加密市场冰火两重天！比特币狂飙 山寨币退潮

Core Viewpoint - The cryptocurrency market is experiencing a significant shift, with Bitcoin dominating and altcoins facing severe declines, leading to a potential "extinction" of many lesser-known tokens [1][6][9] Market Dynamics - Bitcoin's market share has increased by 9 percentage points this year, reaching 64%, the highest since January 2021 [3] - The MarketVector index tracking the lower half of the top 100 digital assets has dropped approximately 50% since the beginning of 2025 [3] - Over $300 billion in market capitalization has evaporated from altcoins, indicating a broader market downturn [1] Institutional Involvement - Major institutions are increasingly focusing on Bitcoin, with significant investments being made, including a $4 billion fund associated with Tether and SoftBank [8] - The Trump family has also entered the Bitcoin space, raising $2.3 billion for Bitcoin reserves through their media technology group [8] Regulatory Environment - The cryptocurrency industry is moving towards a more regulated and institutionally-led market, with stablecoins emerging as the only tokens likely to fulfill payment functions due to reduced price volatility [7] - The potential approval of ETFs backed by tokens like Solana could lead to broader adoption, driven by optimistic regulatory expectations [8] Altcoin Performance - Some altcoins linked to active DeFi protocols, such as Maker and Hyperliquid, have shown significant gains this year [8] - However, many altcoins are struggling, with experts predicting that a large number will ultimately fail due to a lack of practical application and reliance on speculation [9]