Altcoins Steal the Spotlight, Outperforming Bitcoin

山寨币抢尽风头，跑赢比特币

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.

在加密货币市场上，比特币已经落后于更敏捷的竞争对手。尽管比特币小幅上涨 2.9%，达到 97,526 美元的高位，但山寨币却点燃了烟火。

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、以太坊和狗狗币飙升超过 4%，而 Solana 则飙升 8.2%，令人印象深刻，比特币紧随其后。渴望今年有一个繁荣开局的投资者正在押注山寨币。从历史上看，加密货币反弹往往发生在第一季度，2023 年似乎也遵循这种模式。

Altcoin Surge Signals Optimism

山寨币飙升预示着乐观情绪

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.

华尔街最受青睐的加密货币正在乘风破浪。 Coinbase 股价上涨 5.6%，MicroStrategy 上涨 7.3%，MARA Holding 在今年第一个交易日飙升超过 8%。尽管取得了这些收益，但加密货币价格尚未达到 12 月份的高点，这为逢低买入者提供了机会。

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.

分析师将山寨币的上涨视为对牛市持续的押注。政治因素也发挥了作用。随着唐纳德·特朗普(Donald Trump)重返办公室的预期，许多投资者预计加密货币将迎来有利的环境。

SEC's Scrutiny Lessens for Altcoins

美国证券交易委员会放松对山寨币的审查

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

XRP 等此前曾面临监管审查的山寨币如今又重新受到关注。特朗普对加密货币友好的提名人给市场注入了信心。

On-Chain Data Suggests Cooling Phase for Bitcoin

链上数据表明比特币处于冷却阶段

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.

尽管比特币在 2022 年表现强劲，但目前仍处于冷静阶段。在达到 108,000 美元的峰值后，价格随之调整，引发了人们对类似于 2022 年 3 月经历的六个月低迷的长期低迷的担忧。

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，数据描绘了一幅不同的画面。比特币的调整后SOPR（支出产出利润率）呈现下降趋势，但仍保持在1以上。从历史上看，当其跌破1时，比特币就会经历反弹，表明亏本卖出会引发买入压力。

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.

矿工头寸指数（MPI）表明矿工持有比特币储备而不是出售它们，这为市场提供了支撑。交易活动和网络费用下降，标志着冷静期。这些因素表明市场在经历了一段时间的激烈活动后正在暂停喘口气。资金利率已转为负数，如果情绪进一步南移，可能为反弹奠定基础。