隨著比特幣 (BTC) 飆升至歷史新高，ETH/BTC 觸及今年最低水平，加劇了市場主導地位的爭論

比特幣 (BTC) 創下歷史新高 97,862.64 美元（美國東部時間凌晨 1 點）。與此同時，以太坊（ETH）繼續落後

Bitcoin (BTC) price reached an all-time high on Wednesday, hitting $97,862.64 (1 a.m. EST), according to data from CoinMarketCap. At the same time, BTC’s rally has sparked debates over market dominance, as evidenced by a 3% increase in BTC’s share of the crypto market over the last month.

根據 CoinMarketCap 的數據，比特幣 (BTC) 價格週三創下歷史新高，達到 97,862.64 美元（美國東部時間凌晨 1 點）。與此同時，BTC 的上漲引發了關於市場主導地位的爭論，上個月 BTC 在加密市場的份額增加了 3% 就證明了這一點。

However, the performance of the second-largest cryptocurrency has fallen to the lowest levels this year when measured against Bitcoin. As of press time, BTC is trading at $97,379.69, with minimal price changes over the last 24 hours and a 70% year-to-date漲幅.

然而，以比特幣衡量，第二大加密貨幣的表現已跌至今年的最低水準。截至發稿，BTC 交易價格為 97,379.69 美元，過去 24 小時內價格變動最小，今年迄今漲幅為 70%。

Bitcoin Dominance Rises

比特幣主導地位上升

According to CoinMarketCap, BTC’s share of the crypto market has climbed to 60.5%, while ETH’s dominance has dropped to 11.8%, down from 13.8% last month. This marks a significant shift in market dynamics, with altcoins, including ETH, facing selling pressure as investors flock to Bitcoin.

根據 CoinMarketCap 的數據，BTC 在加密市場的份額已攀升至 60.5%，而 ETH 的主導地位已從上個月的 13.8% 下降至 11.8%。這標誌著市場動態的重大轉變，隨著投資者湧向比特幣，包括 ETH 在內的山寨幣面臨拋售壓力。

Speaking on the matter, Edul Patel, CEO of Mudrex, stated the following during an interview with IndiaToday:

Mudrex 執行長 Edul Patel 在接受 IndiaToday 採訪時表示：

“Today, more institutional investors are investing in Bitcoin compared to before. The second factor was the political landscape, particularly Donald Trump, who became the President-elect of the United States. Donald Trump has had an impact, and it’s said that he revised his stance on cryptocurrencies, with Elon Musk acting as a crypto-positive representative.”

「與以前相比，今天有更多的機構投資者投資比特幣。第二個因素是政治格局，特別是成為美國當選總統的唐納德·川普。唐納德·特朗普產生了影響，據說他改變了對加密貨幣的立場，而埃隆·馬斯克則成為加密貨幣的積極代表。

As institutional investors continue to drive up the demand for Bitcoin, altcoins, such as ETH, may face further challenges in regaining market share. Moreover, the ETH/BTC pair hitting a year-to-date low further upholds the notion that the second-largest cryptocurrency has not performed as well as BTC has this year.

隨著機構投資者繼續推高對比特幣的需求，以太幣等山寨幣在奪回市場份額方面可能面臨進一步的挑戰。此外，ETH/BTC 貨幣對觸及今年以來的低點，進一步證實了第二大加密貨幣今年表現不如 BTC 的觀點。

Looking at ETH’s price chart for the year reveals that momentum has indeed fluctuated at critical resistance levels, but it still lags behind BTC’s upward trend. Such an observation is further supported by the M.A.C.D. indicator, which shows signs of weakness in ETH’s price action.

從ETH今年的價格圖表來看，動量確實在關鍵阻力位波動，但仍落後BTC的上漲趨勢。 MACD 指標進一步支持了這項觀察結果，顯示 ETH 價格走勢疲軟的跡象。

Meanwhile, the Altcoin Season Index, which currently scores 28, also shows that the market is not favoring altcoins. A drop in the market cap of altcoins compared to Bitcoin also indicates that liquidity is shifting from altcoins, including ETH, towards BTC.

同時，山寨幣季節指數目前為28，也顯示市場並不青睞山寨幣。與比特幣相比，山寨幣的市值下降也表明流動性正在從包括 ETH 在內的山寨幣轉向 BTC。

Will Ethereum Pick the Pace Up?

以太坊會加快腳步嗎？

The trajectory of ETH’s recovery both in terms of price and market dominance will depend on several fundamental and technical factors. While fundamental analysis shows the ongoing acceptance of Layer-2 solutions, development in decentralized finance, and active staking on Ethereum 2.0, technical analysis would indicate an initial level of support at 0.057 BTC, which could potentially act as a base.

ETH 在價格和市場主導地位方面的復甦軌跡將取決於幾個基本面和技術因素。雖然基本面分析顯示 Layer-2 解決方案的持續接受、去中心化金融的發展以及以太坊 2.0 上的積極質押，但技術分析表明初步支撐位為 0.057 BTC，這可能會成為一個基礎。

Resistance levels are at 0.065 BTC and 0.070 BTC, which mark critical thresholds ETH needs to break if it is to regain momentum in its performance against Bitcoin. Closing the gap will require ETH to break above resistance levels and ride out ongoing network upgrades; such moves might help the ETH/BTC pair regain their lost ground against Bitcoin.

阻力位位於 0.065 BTC 和 0.070 BTC，這標誌著 ETH 要恢復相對於比特幣的表現勢頭，需要突破這一關鍵閾值。縮小差距需要 ETH 突破阻力位並安然度過正在進行的網路升級；此類措施可能有助於 ETH/BTC 貨幣對收復相對於比特幣的失地。