在机构繁荣和市场动荡之际，比特币的主导地位达到三年来的峰值

比特币在加密货币领域的主导地位已达到三年来的最高水平，占 2.4 万亿美元市场的 55%，反映出对持有比特币的美国交易所交易基金的强劲需求，而较小的代币则经历了一段动荡时期。

Bitcoin Dominance Surges to Three-Year High as Institutional Demand and Rocky Market Conditions Boost Demand for Digital Gold

由于机构需求和动荡的市场状况刺激了对数字黄金的需求，比特币的主导地位飙升至三年高点

The cryptocurrency market has witnessed a significant shift in dominance in recent months, with Bitcoin establishing a commanding lead over its smaller rivals. As of the end of last week, Bitcoin accounted for a remarkable 55% of the $2.4 trillion virtual currency market, a level not seen since April 2021, according to data from CoinMarketCap.

近几个月来，加密货币市场的主导地位发生了重大转变，比特币相对于规模较小的竞争对手建立了绝对领先优势。 CoinMarketCap 的数据显示，截至上周末，比特币在价值 2.4 万亿美元的虚拟货币市场中占据了 55% 的份额，这是自 2021 年 4 月以来的最高水平。

This surge in Bitcoin's dominance has been driven by a combination of factors, including robust demand for US exchange-traded funds (ETFs) that hold the cryptocurrency, as well as a period of volatility and sell-offs in the broader cryptocurrency market.

比特币主导地位的飙升是由多种因素推动的，包括对持有加密货币的美国交易所交易基金（ETF）的强劲需求，以及更广泛的加密货币市场的一段时期的波动和抛售。

The launch of three-month-old US spot ETFs from issuers such as BlackRock Inc. and Fidelity Investments has been a major catalyst for Bitcoin's growth. These ETFs have attracted approximately $56 billion in assets to date, making them one of the most successful ETF debuts in history. The inflows from institutional investors into these ETFs have played a significant role in boosting Bitcoin's performance relative to the rest of the market, according to Benjamin Celermajer, director at digital-asset investment manager Magnet Capital.

贝莱德 (BlackRock Inc.) 和富达投资 (Fidelity Investments) 等发行人推出的三个月期美国现货 ETF 一直是比特币增长的主要催化剂。迄今为止，这些 ETF 已吸引了约 560 亿美元的资产，使其成为历史上最成功的 ETF 之一。数字资产投资管理公司 Magnet Capital 总监 Benjamin Celermajer 表示，机构投资者对这些 ETF 的资金流入在提升比特币相对于市场其他产品的表现方面发挥了重要作用。

While Bitcoin has enjoyed a period of relative strength, smaller cryptocurrencies have faced headwinds and experienced substantial declines in recent weeks. A gauge of these smaller digital assets has sunk more than 30% since the highs reached in mid-March, coinciding with reduced expectations for looser US monetary policy settings that have fueled speculative gains in the past.

尽管比特币经历了一段时间的相对强势，但较小的加密货币却面临着阻力，并在最近几周经历了大幅下跌。自 3 月中旬达到高点以来，这些规模较小的数字资产的指标已下跌超过 30%，与此同时，人们对美国宽松货币政策环境的预期也有所下降，而过去曾助长投机性收益。

The cryptocurrency market has long been characterized by periods of volatility and uncertainty, and recent events have highlighted the cyclical nature of the industry. While Bitcoin has emerged as a dominant force during this period, it remains to be seen whether it can maintain its current level of dominance or whether smaller cryptocurrencies will experience a resurgence in the future.

长期以来，加密货币市场的特点是波动性和不确定性，最近发生的事件凸显了该行业的周期性。尽管比特币在此期间已成为主导力量，但它是否能保持目前的主导地位，或者较小的加密货币是否会在未来复苏，还有待观察。

Adding further fuel to the Bitcoin rally, the market is eagerly anticipating the upcoming Bitcoin halving event, which is expected to occur around April 2023. Halvings reduce the new supply of Bitcoin by half, and historically, these events have been associated with price increases. However, there is growing skepticism about whether this trend will continue, given that Bitcoin recently reached a historical peak.

市场热切期待即将到来的比特币减半事件，预计将在 2023 年 4 月左右发生，为比特币的涨势进一步推波助澜。减半会使比特币的新增供应量减少一半，从历史上看，这些事件都与价格上涨有关。然而，鉴于比特币最近达到了历史峰值，人们越来越怀疑这种趋势是否会持续下去。

Despite the uncertainty surrounding the long-term outlook for Bitcoin, its recent surge in dominance is a clear indication of institutional demand and the growing acceptance of cryptocurrencies as an asset class. As the market continues to evolve, it will be fascinating to witness the ongoing interplay between Bitcoin and the wider cryptocurrency landscape.

尽管比特币的长期前景存在不确定性，但其近期主导地位的飙升明确表明了机构需求以及加密货币作为一种资产类别的接受程度不断提高。随着市场的不断发展，见证比特币和更广泛的加密货币领域之间持续的相互作用将是令人着迷的。