忘记圣诞节吧。 Altseason 即将来临。

Altseason 是除比特币以外的加密货币兴趣和价格飙升的时期。

As the festive season approaches, the cryptocurrency market appears poised for an exciting period known as "altseason." This phenomenon occurs when interest and prices surge for cryptocurrencies other than Bitcoin.

随着节日的临近，加密货币市场似乎即将迎来一个被称为“山寨币季节”的激动人心的时期。当比特币以外的加密货币的利息和价格飙升时，就会出现这种现象。

In the 2017 bull cycle, for instance, alternative cryptocurrencies soared thousands of times in value within a few short months, minting a generation of newly rich investors in the space.

例如，在 2017 年的牛市周期中，另类加密货币的价值在短短几个月内飙升了数千倍，在该领域造就了一代新富投资者。

Now, with the value of the OTHERS altcoin index surging 76% since early November, to $334 billion, a new golden age appears to be dawning for Bitcoin’s offspring.

现在，随着 OTHERS 山寨币指数的价值自 11 月初以来飙升 76%，达到 3340 亿美元，比特币后代的新黄金时代似乎正在来临。

“It’s far from a nothingburger, we’re on the brink of a full-blown altseason,” Matthew Mena, head of US crypto research at 21.co, told DL News.

21.co 美国加密货币研究主管 Matthew Mena 告诉 DL News：“这远不是一个小汉堡，我们正处于全面的山寨季节的边缘。”

While skeptics may doubt that altcoins are poised to soar for a sustained period of time, Mena said positive signs are already emerging.

尽管怀疑论者可能怀疑山寨币是否会在一段时间内持续飙升，但梅纳表示，积极的迹象已经出现。

This year, a number of “dino” coins from the 2017 era have already jumped triple digits.

今年，2017 年的一些“恐龙”币价格已经跃升了三位数。

XRP, the coin associated with Ripple, is up 177% in the past 30 days, and Dogecoin, the memecoin stalwart, climbed 140% in the same timeframe. Cardano, meanwhile, spiked 186% in the past month, according to CoinGecko.

XRP（与 Ripple 相关的代币）在过去 30 天内上涨了 177%，而 Memecoin 的坚定支持者 Dogecoin 在同一时间段内上涨了 140%。与此同时，根据 CoinGecko 的数据，卡尔达诺在过去一个月飙升了 186%。

Even Axie Infinity, the blockchain game play that’s long been out of favor, is delivering a 43% return to holders of AXS over the last 14 days.

即使是长期失宠的区块链游戏 Axie Infinity，在过去 14 天内也为 AXS 持有者带来了 43% 的回报。

“On top of that, laggards like Ethereum are breaking key resistance levels,” Mena said.

“最重要的是，像以太坊这样的落后者正在突破关键阻力位，”梅纳说。

On Tuesday, the second most valuable cryptocurrency crossed the $3,600 mark for the first time since mid June. Many say a trip to $10,000 is just around the corner.

周二，第二大加密货币自 6 月中旬以来首次突破 3,600 美元大关。许多人表示，10,000 美元的价格即将到来。

Alex Kruger, a macro analyst, agreed with Mena’s analysis, to a point.

宏观分析师亚历克斯·克鲁格在某种程度上同意梅纳的分析。

Michael Saylor's billion-dollar purchases of Bitcoin “gives oxygen to crypto natives to go gamble,” he told DL News.

迈克尔·塞勒 (Michael Saylor) 对 DL News 表示，他斥资 10 亿美元购买比特币“为加密货币原住民提供了赌博的氧气”。

That, in turn, is prompting seasoned retail investors to buy DINO coins even as newer entrants pile into memecoins.

这反过来又促使经验丰富的散户投资者购买 DINO 币，尽管新进入者纷纷涌入模因币。

Even so, Kruger doubts this altseason will feel like the 2017 bull run.

即便如此，克鲁格怀疑这个山寨季是否会让人感觉像是 2017 年的牛市。

“Altseason a la 2017 is too much,” he said.

“2017 年的另类赛季太过分了，”他说。

In any event, analysts are watching closely to see how the cycle pans out.

无论如何，分析师都在密切关注这一周期的结果。

After traders realize Bitcoin may not offer as much juicy upside, they “chase pumps” down the food chain, toggling from large caps to small caps, Mena said.

梅纳表示，在交易员意识到比特币可能无法提供那么多的上涨空间后，他们会沿着食物链“追逐”，从大盘股转向小盘股。

But unlike past cycles, this one features new forces that are reshaping the marketplace.

但与过去的周期不同的是，这一周期的特点是重塑市场的新力量。

Take crypto ETFs, for instance, Christopher Inks, CEO of trading firm TexasWest Capital, said.

贸易公司 TexasWest Capital 首席执行官 Christopher Inks 表示，以加密 ETF 为例。

“The usual crypto bro cycling out of Bitcoin and into alts will look differently,” he said.

他说：“通常的加密货币兄弟从比特币转向替代品的情况会有所不同。”

That's because ETF buyers, who have been in Pac-Man mode, aren't rotating capital into alternative cryptocurrencies.

这是因为一直处于吃豆人模式的 ETF 买家不会将资金转向替代加密货币。

At the same time, Inks and Mena said investors may start focusing on specific sectors such as AI.

与此同时，Inks 和 Mena 表示，投资者可能会开始关注人工智能等特定领域。

The intersection of digital assets and AI in offerings such as the bizarre memecoin GOAT is deeply crypto-native and making waves across Crypto Twitter, Mena said.

Mena 表示，数字资产和人工智能在诸如奇异的模因币 GOAT 等产品中的交叉，是深度加密原生的，并在加密 Twitter 上掀起了波澜。

“AI and AI agents are two key sectors I've been keeping an eye on,” he said.

“人工智能和人工智能代理是我一直关注的两个关键领域，”他说。