以太坊史無前例的崩盤：市場暴跌速度比比特幣還快

比特幣最近的下跌引發了廣泛的加密貨幣拋售，以太坊的跌幅尤其急劇，幾乎是比特幣貶值速度的兩倍。這種分歧凸顯了這兩種主要加密貨幣之間的複雜關係。

Ethereum's Unprecedented Plunge: Decoupling from Bitcoin in a Market Sell-Off

以太坊史無前例的暴跌：在市場拋售中與比特幣脫鉤

The cryptocurrency market has witnessed a sharp correction in recent times, with Bitcoin (BTC-USD) surrendering its recent gains and triggering a broader sell-off. However, Ethereum (ETH-USD), often considered Bitcoin's shadow, has experienced a decline that is alarmingly outpacing that of its larger counterpart.

加密貨幣市場最近經歷了大幅調整，比特幣（BTC-USD）回吐了近期的漲幅並引發了更廣泛的拋售。然而，通常被認為是比特幣影子的以太坊（ETH-USD）的跌幅卻驚人地超過了其規模更大的對手。

While Bitcoin has retreated, Ethereum has plummeted at nearly double the rate, raising eyebrows among market participants. This divergence, while not entirely unprecedented, is striking and worthy of closer examination.

雖然比特幣有所回落，但以太坊卻以近兩倍的速度暴跌，引起了市場參與者的注意。這種差異雖然並非完全史無前例，但卻是引人注目的，值得仔細研究。

Analysts have attributed Ethereum's disproportionate plunge to several factors. Firstly, Ethereum's recent value surge has been attributed to the anticipation of The Merge, a significant software upgrade that will transition Ethereum to a proof-of-stake consensus mechanism. With The Merge now delayed until an unspecified date in 2023, some investors may be reassessing their positions, resulting in selling pressure.

分析師將以太坊的不成比例暴跌歸因於幾個因素。首先，以太坊最近的價值飆升歸因於對 The Merge 的預期，這是一項重大的軟體升級，將把以太坊轉變為權益證明共識機制。由於合併現在推遲到 2023 年（具體日期未定），一些投資者可能會重新評估自己的頭寸，從而導致拋售壓力。

Another factor contributing to Ethereum's steeper decline could be its higher valuation relative to Bitcoin. While Bitcoin's market capitalization is approximately $370 billion, Ethereum's is over $155 billion, making it the second-largest cryptocurrency by market value. This higher valuation may make Ethereum more vulnerable to profit-taking during market downturns.

導致以太坊大幅下跌的另一個因素可能是其相對於比特幣的估值較高。比特幣的市值約為 3,700 億美元，而以太坊的市值超過 1,550 億美元，使其成為市值第二大的加密貨幣。這種較高的估值可能會使以太坊在市場低迷期間更容易受到獲利了結的影響。

Furthermore, Ethereum's decentralized finance (DeFi) sector has faced challenges in recent months. The DeFi market has experienced a decline in transaction volume and the value of locked funds, which may have negatively impacted Ethereum's demand.

此外，以太坊的去中心化金融（DeFi）領域近幾個月來面臨挑戰。 DeFi 市場的交易量和鎖定資金價值下降，這可能對以太坊的需求產生負面影響。

While the correlation between Bitcoin and Ethereum has weakened in recent days, the two cryptocurrencies remain intertwined to some extent. Market sentiment towards Bitcoin can influence the broader cryptocurrency market, including Ethereum. As Bitcoin's fortunes fluctuate, Ethereum is likely to continue experiencing volatility, albeit possibly at a different magnitude.

儘管比特幣和以太坊之間的相關性最近幾天有所減弱，但這兩種加密貨幣在某種程度上仍然交織在一起。市場對比特幣的情緒可以影響更廣泛的加密貨幣市場，包括以太坊。隨著比特幣的命運波動，以太坊可能會繼續經歷波動，儘管幅度可能不同。

Investors should be mindful of the heightened volatility during this period and approach their investments with caution. The cryptocurrency market remains highly speculative, and sharp fluctuations can occur both on the upside and downside.

投資人應注意這段時期的波動性加劇，並謹慎投資。加密貨幣市場仍然具有高度投機性，上行和下行都可能會出現劇烈波動。