尽管推出了大量升级和创新，但以太坊价格仍在落后于比特币（BTC）

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The article "Why Ethereum Price Is Struggling Against Bitcoin After 77% BTC/ETH Crash" by Benzinga highlights the significant lagging performance of Ethereum (ETH) in comparison to Bitcoin (BTC).

本辛加（Benzinga）与比特币（BTC）相比，本辛加（Benzinga）的文章“为什么以太坊价格在77％BTC/ETH崩溃之后都在与比特币斗争”。

Despite introducing numerous upgrades and innovations, ETH has encountered a substantial setback against BTC, with a 77% price crash since December 2021. While the dollar value of ETH has remained afloat, especially in contrast to the collapse of other altcoins, the sustained downturn in the BTC/ETH ratio over nearly four years is a topic of discussion.

尽管引入了大量升级和创新，但ETH仍遇到了对BTC的实质性挫折，自2021年12月以来，价格崩溃了77％。尽管ETH的美元价值始终保持不变，尤其是与其他山寨币的崩溃相比，BTC/ETH比率持续下降的比率持续下降，近四年来是讨论的主题。

On-chain analytics platform Santiment has now broken down the key reasons behind these price struggles.

链上分析平台的santiment现在打破了这些价格挣扎背后的关键原因。

Nearly Four Years Of BTC Outperformance

BTC的表现将近四年

As highlighted by Santiment, traders often mention that Ethereum had the potential to surpass Bitcoin. However, on a direct price basis, ETH has suffered a brutal seven-sevenths crash when measured against BTC.

正如santiment所强调的那样，交易者经常提到以太坊有可能超越比特币。但是，以直接价格为基础，当针对BTC衡量时，ETH遭受了残酷的七分之际坠毁。

Since December 2021, Bitcoin has plummeted by 71%, while Ethereum has faced an even steeper decline of 77% against the leading cryptocurrency.

自2021年12月以来，比特币暴跌了71％，而以太坊在领先的加密货币中面临的急剧下降了77％。

While the dollar value of ETH has remained afloat, especially compared to the devastating 96% collapse of SHIB from its all-time high, the sustained downturn in the BTC/ETH ratio over nearly four years is a topic of discussion.

尽管ETH的美元价值仍然存在，尤其是与历史最高高的SHIB毁灭性的96％崩溃相比，近四年来BTC/ETH比率的持续下降是一个讨论的话题。

ETH has yet to recover anywhere near its November 2021 all-time high of $4,760. In contrast, Bitcoin has surged ahead, reclaiming much of its market dominance and outpacing ETH across almost every timeframe.

ETH尚未在2021年11月的历史最高高点4,760美元的任何地方恢复。相比之下，比特币已经激增，几乎每个时间范围内都收回了其大部分市场的统治地位，并超过了ETH。

This disparity has led many traders and former maximalists to compare ETH to a shitcoin. Even worse, mid to low-cap altcoins like ATOM, LINK, and LUNA have outperformed Ethereum over the short, mid, and long-term timeframes, further embarrassing the world’s second-largest cryptocurrency by market capitalization. A glance at the ETH/BTC price ratio chart is enough to trigger doubt and uncertainty among long-term holders.

这种差距使许多交易者和前最大化主义者将ETH与狗屎币进行了比较。更糟糕的是，在短期，中期和长期的时间范围内，诸如Atom，Link和Luna之类的中型山顶山脉（如Atom，Link和Luna）的表现超过了以太坊，进一步使世界第二大加密货币通过市值尴尬。浏览ETH/BTC的价格比图足以引发长期持有人的怀疑和不确定性。

Technical, Sentiment, And Regulatory Issues

技术，情感和监管问题

Beyond price action and market volatility, Santiment delves into the fundamental reasons behind Ethereum’s sluggish performance over the years. Analysts and traders have major criticisms, which can be broadly categorized as technical, sentimental, and regulatory issues.

除了价格行动和市场波动之外，Santiment还深入研究了以太坊多年来表现缓慢的基本原因。分析师和交易者受到主要批评，可以将其归类为技术，感性和监管问题。

Ironically, one of the key drivers of Ethereum’s underperformance are its Layer 2 solutions. L2 solutions like Arbitrum, Optimism, and zkSync are reportedly taking activity away from the mainnet and investor attention.

具有讽刺意味的是，以太坊表现不佳的关键驱动因素之一是其第2层解决方案。据报道，仲裁，乐观和ZKSYNC等L2解决方案正在将活动从主网和投资者的注意力中吸收。

Instead of concentrating investments on ETH, which has seen lackluster returns since the 2021 bull market, investors are spreading their attention and capital too thinly.

自从2021年牛市以来，投资者的收益率低，而不是将投资集中在ETH上，而是投资者的注意力和资本过于稀薄。

Secondly, many critics feel that Ethereum struggles with complex roadmaps and communication, which has led to investor confusion. Major updates like The Merge and Shanghai have been difficult for investors to comprehend, making ETH feel less accessible than BTC.

其次，许多批评家认为以太坊在复杂的路线图和沟通中挣扎，这导致了投资者的困惑。诸如Merge和Hanghai之类的重大更新很难让投资者理解，这使得ETH的感觉不及BTC。

Thirdly, users remain frustrated by Ethereum’s relatively high gas fees and the slow rollout of key upgrades. This has pushed them toward more affordable and faster alternatives, significantly reducing adoption.

第三，用户对以太坊相对较高的汽油费和关键升级缓慢的推出感到沮丧。这将他们推向了更实惠，更快的替代方案，从而大大降低了采用。

Another primary reason for Ethereum’s crash against Bitcoin is ongoing regulatory concerns. Unlike Bitcoin, which has a more established legal precedent, Ethereum faces constant uncertainty about whether it could be labeled a security.

以太坊对比特币崩溃的另一个主要原因是持续的监管问题。与比特币具有更确定的法律先例不同，以太坊对是否可以将其标记为安全性不确定。

Other points include ETH’s lack of appeal for new investors. While Bitcoin maintains the title as a stable digital gold, Ethereum appears to be caught in between, having no clear or attractive investment narrative.

其他观点包括ETH缺乏对新投资者的吸引力。尽管比特币将其标题视为稳定的数字黄金，但以太坊似乎介于两者之间，没有明确或有吸引力的投资叙述。

Newcomers prefer either the cheaper and faster solutions offered by mid to small-cap altcoins or the sustained price stability and value store properties of BTC.

新移民更喜欢中型山顶上的较便宜，更快的解决方案，或者是持续的价格稳定性和BTC的价值存储属性。

Moreover, newer blockchains like Solana and Cardano are also attracting a significant number of users with cheaper and faster solutions, ultimately pulling investments away from ETH.

此外，诸如Solana和Cardano之类的新区块链还吸引了大量具有更便宜，更快的解决方案的用户，最终将投资从ETH带走。

The final reason Santiment has identified for Ethereum’s long-term price descent is the increasing selling pressure. After the recent upgrades, there has been a large wave of post-upgrade withdrawals of staked ETHs, which has created steady sell-side pressure, limiting growth and momentum compared to Bitcoin.

Santiment确定以太坊的长期价格下降的最终原因是销售压力增加。在最近的升级后，已大量的升级后升级后，这会产生稳定的卖方压力，与比特币相比限制了增长和动力。