Bitcoin Maintains Dominance Amidst Market Volatility

比特币在市场波动中保持主导地位

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.

比特币（BTC）继续保持其作为加密货币市场主导力量的地位，大多数替代代币的价格表现不佳。尽管项目和建设活动不断扩大，但比特币的表现仍然优于其他投资，尽管最近出现了波动。

Bitcoin's Narrative: A Benchmark for Performance

比特币的叙述：性能基准

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.

比特币的叙述仍然是表现的基准，使其他对 2024 年抱有很高期望的项目黯然失色。虽然许多类别的代币都非常活跃，但对山寨币市场周期的预期已被推迟。

Underperforming Narratives Relative to BTC

相对于 BTC 表现不佳的叙述

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.

尽管有孤立的收益和成功案例，但与 BTC 相比，一些叙述的表现不佳。这些说法并未被放弃，但价格增长可能取决于更有活力的牛市。最近的数据表明，即使是 Meme 代币作为一个整体也落后于 BTC。

BTC's Increased Volatility and Market Dominance

比特币的波动性增加和市场主导地位

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.

过去一个月，BTC 波动率从 7 月份的 1% 上升至 3.17%。这种领先的加密货币从 65,000 美元的稳定水平开始波动，触及 49,000 美元的月度低点，然后回升至 60,000 美元的价格区间。在过去的三个月里，比特币已成为市值的主导资产，而蓝筹股和较小的代币都在萎缩。

Growth Return to Established Assets

既定资产的增长回报

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.

过去三个月，既定资产恢复增长，但损失也最小。除了 BTC 之外，ETH、TON、TRX 和 BNB 的回撤也相对较低。 PEPE 和 GROK 等之前的获胜者经历了更重大的调整。

Disparity between BTC Price and Narrative Ecosystem

BTC价格与叙事生态系统之间的差异

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 的价格表现与更广泛的比特币叙述（包括序号和 ETF）之间存在差异。 BTC 本身今年迄今的表现已上涨了 40%，但叙事生态系统仅增长了 24%。

Changing Narratives and Market Trends

不断变化的叙事和市场趋势

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.

在更长的时间范围内，叙事会发生变化，RWA 代币化超越了 meme 代币。基于有限的代币选择，RWA 分类资产今年增加了 117%。 RWA代币的总估值一直保持在300亿美元以上，4月份达到560亿美元的峰值。

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.

自一月份以来，比特币和山寨币之间的分歧一直持续。目前的信号表明，山寨币的反弹不会迫在眉睫，但大多数资产可能正在积累。投资者正在寻求更强有力的叙述，以提高可行产品开发的可能性。

Blue Chip DeFi and Outperforming Tokens

蓝筹 DeFi 和表现优异的代币

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.

蓝筹 DeFi 正在重新获得动力，Aave (AAVE) 和 MakerDAO (MKR) 等领先项目正在重组其稳定币经济。以前的杰出叙事，例如 L3 和流动性质押，已经退居二线。

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.

在过去的一个月里，只有异常值的表现明显更好，一些代币持续逆市上涨。 AAVE 就是这样的一种代币，在 GHO 稳定币扩张以及宣布回购和代币销毁之后，它出现了反弹。

Investors Seek Stability

投资者寻求稳定

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%.

基于叙事的代币也面临着由于代币解锁和悬而未决的压力，这是上一个风险投资流入周期中项目资金的结果。继 8 月份市场低迷之后，大多数叙事的月度中值损失约为 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 代币化的重点是创建更多 BUIDL 代币，这些代币目前的价值超过 5 亿美元。代币化促进了通过短期美国国库券建立储备，为加密市场带来了超过 20 亿美元的资金。

2024 Narrative Trends

2024 年叙事趋势

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 年的叙事抛弃了之前的 Web3、游戏、GameFi 等趋势。尽管尝试重振一些领先的收藏品，但 NFT 也面临着挑战。

Hype and Marketing Concerns with Narrative Tokens

叙事代币的炒作和营销担忧

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.

炒作和营销可以与叙事标记联系在一起。并非所有项目都能兑现其承诺的产品，有些项目依赖于与特定领域的切线联系。

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.

根据 CoinGecko 对页面访问量和受欢迎程度的研究，第二季度排名前三的叙事是模因、RWA 代币和 AI 代币。其次是 Solana 和 Base 生态系统中的资产、利基叙事和 TON 生态系统。