In the last two months, Bitcoin (BTC), the world’s most valuable cryptocurrency, has been increasingly decoupling from XRP, the native currency of the XRP Ledger (XRPL), and BNB, the coin priming the broader Binance ecosystem. While this pans out, Dogecoin (DOGE) and Cardano (ADA) remain mostly correlated with Bitcoin. 

在過去的兩個月裡，世界上最有價值的加密貨幣比特幣 (BTC) 與 XRP（XRP Ledger (XRPL) 的原生貨幣）和 BNB（推動更廣泛的幣安生態系統的貨幣）日益脫鉤。雖然這一點得到了證實，但狗狗幣（DOGE）和卡爾達諾（ADA）仍然主要與比特幣相關。

XRP, BNB Decoupling From Bitcoin

XRP、BNB 與比特幣脫鉤

While rising de-correlation suggests that the market is maturing and becoming more sophisticated, secondary factors could make some of the top altcoins decouple and chart their courses away from the tight grasp of Bitcoin. 

雖然去相關性的上升表明市場正在成熟並且變得更加複雜，但次要因素可能會使一些頂級山寨幣脫鉤並擺脫對比特幣的嚴格控制。

Sharing data from Kaiko, a blockchain analytics firm, @cryptobusy on X notes that the correlation between Bitcoin, XRP, and BNB has been contracting in the last two months. Meanwhile, BTC, Dogecoin, and Cardano prices have been moving in sync despite fundamental factors of each project impacting price action over this period.

X 上的 @cryptobusy 分享了區塊鏈分析公司 Kaiko 的數據，指出比特幣、XRP 和 BNB 之間的相關性在過去兩個月一直在收縮。同時，儘管每個項目的基本因素都會影響這段期間的價格走勢，但比特幣、狗狗幣和卡爾達諾的價格一直在同步變化。

The drop in correlation indicates that altcoins are increasingly gaining more market share from Bitcoin. This drop in Bitcoin dominance happens especially whenever certain altcoins move independently and are not influenced by how Bitcoin trends. 

相關性的下降表明山寨幣正越來越多地從比特幣那裡獲得更多的市場份額。比特幣主導地位的下降尤其是在某些山寨幣獨立移動且不受比特幣趨勢影響的情況下發生。

In most cases, like it has been the case in Q4 2023, a spike in Bitcoin prices triggers altcoin demand, lifting them as a result. Besides Cardano and Dogecoin, for instance, Solana (SOL) and Tron (TRX) are two altcoins that have been rallying and tracking Bitcoin.

在大多數情況下，就像 2023 年第四季的情況一樣，比特幣價格的飆升會引發山寨幣需求，從而提振它們。例如，除了卡爾達諾和狗狗幣之外，Solana (SOL) 和 Tron (TRX) 是兩種一直在追趕和追蹤比特幣的山寨幣。

Additionally, the drop in correlation could mean the altcoin scene is maturing, and more investors are keen on picking out projects that offer more utility, not just BTC proxies. With more investors, altcoins tend to be more liquid, drawing even more capital.

此外，相關性的下降可能意味著山寨幣場景正在成熟，更多投資者熱衷於挑選提供更多實用性的項目，而不僅僅是比特幣代理。隨著投資者的增多，山寨幣往往更具流動性，從而吸引更多的資本。

BNB, XRP, BTC Impacted By Fundamental Factors

BNB、XRP、BTC受基本面因素影響

Even so, there could be more that explains the decoupling, especially with BNB and XRP. Seismic fundamental events have impacted BTC, XRP, and BNB ecosystems in the last two months. 

即便如此，可能還有更多因素可以解釋這種脫鉤，尤其是 BNB 和 XRP。過去兩個月，地震基本面事件對 BTC、XRP 和 BNB 生態系統產生了影響。

The United States Securities and Exchange Commission (SEC), for instance, is likely to approve multiple spot Bitcoin ETFs filed by several heavyweights, including BlackRock and Fidelity, in the coming weeks. Hopes of the regulator authorizing these derivatives tracking spot BTC prices have catalyzed demand, lifting the coin to new 2023 highs. 

例如，美國證券交易委員會（SEC）可能會在未來幾週內批准包括貝萊德（BlackRock）和富達（Fidelity）在內的幾家重量級公司提交的多個現貨比特幣 ETF。監管機構希望授權這些衍生性商品追蹤 BTC 現貨價格，這刺激了需求，將比特幣推升至 2023 年新高。

Meanwhile, a United States court ruled in favor of XRP being a utility when sold to retailers. The case initially forced prices higher, but the coin tracked lower throughout late Q3 2023 and 2024, only steadying as BTC rallied.

與此同時，一家美國法院做出了有利於將 XRP 出售給零售商的實用程式的裁決。該案件最初迫使價格走高，但在 2023 年第三季末和 2024 年，該代幣一直走低，直到 BTC 反彈後才趨於穩定。

At the same time, BNB was negatively impacted by Changpeng Zhao, the founder of Binance, resigning in November 2023. The Department of Justice also fined Binance with a $4.3 billion penalty as a settlement.

同時，BNB 受到幣安創始人趙長鵬於 2023 年 11 月辭職的負面影響。司法部也對幣安處以 43 億美元的罰款作為和解。