<h2><strong>关键要点</strong></h2>
<h3><strong>山寨币表现得有多糟糕？</strong></h3>
<p><em>CoinMarketCap 的山寨币季节指数为 32/100，目前 100 种顶级加密货币中有 72 种交易价格比历史最高点低 50% 或更多。</em></p>
<h3><strong>其市值发生了什么变化？</strong></h3>
<p><em>山寨币的总市值从 10 月底的 1.8 万亿美元下降到目前的 1.4 万亿美元，损失了 4000 亿美元的价值。</em></p>
<hr/>
<p>随着比特币跌破 10 万美元，山寨币受到影响。比特币价格的下跌使总山寨币市值减少了 4000 亿美元，并影响了市场情绪。</p>
<p>损失远远超出比特币自 10 月高点以来的 23% 的跌幅。主要代币在过去七天内遭受了不成比例的损失。</p>
<p>以太坊下跌超过 6%，交易价格约为 3200 美元，而 XRP 下跌 1.8%，BNB 则下跌超过 5%。</p>
<p>其他代币，如 SOL、ADA、DOGE、HYPE 和 LINK，在过去七天内也下跌了 9% 或更多。</p>
<h2><strong>技术上的毁灭</strong></h2>
<p>在 200 日移动平均线之上交易的 Binance 山寨币的百分比——一个关键的健康指标——已降至熊市水平。</p>
<p>图表显示，随着比特币的修正加速，11 月的跌幅急剧下滑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Percentage-of-Binance-Altcoins-Above-or-Below-the-200-Day-SMA.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Percentage-of-Binance-Altcoins-Above-or-Below-the-200-Day-SMA.png"/></p>
<p>来源：CryotoQuant</p>
<p>只有少数项目保持看涨结构。历史数据显示，当该指标崩溃至当前水平时，山寨币价格通常会在恢复开始之前遭受长期损失。</p>
<h2><strong>4000 亿美元从市值中消失</strong></h2>
<p>山寨币市值在 10 月底达到 1.8 万亿美元的峰值后，仅在几周内就损失了 4000 亿美元。随着比特币突破关键支撑，持续的下降加速。</p>
<p>当前约为 1.4 万亿美元的水平代表了 10 月所见动能的完全逆转。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-14-at-19.45.07.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-14-at-19.45.07.png"/></p>
<p>来源：CoinGecko</p>
<p>来自 TradingView 的日内图表显示，2380 亿美元的持续下行压力，较 24 小时前的 2397.8 亿美元有所下降，且没有稳定的迹象。</p>
<h2><strong>山寨币季节取消</strong></h2>
<p>截至目前，CoinMarketCap 的山寨币季节指数为 32/100。该指数需要达到 75/100 才能进入 “山寨币季节”。</p>
<p>当前水平发出相反信号：比特币的主导地位达到最大，这些代币遭受重创。</p>
<p>Galaxy Research 确认了这一惨状：100 种顶级加密货币中有 72 种交易价格比历史最高点低 50% 或更多，突显了投机性押注的残酷惩罚。</p>
<h2><strong>接下来会发生什么</strong></h2>
<p>市值崩溃、看跌技术指标和历史低水平的指标暗示进一步下行。在比特币找到底部并技术指标改善之前，山寨币面临生存的艰难挑战。</p>
<p>交易者转向比特币和稳定币，抛弃流动性差的山寨币。这是恢复前的最后一次抛售，还是加密冬天的开始？</p>

