加密货币市场正试图在 2025 年开始增长

加密货币市场正试图在 2025 年开始增长，自年初以来增长了 4%。与 12 月底一样，市场陷入停滞

The crypto market is trying to start 2025 on a positive note, adding 4% since the beginning of the year. Like in late December, the market is stalling on reaching a capitalisation of $3.41 trillion. This time, the positive mood of cryptocurrency enthusiasts was undermined by a sharp downward reversal in the US and Chinese stock markets.

加密货币市场正试图以积极的姿态开启 2025 年，自年初以来增长了 4%。与 12 月底一样，市场在达到 3.41 万亿美元的市值时停滞不前。这一次，加密货币爱好者的积极情绪因美国和中国股市的大幅下跌而受到损害。

We pay attention to the reduced trading volumes, which indicate a wait-and-see attitude among market participants and a search for new ideas. At the same time, the support of around $3.20 trillion makes the latest pullback a correction, not a reversal.

我们关注交易量的减少，这表明市场参与者处于观望态度并寻求新的想法。与此同时，约 3.20 万亿美元的支撑使得最新的回调是修正，而不是逆转。

Bitcoin fell 3.5% to $93,600 in December. Growth for the full year of 2024 was 120% after 158% a year earlier. The first cryptocurrency has strengthened for seven months in the past year, becoming one of the year’s best-performing assets.

12 月份，比特币下跌 3.5%，至 93,600 美元。 2024 年全年增长率为 120%，而上年同期增长率为 158%。第一种加密货币在过去的一年里连续七个月走强，成为今年表现最好的资产之一。

In terms of seasonality, January is considered a relatively successful month for BTC. Over the past 14 years, bitcoin has ended the month with growth on seven occasions. The average rise was 22.5%, while the average decline was 14.6%.

从季节性来看，一月被认为是 BTC 相对成功的月份。在过去的 14 年里，比特币已经七次在本月结束时出现增长。平均上涨22.5%，平均下跌14.6%。

Technically, bitcoin has bounced off the 61.8% level from the November rally and is attempting to return above the 50-day moving average. A solid break above $97,000 will allow us to expect new highs above $110,000 soon. However, we should be prepared for a strengthening of selling, as we are currently seeing in equities.

从技术上讲，比特币已从 11 月上涨的 61.8% 水平反弹，并试图重返 50 日移动均线上方。突破 97,000 美元将使我们有望很快突破 110,000 美元新高。然而，我们应该为抛售加强做好准备，正如我们目前在股市看到的那样。

News Background

新闻背景

IntoTheBlock notes that throughout 2024, the number of long-term Ethereum holders has been rising, while Bitcoin’s metric has been steadily declining. The percentage holding ETH for more than a year increased from 59% in January to 75% in December. For BTC, the metric dropped from around 70% to 62%.

IntoTheBlock 指出，整个 2024 年，以太坊长期持有者的数量一直在增加，而比特币的指标却在稳步下降。持有 ETH 一年以上的比例从 1 月份的 59% 上升到 12 月份的 75%。对于 BTC，该指标从 70% 左右下降到 62%。

Another recalculation increased the first cryptocurrency’s mining difficulty by 1.08%, reaching a record of 109.78 T. The average hash rate for the period since the previous change was 777 EH/s.

另一次重新计算将第一个加密货币的挖矿难度提高了1.08%，达到了历史最高的109.78T。自上次更改以来的平均算力为777EH/s。

MicroStrategy purchased an additional 2,138 BTC for ~$209 million over the past week at an average price of around $97.837 per coin. The company now holds 446,400 BTC, which were purchased for a combined $27.9bn at an average price of $62,428 per coin.

过去一周，MicroStrategy 以约 2.09 亿美元的价格额外购买了 2,138 枚 BTC，平均价格约为每枚 97.837 美元。该公司目前持有 446,400 枚 BTC，购买价格总计 279 亿美元，平均价格为每枚 62,428 美元。

CoinGecko calculated the profitability of crypto market sectors in 2024. The most profitable narrative of the crypto industry was AI. Second and third place went to meme coins and RWAs.

CoinGecko 计算了 2024 年加密货币市场领域的盈利能力。加密货币行业最赚钱的叙述是人工智能。第二和第三名是 Meme 币和 RWA。

CryptoQuant notes that Coinbase’s premium has reached a 12-month low. This signals insufficient institutional demand and caution among US investors.

CryptoQuant 指出，Coinbase 的溢价已达到 12 个月低点。这表明机构需求不足，美国投资者也持谨慎态度。