自2020年12月以來，以太坊（ETH）對比特幣（BTC）下降了77％

以太坊在加密貨幣宇宙中的旅程曾經承諾要對比特幣的寶座挑戰。但是，最近的趨勢揭示了一個鮮明的故事情節。

Ethereum’s journey within the crypto universe once promised an imminent challenge to Bitcoin’s throne. However, recent trends reveal a stark and unexpected storyline. Ethereum has plummeted by an alarming 77% against Bitcoin since December 2021, casting a long shadow over its future as a dominant player in the crypto space.

以太坊在加密貨幣宇宙中的旅程曾經承諾要對比特幣的寶座挑戰。但是，最近的趨勢揭示了一個鮮明的故事情節。自2021年12月以來，以太坊因對比特幣的驚人77％的震驚而暴跌，對其作為加密貨幣領域的主要參與者的未來產生了悠久的陰影。

The stark contrast in fortunes between these pioneering digital currencies has raised eyebrows. Bitcoin, often regarded as digital gold, has regained its market dominance and continues to captivate the imagination of both seasoned investors and newcomers alike. Ethereum, meanwhile, grapples with an identity crisis that has left it floundering amid a sea of competition.

這些開創性的數字貨幣之間的命運形成了鮮明的對比，引起了人們的關注。比特幣通常被視為數字黃金，已經重新獲得了市場的優勢，並繼續吸引了經驗豐富的投資者和新移民的想像力。與此同時，以太坊努力應對一場身份危機，在競爭之海中陷入困境。

One of the core issues stems from the deployment of Ethereum’s Layer 2 solutions, such as Arbitrum, Optimism, and zkSync. While these platforms promise scalability and cost-efficiency, they seem to be diverting attention and activity away from the main Ethereum network. This cannibalization of its ecosystem has left Ethereum struggling to present a cohesive investment narrative, especially when juxtaposed with Bitcoin’s robust digital gold premise.

核心問題之一源於以太坊第2層解決方案的部署，例如仲裁，樂觀和ZKSYNC。儘管這些平台可以擴展性和成本效率，但它們似乎正在將注意力和活動轉移到主要的以太坊網絡上。這種生態系統的這種蠶食使以太坊努力呈現一個有凝聚力的投資敘事，尤其是當與比特幣的強大數字金前提並列時。

The labyrinthine nature of Ethereum’s development roadmaps further muddies investor waters. Complex updates and transitions, exemplified by The Merge and the Shanghai upgrade, require a level of technical understanding that leaves average investors puzzled. In contrast, Bitcoin’s simplicity and straightforwardness are highlights of its enduring appeal.

以太坊開發的迷宮性質路線圖進一步混亂了投資者水域。合併和上海昇級所舉例說明的複雜更新和過渡需要一定的技術理解，使普通投資者感到困惑。相比之下，比特幣的簡單性和簡單性是其持久吸引力的亮點。

Adding to Ethereum’s woes are the notoriously high gas fees and a sluggish pace in rolling out crucial upgrades. These factors have nudged users toward faster and more cost-effective alternatives, a shift that weakens Ethereum’s foothold and casts doubt over its reliability and utility.

除了以太坊的困境，還臭名昭著的高氣費和推出關鍵升級的速度遲鈍。這些因素使用戶推動了更快，更具成本效益的替代方案，這種轉變削弱了以太坊的立足點，並對其可靠性和效用表示懷疑。

Regulatory clouds also loom large over Ethereum, unlike Bitcoin, which enjoys a relatively defined legal standing. The uncertainty surrounding Ethereum’s classification as a potential security creates hesitation among institutional investors wary of potential regulatory backlash.

與比特幣不同的是，監管雲在以太坊上也籠罩著，而比特幣具有相對定義的法律地位。以太坊分類為潛在安全的不確定性使機構投資者對潛在的監管反彈保持警惕。

But the challenges do not end there. Newer blockchain networks like Solana and Cardano, with their attractive perks of speed and affordability, continue to chip away at Ethereum’s user base. They lure developers and investors with solutions that appear more efficient and less costly, which only accentuates Ethereum’s ongoing predicament.

但是挑戰並沒有結束。諸如Solana和Cardano之類的新區塊鍊網絡憑藉其速度和負擔能力的吸引人的好處，繼續在以太坊的用戶群中消失。他們吸引開發人員和投資者，其解決方案似乎更有效，成本較低，這只會突顯以太坊的持續困境。

In terms of investment, Ethereum’s narrative remains unclear. While Bitcoin securely holds its position as a stable store of value in the eyes of investors, Ethereum seems adrift, unable to secure a clear narrative that resonates deeply with the crypto community.

在投資方面，以太坊的敘述尚不清楚。儘管比特幣在投資者眼中牢固地保持其穩定的價值存儲地位，但以太坊似乎徘徊，無法確保與加密貨幣社區深深共鳴的清晰敘述。

The compounded effect of these factors, complemented by increased selling pressure from post-upgrade withdrawals, has created a scene of stagnation around Ethereum’s value proposition. Where Bitcoin strides forward, Ethereum stumbles, hindered by its own intricate network and the expanding allure of its competitors.

這些因素的複雜效果與升級後提取後增加的銷售壓力相輔相成，圍繞以太坊的價值主張停滯不前。在比特幣前進的地方，以太坊偶然發現了自己的複雜網絡和競爭對手不斷擴大的魅力。

As the crypto world turns its eyes to the future, the story of Ethereum serves as a cautionary tale of how complexity, competition, and regulatory ambiguity can weigh down even the most promising innovations. The lesson is clear: success in this volatile landscape requires not just innovation but clarity, simplicity, and a compelling narrative to return to the forefront.

當加密貨幣世界轉向未來時，以太坊的故事是一個警示性的故事，講述了即使是最有希望的創新，複雜性，競爭和監管歧義也會壓制。該教訓很明顯：在這種揮發性的景觀中的成功不僅需要創新，而且還需要清晰，簡單和引人注目的敘述才能重返最前沿。