Altcoins Steal the Spotlight, Outperforming Bitcoin

山寨幣搶盡風頭，跑贏比特幣

In the cryptocurrency market, Bitcoin has taken a backseat to its more agile rivals. While Bitcoin experienced a modest 2.9% rise, reaching a high of $97,526, altcoins ignited fireworks.

在加密貨幣市場上，比特幣已經落後於更敏捷的競爭對手。儘管比特幣小幅上漲 2.9%，達到 97,526 美元的高位，但山寨幣卻點燃了煙火。

XRP, Ethereum, and Dogecoin soared over 4%, while Solana surged by an impressive 8.2%, leaving Bitcoin trailing behind. Investors, eager for a prosperous start to the year, are placing their bets on altcoins. Historically, crypto rallies tend to occur in the first quarter, and 2023 appears to be following this pattern.

XRP、以太坊和狗狗幣飆升超過 4%，而 Solana 則飆升 8.2%，令人印象深刻，比特幣緊隨其後。渴望今年有一個繁榮開局的投資者正在押注山寨幣。從歷史上看，加密貨幣反彈往往發生在第一季度，2023 年似乎也遵循這種模式。

Altcoin Surge Signals Optimism

山寨幣飆升預示著樂觀情緒

Wall Street's crypto favorites are riding the wave. Coinbase shares gained 5.6%, MicroStrategy jumped 7.3%, and MARA Holding spiked over 8% on the first trading day of the year. Despite these gains, crypto prices have yet to reach their December highs, presenting an opportunity for bargain hunters.

華爾街最受青睞的加密貨幣正乘風破浪。 Coinbase 股價上漲 5.6%，MicroStrategy 上漲 7.3%，MARA Holding 在今年第一個交易日飆升超過 8%。儘管取得了這些收益，但加密貨幣價格尚未達到 12 月的高點，這為逢低買入者提供了機會。

Analysts view the altcoin rally as a bet on the continuation of the bull market. Political factors also play a role. With the anticipation of Donald Trump's return to office, many investors expect a favorable environment for cryptocurrencies.

分析師將山寨幣的上漲視為對牛市持續的押注。政治因素也發揮了作用。隨著唐納德·川普(Donald Trump)重返辦公室的預期，許多投資者預計加密貨幣將迎來有利的環境。

SEC's Scrutiny Lessens for Altcoins

美國證券交易委員會放鬆對山寨幣的審查

Altcoins that previously faced regulatory scrutiny, like XRP, are experiencing renewed interest. Trump's crypto-friendly nominees have instilled confidence in the market.

XRP 等先前曾面臨監管審查的山寨幣如今又重新受到關注。川普對加密貨幣友善的提名人給市場注入了信心。

On-Chain Data Suggests Cooling Phase for Bitcoin

鏈上數據顯示比特幣處於冷卻階段

Despite its strong performance in 2022, Bitcoin is currently in a cooling-off phase. After reaching a peak of $108,000, a price correction ensued, raising concerns about a prolonged downturn similar to the six-month slump experienced in March 2022.

儘管比特幣在 2022 年表現強勁，但目前仍處於冷靜階段。在達到 108,000 美元的峰值後，價格隨之調整，引發了人們對類似於 2022 年 3 月經歷的六個月低迷的長期低迷的擔憂。

Data, however, paints a different picture. Bitcoin's Adjusted SOPR (Spent Output Profit Ratio) shows a downward trend but remains above 1. Historically, when it falls below 1, Bitcoin has experienced rebounds, suggesting that selling at a loss triggers buying pressure.

然而，數據描繪了一幅不同的畫面。比特幣的調整後SOPR（支出產出利潤率）呈現下降趨勢，但仍維持在1以上。入壓力。

The Miner Position Index (MPI) indicates that miners are holding their Bitcoin reserves instead of selling them, providing support to the market. Transaction activity and network fees have declined, signaling a cooling-off period. These factors suggest that the market is pausing for breath after a period of intense activity. Funding rates have turned negative, potentially setting the stage for a rebound if sentiment shifts further south.

礦工頭寸指數（MPI）表明礦工持有比特幣儲備而不是出售它們，這為市場提供了支撐。交易活動和網路費用下降，標誌著冷靜期。這些因素表明市場在經歷了一段時間的激烈活動後正在暫停喘口氣。資金利率已轉為負數，如果情緒進一步南移，可能為反彈奠定基礎。