儘管推出了大量的升級和創新，但以太坊價格仍在落後於比特幣（BTC）的範圍內。

儘管推出了大量的升級和創新，但以太坊價格仍在落後於比特幣（BTC）。報導表明，ETH的價格崩潰了77％

In a recent report by On-chain analytics platform Santiment, researchers have delved into the pressing question on everyone's minds: Why is Ethereum lagging so far behind Bitcoin? Despite rolling out a large number of upgrades and innovations, ETH continues to be outperformed by BTC by a wide margin.

在On-Chain Analytics Platform Santiment的最新報告中，研究人員深入研究了每個人的腦海中的緊迫問題：為什麼以太坊落後於比特幣？儘管推出了大量的升級和創新，但ETH仍然超過了BTC的優於。

The analysis reveals that Ethereum has suffered a staggering 77% price crash against Bitcoin since December 2021. While the dollar value of ETH hasn't completely collapsed, especially compared to other altcoins, the long-term BTC/ETH ratio still paints a gruesome picture for Ethereum holders.

該分析表明，自2021年12月以來，以太坊遭受了77％的價格崩潰。儘管ETH的美元價值尚未完全崩潰，尤其是與其他AltCoins相比，長期的BTC/ETH比率仍然使以太坊持有人描繪了可怕的圖片。

"The good news is that Ethereum node count has hit a 10-month high as of last Friday. But the bad news is that we've seen a complete lack of recovery in the BTC/ETH ratio since December 2021. At the beginning of the year, the ratio was 1:150, and now it stands at 1:650. This means that Bitcoin has appreciated 4.33x since the beginning of the year, while Ethereum has only appreciated 1.5x," the report highlights.

“好消息是，截至上週五，以太坊節點的數量已經達到了10個月的高點。但是壞消息是，自2021年12月以來，BTC/ETH比率完全不足。在年初，比率為1：150，現在是1：650的，這意味著比特幣在4.33x上享受了4.33x的興趣。亮點。

According to the chart, Ethereum price failed to recover anywhere near its November 2021 all-time high of $4,760. On the other hand, Bitcoin managed to surge ahead, reclaiming much of its market dominance and outpacing ETH across almost every timeframe. This disparity has led many traders and former maximalists to compare ETH to a "shitcoin."

根據圖表，以太坊價格在2021年11月的歷史最高高點$ 4,760的任何地方都無法恢復。另一方面，比特幣設法迅速發展，幾乎每個時間範圍內都收回了其大部分市場的統治地位，並超過了ETH。這種差異使許多交易者和前最大化主義者將ETH與“狗屎幣”進行了比較。

"The optimists among us might say that at least Ethereum isn't performing as poorly as other altcoins. However, even various mid to low-cap altcoins have managed to outperform Ethereum over the short, mid, and long-term timeframes, causing further embarrassment for the world's second-largest cryptocurrency by market capitalization."

“我們當中的樂觀主義者可能會說，至少以太坊的表現不如其他山寨幣那樣差。但是，即使是各種中型至低CAP山寨幣，在短期，中期和長期的時間範圍內都設法超越了以太坊，從而為全球第二大的加密貨幣而造成了市值資本化的進一步尷尬。”

According to Santiment, the ETH/BTC price ratio chart alone is enough to trigger doubt and uncertainty among long-term holders.

根據Santiment的說法，僅ETH/BTC價格比圖表就足以引髮長期持有人的懷疑和不確定性。

"The final point to consider is that, despite the hype surrounding the Shanghai upgrade and the potential for a price increase, we're still in the same price range as we were at the beginning of the year. This fact might be causing some annoyance among long-term Ethereum holders."

“要考慮的最後一點是，儘管圍繞上海昇級以及價格上漲的潛力進行了炒作，但我們仍然與年初相同的價格範圍。這一事實可能會引起長期以太坊持有人的煩惱。”

The report further highlights that there are fundamental reasons for Ethereum's sluggish performance over the years. Some of the major criticisms that analysts and traders have pointed out include technical, sentimental, and regulatory issues.

該報告進一步凸顯了以太坊多年來表現緩慢的根本原因。分析師和交易員指出的一些主要批評包括技術，感性和監管問題。

Ironically, Ethereum's Layer 2 solutions are one of the key drivers of its underperformance. L2 solutions like Arbitrum, Optimism, and zkSync are reportedly cannibalizing activity on the mainnet, taking investments from ETH while spreading investor attention thinly.

