以太坊的希望在市場困境和網路平靜中破滅

以太坊相對於比特幣的市場主導地位曾經被認為是“翻轉”，但現在看來遙不可及。 ETH/BTC 大幅下跌，達到 2021 年以來的最低水準（0.046）。專家們對以太坊表現不佳表示擔憂，有些人認為它可能會被第 2 層解決方案和碎片化所掩蓋。

Ethereum's "Flippening" Dream Seems Distant Amid Market Downturn and Network Quiescence

市場低迷和網路停滯，以太坊的「翻轉」夢想似乎遙不可及

Ethereum's long-held aspiration to surpass Bitcoin's market capitalization, known as the "Flippening," has encountered significant setbacks, with the former's value relative to Bitcoin (ETH/BTC) plummeting to its lowest point in years. The recent drop in ETH/BTC to 0.046 marks its nadir since February 2021.

以太坊長期以來超越比特幣市值的願望，即所謂的“翻轉”，遭遇了重大挫折，以太坊相對於比特幣的價值（ETH/BTC）暴跌至多年來的最低點。 ETH/BTC 最近跌至 0.046，創下 2021 年 2 月以來的最低點。

Compounding Ethereum's woes, its post-Merge transition to proof of stake in September 2022 has precipitated a 45% decline in ETH/BTC.

雪上加霜的是，2022 年 9 月合併後向權益證明的過渡導致 ETH/BTC 下跌了 45%，這讓以太坊的困境雪上加霜。

Network Activity Slump and Layer 2 Migration

網路活動衰退與第 2 層遷移

Ethereum's mainnet activity has witnessed a sharp decline, with transaction fees measured in gwei hitting multi-year lows. This diminishing network activity is attributed to the migration of transactions to Ethereum's Layer 2 networks, further exacerbating the perception of decreased demand.

以太坊的主網活動急劇下降，以 gwei 衡量的交易費用創下多年低點。這種網路活動的減少歸因於交易遷移到以太坊的第 2 層網絡，進一步加劇了需求下降的感覺。

Expert Concurrence and Doubts

專家的贊同與質疑

Cryptocurrency luminaries are expressing skepticism about Ethereum's prospects in the current market cycle. Ryan Sean Adams, co-host of the Bankless podcast and a prominent Ethereum advocate, has questioned whether ETH might underperform due to its transition to Layer 2 solutions and its "awkward puberty phase."

加密貨幣名人對以太坊在當前市場週期中的前景表示懷疑。 Bankless 播客的聯合主持人、著名的以太坊倡導者 Ryan Sean Adams 質疑 ETH 是否會因為向 Layer 2 解決方案的過渡和「尷尬的青春期階段」而表現不佳。

Joe McCann, founder of crypto fund Asymmetric, believes the Flippening was always an unrealistic dream. He argues that Ethereum's scalability limitations and the emergence of Solana as a "world's leading supercomputer" undermine its aspirations.

加密貨幣基金 Asymmetry 的創辦人 Joe McCann 認為，Flippening 一直是個不切實際的夢想。他認為，以太坊的可擴展性限制以及 Solana 作為「世界領先的超級電腦」的出現破壞了其願望。

Regulatory Developments and Bullish Sentiments

監管動態和看漲情緒

Despite the prevailing pessimism, some experts remain optimistic. Connor Loewen of Canadian investment firm 3iQ highlights regulatory and legal developments that could bolster ETH/BTC. He points to Ethereum's dominance in stablecoin issuance and the potential impact of positive legislation on its valuation.

儘管悲觀情緒盛行，但一些專家仍保持樂觀。加拿大投資公司 3iQ 的 Connor Loewen 強調了可能提振 ETH/BTC 的監管和法律發展。他指出了以太坊在穩定幣發行方面的主導地位以及積極立法對其估值的潛在影響。

Alex Kruger of advisory firm Asgard envisions two scenarios for ETH: one where regulatory clarity and ETF approvals drive prices higher, and another where rejection leads to a temporary dip before recovery. Kruger favors the former, suggesting the market is poised for a potential turnaround.

顧問公司 Asgard 的 Alex Kruger 為 ETH 設想了兩種情況：一種是監管的明確性和 ETF 的批准推動價格上漲，另一種是拒絕導致價格在復甦前暫時下跌。克魯格傾向於前者，顯示市場已準備好迎來潛在的改善。

Joe Di Pasquale, CEO of BitBull Capital, also remains sanguine about Ethereum's future. He emphasizes its unique features, such as proof of stake and smart contract capabilities, which make it an attractive platform for decentralized applications.

BitBull Capital 執行長 Joe Di Pasquale 也對以太坊的未來保持樂觀。他強調了其獨特的功能，例如權益證明和智慧合約功能，這使其成為去中心化應用程式的有吸引力的平台。

Bitcoin's Reign Continues

比特幣的統治仍在繼續

While Ethereum's supporters still cling to the Flippening dream, recent market developments and expert opinions suggest reality may be setting in. For the time being, Bitcoin remains firmly entrenched as the dominant force in the cryptocurrency realm. Ethereum, despite its significant progress, has yet to demonstrate the capacity to dethrone its rival.

儘管以太坊的支持者仍然堅持翻轉夢想，但最近的市場發展和專家意見表明現實可能正在顯現。儘管以太坊取得了重大進展，但尚未表現出推翻競爭對手的能力。