比特币的崛起是否限制了替代币增长的潜力？

比特币优势（BTC.D）的持续增长促进了人们对山寨币季节潜力的猜测。

The persistent increase in Bitcoin Dominance (BTC.D) has fueled speculation about the potential for an altcoin season. While some analysts anticipate a correction in BTC.D that could open the door for altcoins to gain traction, a market expert has raised caution.

比特币优势（BTC.D）的持续增长促进了人们对山寨币季节潜力的猜测。尽管一些分析师预计BTC.D进行了更正，可以为Altcoins赢得吸引力，但市场专家提出了谨慎。

He argues that the current cycle may differ from previous patterns, with Bitcoin holders unlikely to sell their positions to shift into altcoins.

他认为，当前周期可能与以前的模式有所不同，比特币持有人不太可能出售其位置以转移到山寨币。

Is Bitcoin’s Rise Limiting the Potential for Altcoin Growth?

比特币的崛起是否限制了替代币增长的潜力？

BeInCrypto reported last week that Bitcoin Dominance reached its highest level in over four years. According to the latest data, BTC.D stood at 64.5%, an 11% increase since the beginning of the year.

Beincrypto上周报道说，比特币在四年来的最高水平达到了最高水平。根据最新数据，BTC.D的率为64.5％，自今年年初以来增长了11％。

Many analysts are forecasting an incoming pullback in the metric. Mister Crypto, for instance, noted that BTC.D appears poised for rejection at a major trendline. This resistance level is significant because, historically, Bitcoin dominance has struggled to break through it.

许多分析师都在指标中预测了传入的回调。例如，Crypto先生指出，BTC.D似乎准备在主要趋势线上拒绝。这种抵抗水平很重要，因为从历史上看，比特币优势一直在努力突破它。

“Bitcoin dominance is about to get rejected here. As soon as this happens, altcoins will rally hard!” he wrote.

“比特币优势将在这里被拒绝。一旦发生这种情况，Altcoins就会艰难地集会！”他写道。

Another analyst shared his optimistic outlook, suggesting an imminent shift.

另一位分析师分享了他乐观的前景，这表明即将发生转变。

“Bitcoin Dominance is collapsing.

“比特币优势正在崩溃。

Altseason is coming this year.

Altseason今年即将到来。

You just need patience,” Merlijn The Trader posted.

您只需要耐心，”交易者发布的梅林。

BeInCrypto has also reported on similar market predictions, highlighting traders’ anticipation of an altcoin season. Yet, not all agree. Experts remain divided on when exactly an altseason might materialize.

Beincrypto还报道了类似的市场预测，强调了交易者对Altcoin季节的预期。但是，并非所有人都同意。专家在何时出现何时可能实现。

Meanwhile, Scott Melker, Host of The Wolf Of All Streets Podcast, took a stronger stance, contending that the current cycle is fundamentally different.

同时，所有街道播客的狼的主持人斯科特·梅尔克（Scott Melker）采取了更强的立场，认为当前周期从根本上有所不同。

In the latest post on X (formerly Twitter), Melker explained that in previous market cycles, investors rotated their investments between Bitcoin and altcoins, which caused shifts in Bitcoin’s dominance.

梅尔克（Melker）在X（以前是Twitter）的最新文章中解释说，在以前的市场周期中，投资者轮换了比特币和Altcoins之间的投资，这导致了比特币的统治地位。

“This time, new money is flowing into Bitcoin from retail, institutions, and even governments – and it’s not trickling down to altcoins. It can’t go from an ETF into a meme,” Melker remarked.

梅尔克说：“这次，新资金正在从零售，机构甚至政府的比特币中流入比特币，而且它并没有滴入山寨币。它不能从ETF转变为模因。”

Melker highlighted that the decline of altcoins against Bitcoin is largely driven by holders selling their altcoins out of necessity rather than moving capital into Bitcoin. According to him, this represents “capitulation,” where investors abandon their altcoins due to financial pressures rather than market strategy.

梅尔克（Melker）强调，针对比特币的山寨币的下降主要是由于持有人出于必要而出售其山寨币而不是将资本转移到比特币中。据他说，这代表了“投降”，由于财务压力而不是市场战略，投资者放弃了其山寨币。

Nonetheless, the same isn’t the case for BTC. Unlike altcoin holders, Bitcoin investors are not selling their Bitcoin to buy altcoins. Thus, Melker’s analysis suggests that altcoins may require an influx of external capital to recover rather than relying on the traditional flow of funds from Bitcoin.

但是，BTC并非如此。与Altcoin持有人不同，比特币投资者没有出售其比特币购买altcoins。因此，梅尔克（Melker）的分析表明，山寨币可能需要大量的外部资本才能恢复，而不是依靠比特币的传统资金流。

This shift in market behavior aligns with broader trends in the cryptocurrency space. Bitcoin is increasingly being viewed as a store of value amid inflation concerns.

市场行为的这种转变与加密货币空间中更广泛的趋势保持一致。在通货膨胀方面，比特币越来越被视为价值存储。

“This cycle may change Bitcoin from a risk asset to an inflation hedge since there is nowhere else but gold and BTC to park money,” an analyst commented.

一位分析师评论说：“这个周期可能会将比特币从风险资产变为通货膨胀对冲，因为除了黄金和BTC以外的其他地方可以停放钱。”

Furthermore, BeInCrypto noted yesterday that the US Dollar Index (DXY) plunged to a three-year low. The decline triggered a rally in Bitcoin.

此外，Beincrypto昨天指出，美元指数（DXY）跌至三年低点。下降引发了比特币的集会。

It surged past $87,000 yesterday, marking highs last seen on Liberation Day. In addition, the rally has continued.

昨天，它飙升了87,000美元，标志着Highs在解放日的最后一次出现。此外，集会继续进行。

Over the past day, the largest cryptocurrency has seen a 0.91 % increase. At the time of writing, it was trading at $88,408.

在过去的一天中，最大的加密货币增长了0.91％。在撰写本文时，它的交易价格为88,408美元。

Notably, the dollar’s decline has also benefited gold. The precious metal surged to a new all-time high (ATH) of $3,456 today.

值得注意的是，美元的下降也使黄金受益。今天，贵金属飙升至新的历史最高（ATH），价格为3,456美元。

“Gold prices are now up +47% over the last 12 months,” The Kobeissi Letter revealed.

Kobeissi信中透露：“在过去的12个月中，黄金价格现在上涨 +47％。”

The contrasting performances have reinforced the narrative of Bitcoin as a reliable investment, positioning it alongside gold. With increasing economic concerns, both assets are emerging as key safe havens.

对比的表演加强了比特币作为可靠投资的叙述，并将其定位在黄金的范围内。随着经济关注的越来越多，这两种资产都成为关键的避风港。