance

比特币的市场主导地位

BTC’s dominance has been fluctuating lately, evident in the range of 57%-58%, showcasing enduring strength even amidst volatile market conditions. This stability can be attributed to Bitcoin’s role as the preferred store of value during periods of uncertainty and the regulatory challenges faced by altcoins.

BTC 的主导地位最近一直在波动，明显在 57%-58% 的范围内，即使在波动的市场条件下也显示出持久的强势。这种稳定性可归因于比特币在不确定时期和山寨币面临的监管挑战期间作为首选价值储存手段的作用。

With Ethereum’s dominance stalling and other altcoins failing to gain significant ground, Bitcoin continues to benefit from institutional interest and its established reputation in the market. As observed in the chart, there are also periodic corrections, which are to be expected as part of natural market cycles.

随着以太坊的主导地位陷入停滞，而其他山寨币未能取得重大进展，比特币继续受益于机构利益及其在市场上的既定声誉。正如图表中所观察到的，还会出现定期修正，这是自然市场周期的一部分。

Overall, the trajectory of Bitcoin’s dominance reveals its enduring appeal and highlights its pivotal role in shaping the market landscape in 2025.

总体而言，比特币的主导地位轨迹揭示了其持久的吸引力，并凸显了其在塑造 2025 年市场格局中的关键作用。

What’s driving it?

是什么在驱动它？

The JPMorgan analysts have outlined eight key drivers that could sustain Bitcoin’s market dominance into 2025. At the forefront is Bitcoin’s positioning as the digital counterpart to gold, which has attracted large inflows into Spot Bitcoin ETFs, while altcoin ETFs, like Ether’s, have seen lower demand with only $2.4 billion in inflows so far this year.

摩根大通分析师概述了可以将比特币的市场主导地位维持到 2025 年的八个关键驱动因素。最重要的是比特币作为黄金的数字对应物的定位，这吸引了大量资金流入现货比特币 ETF，而像以太币这样的山寨币 ETF 的价格则较低。今年迄今为止，需求流入仅为 24 亿美元。

Adding to this is MicroStrategy’s ongoing $42 billion Bitcoin purchasing strategy, which is only halfway complete and is set to add further momentum to the market.

除此之外，MicroStrategy 正在进行的 420 亿美元比特币购买策略仅完成了一半，将为市场增添进一步动力。

Another factor that could play a role is the future accumulation of crypto reserves by U.S. states or central banks, which is likely to favor Bitcoin exclusively, cementing its role as a reserve asset.

另一个可能发挥作用的因素是美国各州或央行未来积累的加密货币储备，这可能会专门青睐比特币，从而巩固其作为储备资产的作用。

Furthermore, the advancements in Bitcoin’s Layer 2 networks have introduced smart contract capabilities, challenging Ethereum’s dominance in decentralized applications.

此外，比特币第二层网络的进步引入了智能合约功能，挑战了以太坊在去中心化应用程序中的主导地位。

Institutional blockchain applications are shifting toward private networks, reducing the reliance on public blockchains like Ethereum. At the same time, new projects, like Base, are emerging with a focus on infrastructure over token issuance, redirecting value away from altcoins.

机构区块链应用正在转向私有网络，减少对以太坊等公共区块链的依赖。与此同时，像 Base 这样的新项目正在兴起，其重点是基础设施而不是代币发行，将价值从山寨币上转移开。

Finally, the lack of clear regulatory direction in the U.S. adds to Bitcoin’s appeal as the market consolidates.

最后，随着市场整合，美国缺乏明确的监管方向增加了比特币的吸引力。

Read Bitcoin’s [BTC] Price Prediction 2025-26

阅读比特币 [BTC] 2025-26 价格预测

Shifting market dynamics

不断变化的市场动态

The market is evolving as Bitcoin challenges Ethereum’s dominance in utility. Layer 2 advancements, like smart contract capabilities, are expanding Bitcoin’s role beyond being a store of value, which is bolstering its market

随着比特币挑战以太坊在实用性方面的主导地位，市场正在不断发展。第 2 层的进步，例如智能合约功能，正在扩大比特币的作用，使其超越价值储存手段，从而支撑其市场