Key Insights:

主要见解：

The crypto market has witnessed both significant growth and corrections this week.

本周，加密货币市场既出现了显着增长，也出现了调整。

Bitcoin achieved a new all-time high of $89.9K, while Ethereum surpassed $3,000.

比特币创下 8.99 万美元的历史新高，而以太坊则突破 3,000 美元。

Dogecoin surpassed both XRP and USDC in market capitalization.

狗狗币的市值超过了 XRP 和 USDC。

Altcoins have experienced sharp corrections, while Bitcoin has remained steady, increasing its market dominance to almost 60%.

山寨币经历了大幅调整，而比特币则保持稳定，其市场主导地位增加至近 60%。

Bitcoin Market Dominance Approaching 60%

比特币市场主导地位接近 60%

Bitcoin hit a record high of $89.9K, stabilizing around $86K at the time of writing. This surge has established Bitcoin as one of the week's top gainers, boosting the overall crypto market capitalization to near $3 trillion due to its high market share.

比特币创下 8.99 万美元的历史新高，在撰写本文时稳定在 8.6 万美元左右。此次飙升使比特币成为本周涨幅最大的股票之一，由于其较高的市场份额，加密货币总市值达到近 3 万亿美元。

Bitcoin's market dominance currently stands at around 59.8% and is projected to reach 60% by the end of the week, driven by weaker altcoin performance and strong investor support for Bitcoin.

比特币的市场主导地位目前约为 59.8%，预计在山寨币表现疲软和投资者对比特币的大力支持的推动下，到本周末将达到 60%。

Bitcoin's Market Dominance History

比特币的市场主导地位历史

Bitcoin's dominance has evolved through four key phases in the past decade.

在过去十年中，比特币的主导地位经历了四个关键阶段。

2013-2024: Bitcoin Dominance Trajectory

2013-2024：比特币主导轨迹

Analysts initially believed Bitcoin's dominance would decline as the crypto market matured. This trend held true until 2018, when Bitcoin's dominance reached a low of 34%. In 2019, Bitcoin experienced a significant rally, boosting its dominance from 34% to 70%, as it surge from $3.6K to $12.1K. This growth gradually subsided starting in 2021.

分析师最初认为，随着加密货币市场的成熟，比特币的主导地位将会下降。这一趋势一直持续到 2018 年，当时比特币的主导地位降至 34% 的低点。 2019 年，比特币经历了大幅上涨，其主导地位从 34% 提升至 70%，价格从 3600 美元飙升至 12100 美元。从 2021 年开始，这种增长逐渐放缓。

From early 2021 to late 2022, Bitcoin's market share fell from 69.2% to 38.3% amid the crypto winter and Bitcoin ETF launches. However, the current phase has been marked by strong growth, with Bitcoin's price rising from around $16K in early 2023 to nearly $90K by late 2024, lifting its dominance from 38% to 60%.

从 2021 年初到 2022 年底，随着加密货币寒冬和比特币 ETF 的推出，比特币的市场份额从 69.2% 下降至 38.3%。然而，当前阶段的特点是强劲增长，比特币的价格从 2023 年初的 1.6 万美元左右上涨到 2024 年底的近 9 万美元，其主导地位从 38% 提升到 60%。

This recent surge has been driven by institutional interest, including Bitcoin ETFs and increased investments from major firms, a factor not observed in previous phases. However, Bitcoin's dominance may have peaked as its price stabilizes around current levels.

最近的飙升是由机构兴趣推动的，包括比特币 ETF 和大公司投资的增加，这是前几个阶段没有观察到的因素。然而，随着比特币价格稳定在当前水平附近，比特币的主导地位可能已经达到顶峰。

Why Are Altcoins Struggling?

为什么山寨币陷入困境？

While altcoins experienced short-term gains, such as Ethereum surpassing $3,000 and Solana reaching its 2024 high of $210, these assets quickly corrected after their peak.

虽然山寨币经历了短期上涨，例如以太坊突破 3,000 美元，Solana 达到 2024 年高点 210 美元，但这些资产在峰值后迅速回调。

The reasons for these corrections are likely to become clearer by week's end. However, profit-taking appears to play a significant role. Bitcoin receives consistent support from institutional investors, while altcoins tend to lack such commitment, leading to volatility.

这些调整的原因可能会在周末变得更加清晰。然而，获利了结似乎发挥了重要作用。比特币得到了机构投资者的持续支持，而山寨币往往缺乏这种承诺，从而导致波动。

Market Outlook

市场展望

The market may recover to recent highs as capital inflow has remained steady in recent weeks. This consistent influx is largely attributed to the Federal Reserve's recent 0.75% rate cut, which has directed significant liquidity into crypto, pushing the market capitalization to $3 trillion.

由于近几周资本流入保持稳定，市场可能会恢复至近期高位。这种持续的涌入很大程度上归因于美联储最近降息 0.75%，这将大量流动性引入加密货币，将市值推至 3 万亿美元。

Historically, markets have recovered from profit-taking corrections like those seen this week. During these rally-driven spikes, derivatives data tends to become highly volatile, leading to rapid fluctuations, as observed in recent days.

从历史上看，市场已经从本周出现的获利回吐调整中恢复过来。正如最近几天所观察到的那样，在这些反弹驱动的峰值期间，衍生品数据往往会变得高度波动，导致快速波动。

This volatility is expected to diminish within the next two weeks, with the market likely to stabilize at higher levels by late November 2024.

这种波动性预计将在未来两周内减弱，市场可能会在 2024 年 11 月下旬稳定在较高水平。