GBTC

ETHE

<p>山寨币市场的市值已从 1.8 万亿美元下降至 1.4 万亿美元，损失了 4000 亿美元，因为比特币价格跌破了 10 万美元。以以太坊、XRP 和 BNB 为代表的主要山寨币遭受了重大损失。山寨币季节指数为 32/100，表明比特币的主导地位达到最高。技术指标显示进一步下行的可能性，交易者正在转向比特币和稳定币，这可能预示着加密货币的寒冬</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>关键要点</strong></h2>
</div><h3><strong>How badly are altcoins underperforming?</strong></h3>
<div class="lb-trans"><h3><strong>山寨币表现得有多糟糕？</strong></h3>
</div><p><em>CoinMarketCap’s Altcoin Season Index hit 32/100, as 72 of the top 100 cryptocurrencies now trade 50% or more below their all-time highs.</em></p>
<div class="lb-trans"><p><em>CoinMarketCap 的山寨币季节指数为 32/100，目前 100 种顶级加密货币中有 72 种交易价格比历史最高点低 50% 或更多。</em></p>
</div><h3><strong>What’s happening to its market capitalization?</strong></h3>
<div class="lb-trans"><h3><strong>其市值发生了什么变化？</strong></h3>
</div><p><em>The total altcoin market cap has dropped from $1.8 trillion in late October to $1.4 trillion currently, erasing $400 billion in value.</em></p>
<div class="lb-trans"><p><em>山寨币的总市值从 10 月底的 1.8 万亿美元下降到目前的 1.4 万亿美元，损失了 4000 亿美元的价值。</em></p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>Altcoins are being impacted as Bitcoin collapses below $100,000. The BTC price drop wiped $400 billion from the total altcoin market capitalization and impacted sentiment.</p>
<div class="lb-trans"><p>随着比特币跌破 10 万美元，山寨币受到影响。比特币价格的下跌使总山寨币市值减少了 4000 亿美元，并影响了市场情绪。</p>
</div><p>The damage extends far beyond Bitcoin’s 23% drop from October highs. Major tokens suffered disproportionate losses in the last seven days.</p>
<div class="lb-trans"><p>损失远远超出比特币自 10 月高点以来的 23% 的跌幅。主要代币在过去七天内遭受了不成比例的损失。</p>
</div><p>Ethereum declined by over 6% to trade around $3,200, while XRP shed 1.8% and BNB dropped by more than 5%.</p>
<div class="lb-trans"><p>以太坊下跌超过 6%，交易价格约为 3200 美元，而 XRP 下跌 1.8%，BNB 则下跌超过 5%。</p>
</div><p>Other tokens, such as SOL, ADA, DOGE, HYPE, and LINK, have also declined by 9% or more over the last seven days.</p>
<div class="lb-trans"><p>其他代币，如 SOL、ADA、DOGE、HYPE 和 LINK，在过去七天内也下跌了 9% 或更多。</p>
</div><h2><strong>Technical devastation</strong></h2>
<div class="lb-trans"><h2><strong>技术上的毁灭</strong></h2>
</div><p>The percentage of Binance altcoins trading above their 200-day moving average—a critical health indicator—collapsed to bear market levels.</p>
<div class="lb-trans"><p>在 200 日移动平均线之上交易的 Binance 山寨币的百分比——一个关键的健康指标——已降至熊市水平。</p>
</div><p>The chart shows a dramatic cliff dive through November as Bitcoin’s correction accelerated.</p>
<div class="lb-trans"><p>图表显示，随着比特币的修正加速，11 月的跌幅急剧下滑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Percentage-of-Binance-Altcoins-Above-or-Below-the-200-Day-SMA.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/Percentage-of-Binance-Altcoins-Above-or-Below-the-200-Day-SMA.png"/></p>
<p>Source: CryotoQuant</p>
<div class="lb-trans"><p>来源：CryotoQuant</p>
</div><p>Few projects maintain a bullish structure. Historical data shows that when this metric crashes to current levels, altcoin prices typically suffer for extended periods before recovery begins.</p>
<div class="lb-trans"><p>只有少数项目保持看涨结构。历史数据显示，当该指标崩溃至当前水平时，山寨币价格通常会在恢复开始之前遭受长期损失。</p>
</div><h2><strong>$400 billion vanishes from market cap</strong></h2>
<div class="lb-trans"><h2><strong>4000 亿美元从市值中消失</strong></h2>
</div><p>The altcoin market cap peaked at $1.8 trillion in late October before losing $400 billion in just a few weeks. The steady grinding decline accelerated as Bitcoin broke key support.</p>
<div class="lb-trans"><p>山寨币市值在 10 月底达到 1.8 万亿美元的峰值后，仅在几周内就损失了 4000 亿美元。随着比特币突破关键支撑，持续的下降加速。</p>
</div><p>Current levels of around $1.4 trillion represent a complete reversal of the momentum seen in October.</p>
<div class="lb-trans"><p>当前约为 1.4 万亿美元的水平代表了 10 月所见动能的完全逆转。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-14-at-19.45.07.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-14-at-19.45.07.png"/></p>
<p>Source: CoinGecko</p>
<div class="lb-trans"><p>来源：CoinGecko</p>
</div><p>The intraday chart from TradingView shows continued downward pressure at $238 billion, down from $239.78 billion just 24 hours earlier, with no signs of stabilization in sight.</p>
<div class="lb-trans"><p>来自 TradingView 的日内图表显示，2380 亿美元的持续下行压力，较 24 小时前的 2397.8 亿美元有所下降，且没有稳定的迹象。</p>
</div><h2><strong>Altcoin season canceled</strong></h2>
<div class="lb-trans"><h2><strong>山寨币季节取消</strong></h2>
</div><p>CoinMarketCap’s Altcoin Season Index is 32/100 as of this writing. The index requires a score of 75/100 for “altcoin season.”</p>
<div class="lb-trans"><p>截至目前，CoinMarketCap 的山寨币季节指数为 32/100。该指数需要达到 75/100 才能进入 “山寨币季节”。</p>
</div><p>Current levels signal the opposite: maximum Bitcoin dominance with these tokens getting crushed.</p>
<div class="lb-trans"><p>当前水平发出相反信号：比特币的主导地位达到最大，这些代币遭受重创。</p>
</div><p>Galaxy Research confirms the carnage: 72 of the top 100 cryptocurrencies trade 50% or more below all-time highs, highlighting the brutal punishment of speculative bets.</p>
<div class="lb-trans"><p>Galaxy Research 确认了这一惨状：100 种顶级加密货币中有 72 种交易价格比历史最高点低 50% 或更多，突显了投机性押注的残酷惩罚。</p>
</div><h2><strong>What’s next</strong></h2>
<div class="lb-trans"><h2><strong>接下来会发生什么</strong></h2>
</div><p>Collapsing market cap, bearish technicals, and historically low metrics suggest further downside. Until Bitcoin finds a bottom and technical indicators improve, altcoins face an uphill battle for survival.</p>
<div class="lb-trans"><p>市值崩溃、看跌技术指标和历史低水平的指标暗示进一步下行。在比特币找到底部并技术指标改善之前，山寨币面临生存的艰难挑战。</p>
</div><p>Traders rotate into Bitcoin and stablecoins, abandoning illiquid altcoins. Is this final capitulation before recovery, or just the beginning of crypto winter?</p>
<div class="lb-trans"><p>交易者转向比特币和稳定币，抛弃流动性差的山寨币。这是恢复前的最后一次抛售，还是加密冬天的开始？</p>
</div>

山寨币报告：市值降至 1.4 万亿美元，比特币的崩溃引发市场反应