Bitcoin Maintains Dominance Amidst Market Volatility

比特幣在市場波動中保持主導地位

Bitcoin (BTC) continues to hold its position as the dominant force in the cryptocurrency market, with most alternative tokens experiencing negative price performance. Despite the expansion of projects and building activity, BTC has outperformed other investments, despite recent volatility.

比特幣（BTC）繼續保持其作為加密貨幣市場主導力量的地位，大多數替代代幣的價格表現不佳。儘管項目和建設活動不斷擴大，但比特幣的表現仍然優於其他投資，儘管最近出現了波動。

Bitcoin's Narrative: A Benchmark for Performance

比特幣的敘述：性能基準

The Bitcoin narrative remains the benchmark for performance, eclipsing other projects that had high expectations for 2024. While numerous categories of tokens have been highly active, the anticipation of an altcoin market cycle has been postponed.

比特幣的敘述仍然是表現的基準，使其他對 2024 年抱有很高期望的項目黯然失色。

Underperforming Narratives Relative to BTC

相對於 BTC 表現不佳的敘述

Several narratives underperformed compared to BTC, despite isolated gains and success stories. These narratives have not been abandoned, but price growth may depend on a more vibrant bull market. Recent data indicates that even meme tokens have lagged behind BTC as a collective.

儘管有孤立的利益和成功案例，但與 BTC 相比，一些敘述的表現不佳。這些說法並未被放棄，但價格成長可能取決於更有活力的多頭市場。最近的數據表明，即使是 Meme 代幣作為一個整體也落後於 BTC。

BTC's Increased Volatility and Market Dominance

比特幣的波動性增加和市場主導地位

In the past month, BTC's volatility has increased to 3.17%, up from 1% in July. The leading cryptocurrency fluctuated from its stability level of $65,000, reaching a monthly low of $49,000 before recovering towards the $60,000 price range. Over the past three months, BTC has become the dominant asset in terms of market capitalization, while both blue chips and smaller tokens have receded.

過去一個月，BTC 波動率從 7 月的 1% 上升至 3.17%。這種領先的加密貨幣從 65,000 美元的穩定水平開始波動，觸及 49,000 美元的月度低點，然後回升至 60,000 美元的價格區間。在過去的三個月裡，比特幣已成為市值的主導資產，而藍籌股和較小的代幣都在萎縮。

Growth Return to Established Assets

既定資產的成長報酬率

The past three months have witnessed a return to growth for established assets, which also experienced the smallest losses. Besides BTC, ETH, TON, TRX, and BNB have experienced relatively low drawdowns. Previous winners like PEPE and GROK have undergone more significant corrections.

過去三個月，既定資產恢復成長，但損失也最小。除了 BTC 之外，ETH、TON、TRX 和 BNB 的回撤也相對較低。 PEPE 和 GROK 等之前的獲勝者經歷了更重大的調整。

Disparity between BTC Price and Narrative Ecosystem

BTC價格與敘事生態系的差異

There is a disparity between BTC's price performance and the broader Bitcoin narrative, which encompasses Ordinals and ETFs. BTC itself has gained as much as 40% in year-to-date performance, but the narrative ecosystem has grown by only 24%.

BTC 的價格表現與更廣泛的比特幣敘述（包括序號和 ETF）之間存在差異。 BTC 本身今年迄今的表現已上漲了 40%，但敘事生態系統僅成長了 24%。

Changing Narratives and Market Trends

不斷變化的敘事和市場趨勢

Over a longer time frame, narratives shift, with RWA tokenization surpassing meme tokens. RWA-classified assets have increased by 117% this year, based on a limited token selection. The total valuation of RWA tokens has remained above $30 billion, reaching a peak of $56 billion in April.

在更長的時間範圍內，敘事會發生變化，RWA 代幣化超越了 meme 代幣。基於有限的代幣選擇，RWA 分類資產今年增加了 117%。 RWA代幣的總估值一直維持在300億美元以上，4月達到560億美元的高峰。

The divergence between BTC and altcoins has been continuous since January. Current signals suggest that an altcoin rally is not imminent, but most assets may be accumulating. Investors are seeking more robust narratives with a higher likelihood of viable product development.

自一月以來，比特幣和山寨幣之間的分歧一直持續。目前的訊號表明，山寨幣的反彈不會迫在眉睫，但大多數資產可能正在累積。投資者正在尋求更強有力的敘述，以提高可行產品開發的可能性。

Blue Chip DeFi and Outperforming Tokens

藍籌 DeFi 和表現優異的代幣

Blue chip DeFi is regaining momentum, with leading projects like Aave (AAVE) and MakerDAO (MKR) restructuring their stablecoin economies. Former standout narratives, such as L3s and liquid staking, have taken a backseat.

藍籌 DeFi 正在重新獲得動力，Aave (AAVE) 和 MakerDAO (MKR) 等領先項目正在重組其穩定幣經濟。以前的傑出敘事，例如 L3 和流動性質押，已經退居二線。

Only outliers have performed significantly better in the past month, with some tokens consistently rallying against market trends. AAVE was one such token, rallying after the expansion of the GHO stablecoin and the announcement of buybacks and token burns.

在過去的一個月裡，只有異常值的表現明顯較好，有些代幣持續逆市上漲。 AAVE 就是這樣的一種代幣，在 GHO 穩定幣擴張以及宣布回購和代幣銷毀之後，它出現了反彈。

Investors Seek Stability

投資者尋求穩定

Narrative-based tokens are also facing pressure due to token unlocks and overhangs, a result of project funding during the previous VC inflow cycle. Following the August market downturn, most narratives experienced a median monthly loss of approximately 12.8%.

基於敘事的代幣也面臨著由於代幣解鎖和懸而未決的壓力，這是上一個創投流入周期中專案資金的結果。繼 8 月市場低迷之後，大多數敘事的月度中位數損失約為 12.8%。

The RWA tokenization narrative has focused on creating more BUIDL tokens, which now hold a value of over $500 million. Tokenization has facilitated the establishment of reserves through short-term US T-bills, bringing over $2 billion into the crypto market.

RWA 代幣化的重點是創建更多 BUIDL 代幣，這些代幣目前的價值超過 5 億美元。代幣化促進了透過短期美國國庫券建立儲備，為加密市場帶來了超過 20 億美元的資金。

2024 Narrative Trends

2024 年敘事趨勢

Narratives in 2024 have abandoned previous trends such as Web3, gaming, and GameFi. NFTs have also faced challenges, despite attempts to revive some leading collections.

2024 年的敘事拋棄了先前的 Web3、遊戲、GameFi 等趨勢。儘管嘗試重振一些領先的收藏品，但 NFT 也面臨挑戰。

Hype and Marketing Concerns with Narrative Tokens

敘事代幣的炒作和行銷擔憂

Hype and marketing can be associated with narrative tokens. Not all projects deliver on their promised products, and some rely on tangential connections to specific niches.

炒作和行銷可以與敘事標記聯繫在一起。並非所有專案都能兌現其承諾的產品，有些專案依賴與特定領域的切線聯繫。

According to CoinGecko's research on page visits and popularity, the top three narratives for Q2 were memes, RWA tokens, and AI tokens. These were followed by assets in the Solana and Base ecosystems, niche narratives, and the TON ecosystem.

根據 CoinGecko 對頁面訪問量和受歡迎程度的研究，第二季度排名前三的敘事是迷因、RWA 代幣和 AI 代幣。其次是 Solana 和 Base 生態系統中的資產、利基敘事和 TON 生態系統。