比特币优势（BTC.D）及其在加密货币市场周期中的作用

比特币优势（BTC.D）在理解加密货币市场周期中起着至关重要的作用。它指的是比特币的市值，占加密市值总数的百分比。

Bitcoin dominance, represented by BTC.D, is a critical metric that provides insight into the cryptocurrency market cycle. It measures Bitcoin’s market capitalization as a percentage of the total crypto market cap.

由BTC.D代表的比特币优势是一个关键指标，可洞悉加密货币市场周期。它衡量比特币的市值是加密市值总数的百分比。

When BTC dominance is high, indicating that Bitcoin is absorbing a large portion of the liquidity, altcoins often find it difficult to gain momentum. However, based on past trends, once BTC dominance peaks, an altcoin season usually follows.

当BTC优势较高时，表明比特币吸收了很大一部分流动性时，AltCoins通常会发现很难获得动量。但是，基于过去的趋势，一旦BTC优势达到峰值，通常会随后一个山寨币季节。

In every bull market, Bitcoin tends to lead the rally as the first cryptocurrency to attract both institutional and retail investment. Being the most established and widely recognized digital asset, investors view Bitcoin as a safer entry point before exploring riskier altcoins.

在每个牛市中，比特币倾向于将集会作为吸引机构和零售投资的第一个加密货币。作为最成熟，最广泛认可的数字资产，投资者将比特币视为探索风险较高的山寨币之前的更安全的入口点。

As a result, Bitcoin dominance tends to rise during the early and mid-phase of the bull cycle, as observed in past market cycles like 2017 and 2021.

结果，在过去的2017年和2021年（如过去的市场周期）中，比特币的优势倾向于在公牛周期的早期和中期上升。

However, Bitcoin’s dominance does not remain high indefinitely. Once Bitcoin reaches new highs and stabilizes, investors typically begin to take profits and reallocate funds into altcoins in search of higher returns.

但是，比特币的主导地位并不能无限期保持高。一旦比特币达到新的高点并稳定下来，投资者通常会开始将利润付出，并将资金重新分配给Altcoins，以寻求更高的回报。

At this point, BTC dominance usually starts to decline, marking a shift in market dynamics and paving the way for altcoins to gain traction.

在这一点上，BTC的优势通常开始下降，这标志着市场动态的转变，并为Altcoins获得吸引力铺平了道路。

If Bitcoin dominance reaches 71%, it could indicate that Bitcoin is close to peak dominance in the current cycle. This level suggests that Bitcoin has absorbed the majority of available capital in the market, leaving altcoins undervalued.

如果比特币优势达到71％，则可以表明比特币在当前周期接近峰值优势。该水平表明，比特币吸收了市场上可用资本的大部分，而山寨币则被低估了。

At this stage, traders and institutions may begin rotating capital from Bitcoin into Ethereum, Layer 1 blockchains, DeFi projects, and other altcoins.

在此阶段，贸易商和机构可能会开始将资本从比特币旋转到以太坊，第1层区块链，DEFI项目和其他Altcoins。

Historically, this transition has led to an altcoin season, where altcoins significantly outperformed Bitcoin in percentage gains. The moment BTC dominance starts to decline from its peak, the broader crypto market experiences a surge in altcoin demand, driven by speculation and profit-seeking behavior.

从历史上看，这种过渡导致了山寨币季节，在该季节中，Altcoins在百分比增长方面的表现大大优于比特币。 BTC的优势从其顶峰开始下降的那一刻，更广泛的加密市场经历了山寨币需求的激增，这是由投机和寻求利润的行为驱动的。

Bitcoin’s maturity in the market cycle is a key indicator of an upcoming altcoin season. If BTC dominance reaches 71% and begins declining, history suggests that altcoins could soon experience a major rally.

比特币在市场周期中的成熟度是即将到来的Altcoin季节的关键指标。如果BTC的优势达到71％并开始下降，历史表明，Altcoins很快可能会发生重大集会。

Investors should closely monitor BTC dominance as it acts as a leading signal for when capital rotation into altcoins might begin. As Bitcoin stabilizes, altcoins often deliver higher risk-adjusted returns, making this phase one of the most exciting periods in the crypto market.

投资者应密切监视BTC的优势，因为它可以作为何时开始向山寨币旋转的主要信号。随着比特币的稳定，AltCoins通常会带来更高的风险调整回报，这使该阶段成为加密货币市场上最激动人心的时期之一。

Understanding this shift can help investors make informed decisions and capitalize on emerging opportunities in the altcoin space.

了解这一转变可以帮助投资者做出明智的决定并利用Altcoin领域的新兴机会。