<h2><strong>關鍵要點</strong></h2>
<h3><strong>山寨幣表現得有多糟糕？</strong></h3>
<p><em>CoinMarketCap 的山寨幣季節指數為 32/100，目前 100 種頂級加密貨幣中有 72 種交易價格比歷史最高點低 50% 或更多。</em></p>
<h3><strong>其市值發生了什麼變化？</strong></h3>
<p><em>山寨幣的總市值從 10 月底的 1.8 萬億美元下降到目前的 1.4 萬億美元，損失了 4000 億美元的價值。</em></p>
<hr/>
<p>隨着比特幣跌破 10 萬美元，山寨幣受到影響。比特幣價格的下跌使總山寨幣市值減少了 4000 億美元，並影響了市場情緒。</p>
<p>損失遠遠超出比特幣自 10 月高點以來的 23% 的跌幅。主要代幣在過去七天內遭受了不成比例的損失。</p>
<p>以太坊下跌超過 6%，交易價格約為 3200 美元，而 XRP 下跌 1.8%，BNB 則下跌超過 5%。</p>
<p>其他代幣，如 SOL、ADA、DOGE、HYPE 和 LINK，在過去七天內也下跌了 9% 或更多。</p>
<h2><strong>技術上的毀滅</strong></h2>
<p>在 200 日移動平均線之上交易的 Binance 山寨幣的百分比——一個關鍵的健康指標——已降至熊市水平。</p>
<p>圖表顯示，隨着比特幣的修正加速，11 月的跌幅急劇下滑。</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>來源：CryotoQuant</p>
<p>只有少數項目保持看漲結構。歷史數據顯示，當該指標崩潰至當前水平時，山寨幣價格通常會在恢復開始之前遭受長期損失。</p>
<h2><strong>4000 億美元從市值中消失</strong></h2>
<p>山寨幣市值在 10 月底達到 1.8 萬億美元的峯值後，僅在幾周內就損失了 4000 億美元。隨着比特幣突破關鍵支撐，持續的下降加速。</p>
<p>當前約為 1.4 萬億美元的水平代表了 10 月所見動能的完全逆轉。</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>來源：CoinGecko</p>
<p>來自 TradingView 的日內圖表顯示，2380 億美元的持續下行壓力，較 24 小時前的 2397.8 億美元有所下降，且沒有穩定的跡象。</p>
<h2><strong>山寨幣季節取消</strong></h2>
<p>截至目前，CoinMarketCap 的山寨幣季節指數為 32/100。該指數需要達到 75/100 才能進入 “山寨幣季節”。</p>
<p>當前水平發出相反信號：比特幣的主導地位達到最大，這些代幣遭受重創。</p>
<p>Galaxy Research 確認了這一慘狀：100 種頂級加密貨幣中有 72 種交易價格比歷史最高點低 50% 或更多，突顯了投機性押注的殘酷懲罰。</p>
<h2><strong>接下來會發生什麼</strong></h2>
<p>市值崩潰、看跌技術指標和歷史低水平的指標暗示進一步下行。在比特幣找到底部並技術指標改善之前，山寨幣面臨生存的艱難挑戰。</p>
<p>交易者轉向比特幣和穩定幣，拋棄流動性差的山寨幣。這是恢復前的最後一次拋售，還是加密冬天的開始？</p>

GBTC

ETHE

<p>山寨幣市場的市值已從 1.8 萬億美元下降至 1.4 萬億美元，損失了 4000 億美元，因為比特幣價格跌破了 10 萬美元。以以太坊、XRP 和 BNB 為代表的主要山寨幣遭受了重大損失。山寨幣季節指數為 32/100，表明比特幣的主導地位達到最高。技術指標顯示進一步下行的可能性，交易者正在轉向比特幣和穩定幣，這可能預示着加密貨幣的寒冬</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>關鍵要點</strong></h2>
</div><h3><strong>How badly are altcoins underperforming?</strong></h3>
<div class="lb-trans"><h3><strong>山寨幣表現得有多糟糕？</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 的山寨幣季節指數為 32/100，目前 100 種頂級加密貨幣中有 72 種交易價格比歷史最高點低 50% 或更多。</em></p>
</div><h3><strong>What’s happening to its market capitalization?</strong></h3>
<div class="lb-trans"><h3><strong>其市值發生了什麼變化？</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>山寨幣的總市值從 10 月底的 1.8 萬億美元下降到目前的 1.4 萬億美元，損失了 4000 億美元的價值。</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>隨着比特幣跌破 10 萬美元，山寨幣受到影響。比特幣價格的下跌使總山寨幣市值減少了 4000 億美元，並影響了市場情緒。</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>損失遠遠超出比特幣自 10 月高點以來的 23% 的跌幅。主要代幣在過去七天內遭受了不成比例的損失。</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>以太坊下跌超過 6%，交易價格約為 3200 美元，而 XRP 下跌 1.8%，BNB 則下跌超過 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>其他代幣，如 SOL、ADA、DOGE、HYPE 和 LINK，在過去七天內也下跌了 9% 或更多。</p>
</div><h2><strong>Technical devastation</strong></h2>
<div class="lb-trans"><h2><strong>技術上的毀滅</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 日移動平均線之上交易的 Binance 山寨幣的百分比——一個關鍵的健康指標——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>圖表顯示，隨着比特幣的修正加速，11 月的跌幅急劇下滑。</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>來源：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>只有少數項目保持看漲結構。歷史數據顯示，當該指標崩潰至當前水平時，山寨幣價格通常會在恢復開始之前遭受長期損失。</p>
</div><h2><strong>$400 billion vanishes from market cap</strong></h2>
<div class="lb-trans"><h2><strong>4000 億美元從市值中消失</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>山寨幣市值在 10 月底達到 1.8 萬億美元的峯值後，僅在幾周內就損失了 4000 億美元。隨着比特幣突破關鍵支撐，持續的下降加速。</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>當前約為 1.4 萬億美元的水平代表了 10 月所見動能的完全逆轉。</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>來源：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>來自 TradingView 的日內圖表顯示，2380 億美元的持續下行壓力，較 24 小時前的 2397.8 億美元有所下降，且沒有穩定的跡象。</p>
</div><h2><strong>Altcoin season canceled</strong></h2>
<div class="lb-trans"><h2><strong>山寨幣季節取消</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 的山寨幣季節指數為 32/100。該指數需要達到 75/100 才能進入 “山寨幣季節”。</p>
</div><p>Current levels signal the opposite: maximum Bitcoin dominance with these tokens getting crushed.</p>
<div class="lb-trans"><p>當前水平發出相反信號：比特幣的主導地位達到最大，這些代幣遭受重創。</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 確認了這一慘狀：100 種頂級加密貨幣中有 72 種交易價格比歷史最高點低 50% 或更多，突顯了投機性押注的殘酷懲罰。</p>
</div><h2><strong>What’s next</strong></h2>
<div class="lb-trans"><h2><strong>接下來會發生什麼</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>市值崩潰、看跌技術指標和歷史低水平的指標暗示進一步下行。在比特幣找到底部並技術指標改善之前，山寨幣面臨生存的艱難挑戰。</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>交易者轉向比特幣和穩定幣，拋棄流動性差的山寨幣。這是恢復前的最後一次拋售，還是加密冬天的開始？</p>
</div>

山寨幣報告：市值降至 1.4 萬億美元，比特幣的崩潰引發市場反應