以太坊 vs 比特币 – 这就是分析师对 2025 年牛市存在分歧的原因

以太坊对其在 2025 年牛市中跑赢比特币的能力面临着越来越多的质疑。

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.

加密货币爱好者和分析师正在密切关注即将到来的 2025 年牛市，猜测哪种数字资产将引领潮流。虽然比特币和以太坊总是热门收益，但人们对以太坊这次带来强劲收益的能力提出了质疑。

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.

在过去的一年里，以太坊面临着多项挑战，这些挑战可能会影响其在 2025 年牛市中的表现。一个主要问题是来自其他 Layer-1 区块链（例如 Solana、Avalanche 和 Polygon）的竞争日益激烈。与以太坊相比，这些网络吸引了极大的关注和资本，提供更快的交易速度、更低的费用和更广泛的应用。

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.

另一个可能阻碍以太坊表现的因素是其上海升级的延迟。升级原定于 2023 年 3 月进行，现已多次推迟，目前预计于 2024 年第二季度进行。这种延迟可能会限制抵押 ETH 的可用性，从而影响该资产的整体流动性和价格升值潜力。

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，以太坊仍然拥有多项优势，可能有助于其在 2025 年牛市中的强劲表现。该网络受益于庞大的去中心化应用程序 (dApp) 生态系统，从 DeFi 协议到 NFT 市场。这种多样化的应用环境吸引了用户、开发者和资本，创造了一个自我强化的增长周期。

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，以太坊即将推出的升级，例如EIP-4844，旨在显着提高网络的可扩展性和效率。这些升级可以增强以太坊以较低成本处理大量交易的能力，使其对各种用例更具吸引力。

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.

最终，以太坊在 2025 年牛市中的表现将取决于内部因素（例如网络升级和生态系统发展）和外部影响（包括更广泛的经济环境、监管环境和技术进步）的组合。