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. 

在过去的两个月里，世界上最有价值的加密货币比特币 (BTC) 与 XRP（XRP Ledger (XRPL) 的原生货币）和 BNB（推动更广泛的币安生态系统的货币）日益脱钩。虽然这一点得到了证实，但狗狗币（DOGE）和卡尔达诺（ADA）仍然主要与比特币相关。

XRP, BNB Decoupling From Bitcoin

XRP、BNB 与比特币脱钩

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. 

虽然去相关性的上升表明市场正在成熟并且变得更加复杂，但次要因素可能会使一些顶级山寨币脱钩并摆脱对比特币的严格控制。

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 分享了区块链分析公司 Kaiko 的数据，指出比特币、XRP 和 BNB 之间的相关性在过去两个月一直在收缩。与此同时，尽管每个项目的基本因素都会影响这一时期的价格走势，但比特币、狗狗币和卡尔达诺的价格一直在同步变化。

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. 

相关性的下降表明山寨币正越来越多地从比特币那里获得更多的市场份额。比特币主导地位的下降尤其是在某些山寨币独立移动且不受比特币趋势影响的情况下发生。

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.

在大多数情况下，就像 2023 年第四季度的情况一样，比特币价格的飙升会引发山寨币需求，从而提振它们。例如，除了卡尔达诺和狗狗币之外，Solana (SOL) 和 Tron (TRX) 是两种一直在追赶和追踪比特币的山寨币。

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，相关性的下降可能意味着山寨币场景正在成熟，更多投资者热衷于挑选提供更多实用性的项目，而不仅仅是比特币代理。随着投资者的增多，山寨币往往更具流动性，从而吸引更多的资本。

BNB, XRP, BTC Impacted By Fundamental Factors

BNB、XRP、BTC受基本面因素影响

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，可能还有更多因素可以解释这种脱钩，尤其是 BNB 和 XRP。过去两个月，地震基本面事件对 BTC、XRP 和 BNB 生态系统产生了影响。

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，美国证券交易委员会（SEC）可能会在未来几周内批准包括贝莱德（BlackRock）和富达（Fidelity）在内的几家重量级公司提交的多个现货比特币 ETF。监管机构希望授权这些衍生品跟踪 BTC 现货价格，这刺激了需求，将比特币推升至 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.

与此同时，一家美国法院做出了有利于将 XRP 出售给零售商的实用程序的裁决。该案件最初迫使价格走高，但在 2023 年第三季度末和 2024 年，该代币一直走低，直到 BTC 反弹后才趋于稳定。

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.

与此同时，BNB 受到币安创始人赵长鹏于 2023 年 11 月辞职的负面影响。司法部还对币安处以 43 亿美元的罚款作为和解。