具有諷刺意味的是，以太坊的第2層解決方案是其表現不佳的關鍵驅動力之一。據報導，仲裁，樂觀和ZKSYNC等L2解決方案正在對主網的活動進行蠶食，從而從ETH中獲得了投資，同時卻稀疏地傳播了投資者的關注。

"The introduction of L2 solutions has led to a decline in mainnet activity, with users preferring the lower gas fees and faster transaction speeds offered by Arbitrum, Optimism, and zkSync. This shift in attention has ultimately devalued the use cases of the mainnet, diverting interest and capital from ETH."

“ L2解決方案的引入導致了主網活動的下降，用戶更喜歡仲裁，樂觀和ZKSYNC提供的較低的汽油費和更快的交易速度。這種注意力的這種轉變最終貶低了主網，將利息和資本從ETH轉移的利益和資本。”

Another point of contention is that Ethereum struggles with complex roadmaps and communication, which has led to confusion among investors. Major updates like The Merge and Shanghai have been difficult for investors to comprehend, making ETH feel less accessible than BTC.

另一個爭論是，以太坊在復雜的路線圖和溝通中掙扎，這導致了投資者的困惑。諸如Merge和Hanghai之類的重大更新很難讓投資者理解，這使得ETH的感覺不及BTC。

"Despite the hype surrounding the new narrative for 2024, which focuses on Ethereum's technological advantages and its role as a DeFi hub, the reality is that users are becoming increasingly frustrated by the relatively high gas fees and the slow rollout of key upgrades, pushing them toward more affordable and faster alternatives."

“儘管圍繞2024年的新敘述進行了炒作，該敘事的重點是以太坊的技術優勢及其作為Defi Hub的作用，但現實是，用戶越來越受到相對較高的汽油費和密鑰升級緩慢的推出，將它們推向更實惠和更快的替代方案。”

This frustration is a primary reason why they are turning to L2 solutions or pivoting to other blockchains like Solana, Cardano, and Flow, which offer cheaper and faster transaction capabilities, ultimately reducing adoption of the world no 2 cryptocurrency.

這種挫敗感是他們轉向L2解決方案或轉向其他區塊鏈（如Solana，Cardano和Flow）的主要原因，這些區塊鏈具有更便宜，更快的交易功能，最終降低了世界2號加密貨幣的採用。

The report concludes by stating that the regulatory narrative is another primary reason for Ethereum's crash against Bitcoin. Unlike Bitcoin, which has a more established legal precedent, Ethereum faces constant uncertainty about whether it could be labeled a security.

該報告的結論是，監管敘事是以太坊對比特幣崩潰的另一個主要原因。與比特幣具有更確定的法律先例不同，以太坊對是否可以將其標記為安全性不確定。

"Finally, we can't ignore the narrative that Bitcoin is being used as a narrative against which to measure the weakness of other cryptocurrencies, especially in the case of Ethereum. While Bitcoin has managed to maintain a stable price and narrative as digital gold, Ethereum seems to be caught in between, having no clear or attractive investment narrative."

“最後，我們不能忽略比特幣被用作敘述的敘述，以衡量其他加密貨幣的弱點，尤其是在以太坊的情況下。儘管比特幣設法保持了穩定的價格和敘事，因為數字黃金，但以太坊似乎介於兩者之間，沒有清晰或有吸引力的投資敘述。”

Other points that the report mentions include Ethereum's lack of investment appeal as it's neither a stable digital gold like Bitcoin nor a rapidly growing chain like Solana or Cardano, which are attracting a significant number of users with cheaper and faster solutions, ultimately pulling investments away from ETH.

該報告提到的其他觀點包括以太坊缺乏投資吸引力，因為它既不是像比特幣這樣穩定的數字黃金，也不是Solana或Cardano等快速增長的連鎖店，它們吸引了大量具有更便宜，更快的解決方案的用戶，最終使投資從ETH遠離ETH。

The final reason that Santiment has identified for Ethereum's long-term price descent is the rising selling pressure. Post-upgrade withdrawals of stakes ETHs have created steady sell-side pressure, especially when compared to Bitcoin, which is heating up on the buy side with a price target of $500

Santiment確定以太坊的長期價格下降的最終原因是銷售壓力上升。升級後的賭注提款eTHS造成了穩定的賣方壓力，尤其是與比特幣相比，比特幣在購買方面加熱，目標價為500美元