比特币主导地位跌至 50% 以下，预示着潜在的山寨币季节即将来临

比特币的主导地位最近显示出下降的迹象，其市场份额跌至关键阈值以下。因此，资本越来越多地流入山寨币

Bitcoin’s [BTC] dominance has recently shown signs of decline, with its market share slipping below key thresholds.

比特币的主导地位最近显示出下降的迹象，其市场份额跌至关键阈值以下。

As a result, capital is increasingly flowing into altcoins, sparking debate among investors and analysts.

因此，资本越来越多地流入山寨币，引发了投资者和分析师之间的争论。

Is this a sign that Bitcoin is losing its grip on the market, or is it merely a temporary dip in an otherwise dominant trend?

这是比特币正在失去对市场控制力的迹象，还是仅仅是主导趋势的暂时下跌？

Bitcoin’s dominance has recently fallen below the 50% mark, indicating a significant shift in the crypto market landscape.

比特币的主导地位最近已跌破 50% 大关，表明加密货币市场格局发生了重大转变。

This decline can be observed in the 1-day chart attached, where Bitcoin’s dominance is depicted falling below a crucial support level.

这种下降可以在所附的 1 日图表中观察到，其中比特币的主导地位已跌破关键支撑位。

Zooming out further showcases this decline, highlighting a weakening hold on the market.

缩小范围进一步显示了这种下降，突显了市场的疲软。

This decline in Bitcoin’s dominance suggests a growing interest among investors in altcoins, as capital is flowing into these assets en masse.

比特币主导地位的下降表明，随着资本大量流入这些资产，投资者对山寨币的兴趣日益浓厚。

This shift is evident in the ranking of coins by active addresses, where altcoins like Ethereum [ETH], Solana [SOL], and emerging tokens are showing strong performance.

这种转变在按活跃地址划分的代币排名中很明显，其中以太坊 [ETH]、Solana [SOL] 等山寨币和新兴代币表现出了强劲的表现。

Historically, Bitcoin’s dominance has varied with market cycles.

从历史上看，比特币的主导地位随着市场周期的变化而变化。

During the early crypto era, Bitcoin commanded over 90% of the market.

在早期的加密货币时代，比特币占据了 90% 以上的市场份额。

However, the 2017 bull run marked a turning point as altcoins surged, reducing Bitcoin’s dominance to below 40%.

然而，2017 年的牛市标志着一个转折点，山寨币飙升，将比特币的主导地位降至 40% 以下。

While Bitcoin regained some ground in subsequent cycles, hitting around 70% in 2021, its market share has since faced steady erosion.

尽管比特币在随后的周期中收复了一些失地，并在 2021 年达到了 70% 左右，但其市场份额此后面临着稳步侵蚀。

This ebb and flow of Bitcoin’s dominance is driven by evolving narratives, technological innovations, and shifting investor preferences.

比特币主导地位的潮起潮落是由不断发展的叙事、技术创新和不断变化的投资者偏好驱动的。

As the crypto market matures, it is leaving Bitcoin to compete with an increasingly diverse ecosystem of digital assets.

随着加密货币市场的成熟，比特币正在与日益多样化的数字资产生态系统竞争。

The transition of capital into altcoins also coincides with a potential ‘altcoin season,’ as indicated by the ranking of coins based on active addresses.

资本向山寨币的转变也恰逢潜在的“山寨币季节”，如基于活跃地址的代币排名所示。

Coins like Ethereum, Stellar [XLM], and TRON [TRX] are experiencing a remarkable uptick in activity.

以太坊、Stellar [XLM] 和 TRON [TRX] 等代币的活动正在显着增加。

Transaction rankings further highlight TRON’s dominance, with 7.41 million transactions showcasing its growing role in payments and DeFi.

交易排名进一步凸显了 TRON 的主导地位，741 万笔交易显示了其在支付和 DeFi 领域日益增强的作用。

Stellar follows closely with 2.37 million, highlighting its strength in cross-border remittances.

Stellar以237万紧随其后，凸显其在跨境汇款方面的实力。

Meanwhile, Ethereum maintains relevance with 1.26 million, focusing on high-value activities like DeFi and NFTs.

与此同时，以太坊保持着 126 万的相关性，专注于 DeFi 和 NFT 等高价值活动。

Insights from the Bitcoin dominance chart further reinforce this trend.

比特币主导地位图表的见解进一步强化了这一趋势。

As Bitcoin’s market share declines, altcoins like Ethereum, Solana, and TRON have managed to carve out a significant space for themselves.

随着比特币市场份额的下降，以太坊、Solana 和 TRON 等山寨币已成功为自己开辟了广阔的空间。

In some sectors, Ethereum now commands over 20% of the market share, while emerging players like Avalanche [AVAX] are seeing steady inflows.

在某些领域，以太坊目前占据超过 20% 的市场份额，而像 Avalanche [AVAX] 这样的新兴参与者正在看到稳定的资金流入。

This dynamic signals a redistribution of capital as investors are looking beyond Bitcoin for value.

这种动态标志着资本的重新分配，因为投资者正在超越比特币寻找价值。

The shift from Bitcoin dominance to altcoins is driven by a combination of factors.

从比特币主导地位向山寨币的转变是由多种因素推动的。

Regulatory pressures have also pushed investors toward altcoins with compliant frameworks, such as Stellar, while macroeconomic uncertainty encourages diversification.

监管压力也促使投资者转向具有合规框架的山寨币，例如Stellar，而宏观经济的不确定性则鼓励多元化。

Furthermore, technological advancements, like the upgrades to Ethereum, are enhancing the competitiveness of altcoins.

此外，技术进步，例如以太坊的升级，正在增强山寨币的竞争力。

Although cyclical, Bitcoin’s market share decline reflects a maturing ecosystem, where altcoins are gaining structural importance.

尽管具有周期性，但比特币市场份额的下降反映了生态系统的成熟，山寨币在该生态系统中正变得越来越重要。

This shift signals a potential long-term change rather than a fleeting “altcoin season.”

这种转变标志着潜在的长期变化，而不是转瞬即逝的“山寨币季节”。

As the market evolves rapidly, this diversification highlights evolving investor priorities.

随着市场的快速发展，这种多元化凸显了投资者不断变化的优先事项。