以太坊终于到了大放异彩的时候了吗？

经过本周的一系列清算之后，加密货币市场已经反弹，但很少有反弹像以太坊那样高。

Crypto markets have rebounded this week following a wave of liquidations, with few assets seeing as strong a recovery as Ethereum.

在经历了一波清算之后，加密货币市场本周出现反弹，很少有资产能像以太坊那样强劲复苏。

The world’s second-largest cryptocurrency by market cap rose 6% over the past 24 hours, according to CoinGecko, outpacing Bitcoin’s 2.5% gain and Solana’s 3.5% rise.

根据 CoinGecko 的数据，按市值计算，全球第二大加密货币在过去 24 小时内上涨了 6%，超过了比特币 2.5% 的涨幅和 Solana 3.5% 的涨幅。

One analyst now says the coast is clear for a new all-time high — and it could come as soon as early 2025.

一位分析师现在表示，海岸线有望创下历史新高，最快可能在 2025 年初出现。

“The cogs and bolts are in place,” Iliya Kalchev, an analyst at Nexo, told DL News. “Ethereum could catapult beyond $5,000 as early as the start of 2025.”

Nexo 分析师伊利亚·卡尔切夫 (Iliya Kalchev) 告诉 DL News：“齿轮和螺栓都已就位。” “以太坊最早可能在 2025 年初突破 5,000 美元。”

The latest crypto rally — sparked in part by Donald Trump’s US election win — has seen several cryptocurrencies hit new all-time highs, including Bitcoin, Solana and even XRP.

最近的加密货币涨势在一定程度上是由唐纳德·特朗普赢得美国大选引发的，多种加密货币创下了历史新高，包括比特币、Solana 甚至 XRP。

Since Trump swept the elections last month, BTC has risen 62%. Solana and XRP, meanwhile, rallied 59% and 430%, respectively, over the same period.

自特朗普上个月横扫大选以来，BTC 已上涨 62%。与此同时，Solana 和 XRP 同期分别上涨 59% 和 430%。

Though Ethereum rose 79% during that period, it still hasn’t hit its all-time high of $4,800 in 2021.

尽管以太坊在此期间上涨了 79%，但仍未达到 2021 年 4,800 美元的历史高点。

The great Ether rotation

以太大旋转

According to Carlos Guzman, an analyst at market maker GSR, Ethereum has an edge.

做市商 GSR 分析师卡洛斯·古兹曼 (Carlos Guzman) 表示，以太坊具有优势。

“ETH has a big advantage in that it’s the only token besides BTC to have a US ETF,” he told DL News.

“ETH 有一个很大的优势，因为它是除 BTC 之外唯一拥有美国 ETF 的代币，”他告诉 DL News。

“As traditional investors allocate more to crypto… they will look to ETH as a natural alternative.”

“随着传统投资者将更多资金分配给加密货币……他们将把 ETH 视为自然的替代品。”

Two of the largest providers for spot Ethereum exchange-traded funds, BlackRock and Fidelity, are preparing for that very rotation.

最大的两家以太坊现货交易所交易基金提供商——贝莱德和富达——正在为这种轮换做准备。

Both have acquired over $500 million of Ethereum since December 8, according to Arkham Intelligence.

据 Arkham Intelligence 称，自 12 月 8 日以来，两人已收购了价值超过 5 亿美元的以太坊。

Monetary policy in the US is also setting the stage for a banner year for cryptocurrencies, an asset class that tends to perform well in risk-on markets.

美国的货币政策也为加密货币的辉煌一年奠定了基础，加密货币是一种在风险市场中往往表现良好的资产类别。

Following new inflation data on December 11 that showed consumer prices still rose in November, market watchers are now pricing in a 96% chance of a quarter-point cut at the Federal Reserve’s next meeting on December 18.

继 12 月 11 日新的通胀数据显示 11 月消费者价格仍然上涨之后，市场观察人士目前预计美联储在 12 月 18 日的下一次会议上降息 25 个基点的可能性为 96%。

Crypto traders are taking note.

加密货币交易者正在注意到这一点。

The amount of outstanding options contracts in Ethereum, known as open interest, on the Chicago Mercantile Exchange just hit a new record, according to Kalchev, signaling enthusiasm for the cryptocurrency.

卡尔切夫表示，芝加哥商品交易所的以太坊未平仓期权合约数量（称为未平仓合约）刚刚创下新纪录，表明人们对这种加密货币的热情。

“Robust liquidity, optimism around unfolding regulatory developments, and capital rotation within the crypto market, further support ETH’s price momentum,” said Kalchev.

Kalchev 表示：“强劲的流动性、对监管发展的乐观情绪以及加密货币市场内的资本轮动，进一步支撑了 ETH 的价格势头。”

Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com.

利亚姆·凯利 (Liam Kelly) 是 DL News 驻柏林记者。有小费吗？给他发电子邮件：liam@dlnews.com。