比特币主导着加密货币市场，将山寨币留在灰尘中

2025年的第一季度是由Altcoin季节的谈话主导的，就像公牛周期结束时一样。

The first quarter of 2025 was largely dominated by talks of the altcoin season, which usually comes about when the bull cycle is ending. In past cycles, capital tends to rotate from Bitcoin to other cryptocurrencies as investors look to maximize gains ahead of the bear market.

2025年的第一季度在很大程度上由山寨币季节的谈话主导，这通常是在牛周结束时发生的。在过去的周期中，随着投资者希望在熊市之前最大化的收益，资本倾向于从比特币转向其他加密货币。

However, the story has been very different for the cryptocurrency market so far this year, with most large-cap assets failing to enjoy the same capital rotation seen in past cycles. The latest on-chain data shows that Bitcoin has continued to dominate the crypto market, outperforming all categories of altcoins.

但是，今年到目前为止，加密货币市场的故事有很大不同，大多数大型资产都无法享受过去周期中相同的资本轮换。最新的链链数据表明，比特币继续主导加密市场，表现优于所有类别的山寨币。

Is It Time To Buy Altcoins?

是时候购买山寨币了吗？

In an April 5 post on X, pseudonymous analyst Darkfost shared an interesting on-chain insight into the performance of all altcoin categories relative to the world’s largest cryptocurrency. According to the online pundit, the altcoins are underperforming compared to Bitcoin in terms of market capitalization growth.

在4月5日关于X的帖子中，伪分析师Darkfost分享了一个有趣的链上，洞察所有Altcoin类别相对于世界上最大的加密货币的性能。根据在线专家的说法，与比特币相比，在市值增长方面，AltCoins的表现不佳。

According to the analyst, the variation between the 365-day MA and the 30-day MA serves as an indicator of growth momentum. Typically, when the short-term moving average (30-day MA) rises faster than the long-term moving average (365-day MA), it implies rapid market cap growth.

根据分析师的说法，365天MA与30天MA之间的变化是生长动量的指标。通常，当短期移动平均线（30天MA）上升的速度高于长期移动平均线（365天MA）时，这意味着市值快速增长。

On the flip side, a reduced growth momentum is indicated by a lagging 30-day moving average.

另一方面，落后30天的移动平均线落后的增长势头降低了。

As observed in the chart above, Bitcoin is outpacing the large-cap and mid-to-small-cap altcoins in terms of their market cap growth. Darkfost noted that this difference in the growth ratio has reached a level last seen in October 2023, a period correlated with a brief altcoin rally and subsequently BTC’s dominance.

如上图中所观察到的那样，比特币在其市值增长方面超过了大型和中小型CAP山寨币。 Darkfost指出，增长率的这种差异已达到2023年10月的最后一个水平，这一时期与短暂的Altcoin集会以及随后BTC的主导地位有关。

The analyst further highlighted that when this growth ratio turns negative, it often signals that a strong correction has occurred. Historically, a negative ratio might present a potential buying opportunity for investors looking to get into the market.

分析师进一步强调，当这种增长率变为负面时，通常会表明发生了强大的校正。从历史上看，负比例可能会为希望进入市场的投资者带来潜在的购买机会。

Bitcoin And Ethereum Price Quick Look

比特币和以太坊价格快速外观

At the time of writing, the price of BTC is trading at around the $83,500 mark, indicating no significant change in the past 24 hours. In the same vein, the ETH token is priced at approximately $1,805, showing no movement in the past day.

在撰写本文时，BTC的价格约为83,500美元，表明过去24小时没有重大变化。同样，ETH代币的价格约为1,805美元，在过去的一天中没有移动。

While the premier cryptocurrency dropped by about 15% in the first quarter of 2025, Ethereum lost almost double its value in the same period. This gap in performance highlights how poorly the "king of altcoins" has fared in recent months.

尽管2025年第一季度的总理加密货币下降了约15％，但以太坊在同一时期的价值几乎损失了两倍。这种表现差距凸显了“山寨币之王”在最近几个月的情况下的差异。