以太坊 vs 比特幣 – 這就是分析師對 2025 年牛市存在分歧的原因

以太坊對其在 2025 年多頭市場中跑贏比特幣的能力面臨越來越多的質疑。

Cryptocurrency enthusiasts and analysts are keeping a close eye on the upcoming 2025 bull market, speculating on which digital assets will lead the charge. While Bitcoin and Ethereum are always热门候选人, questions are being raised about Ethereum’s ability to deliver strong gains this time around.

加密貨幣愛好者和分析師正在密切關注即將到來的 2025 年多頭市場，猜測哪種數位資產將引領潮流。雖然比特幣和以太坊總是熱門候選人，但人們對以太坊這次帶來強勁收益的能力提出了質疑。

Over the past year, Ethereum has faced several challenges that could impact its performance in the 2025 bull market. One key concern is the increasing competition from other Layer-1 blockchains, such as Solana, Avalanche, and Polygon. These networks have attracted significant attention and capital, offering faster transaction speeds, lower fees, and a wider range of applications compared to Ethereum.

在過去的一年裡，以太坊面臨著多項挑戰，這些挑戰可能會影響其在 2025 年多頭市場中的表現。一個主要問題是來自其他 Layer-1 區塊鏈（例如 Solana、Avalanche 和 Polygon）的競爭日益激烈。與以太坊相比，這些網路吸引了極大的關注和資本，提供更快的交易速度、更低的費用和更廣泛的應用。

Another factor that might hinder Ethereum’s performance is the delay in its Shanghai upgrade. Initially scheduled for March 2023, the upgrade has been pushed back several times and is now expected to occur in 2024 Q2. This delay could limit the availability of staked ETH, affecting the overall liquidity and price appreciation potential of the asset.

另一個可能阻礙以太坊表現的因素是其上海昇級的延遲。升級原定於 2023 年 3 月進行，現已多次推遲，目前預計於 2024 年第二季進行。這種延遲可能會限制抵押 ETH 的可用性，從而影響該資產的整體流動性和價格升值潛力。

However, it's important to note that Ethereum still holds several advantages that could contribute to its strong performance in the 2025 bull market. The network benefits from a vast ecosystem of decentralized applications (dApps), ranging from DeFi protocols to NFT marketplaces. This diverse application landscape attracts users, developers, and capital, creating a self-reinforcing cycle of growth.

然而，值得注意的是，以太坊仍然擁有多項優勢，可能有助於其在 2025 年牛市中的強勁表現。該網路受益於龐大的去中心化應用程式 (dApp) 生態系統，從 DeFi 協議到 NFT 市場。這種多樣化的應用環境吸引了使用者、開發者和資本，創造了一個自我強化的成長週期。

Moreover, Ethereum's upcoming upgrades, such as EIP-4844, are designed to significantly improve the network's scalability and efficiency. These upgrades could enhance Ethereum's capacity to handle large volumes of transactions at a lower cost, making it more attractive for various use cases.

此外，以太坊即將推出的升級，例如EIP-4844，旨在顯著提高網路的可擴展性和效率。這些升級可以增強以太坊以較低成本處理大量交易的能力，使其對各種用例更具吸引力。

Ultimately, the performance of Ethereum in the 2025 bull market will depend on a combination of internal factors, such as network upgrades and ecosystem development, and external influences, including the broader economic climate, regulatory landscape, and technological advancements.

最終，以太坊在 2025 年牛市中的表現將取決於內部因素（例如網路升級和生態系統發展）和外部影響（包括更廣泛的經濟環境、監管環境和技術進步）的組合。