比特幣（BTC）與以太坊（ETH）：市場動態和主導地位變化

加密貨幣市場正在見證一個獨特的結構，尤其是在比特幣（BTC）和以太坊（ETH）之間的關係中。

The cryptocurrency market is displaying a unique structure, particularly in the relationship between Bitcoin (BTC) and Ethereum (ETH). As of the latest data, Bitcoin's price is at $103,900, while Ethereum is priced at $2,676, resulting in a BTC/ETH price ratio of approximately 38.82. This ratio is substantially higher than historical averages, which typically range from 10 to 15, indicating a shift in market dynamics.

加密貨幣市場正在顯示獨特的結構，尤其是在比特幣（BTC）和以太坊（ETH）之間的關係中。從最新數據開始，比特幣的價格為103,900美元，以太坊的價格為2,676美元，導致BTC/ETH價格比約為38.82。該比率大大高於歷史平均值，通常從10到15，表明市場動態發生了變化。

Bitcoin's dominance is also evident in the BTC dominance market cap, which currently stands at 69.6, a significant portion of the total cryptocurrency market cap. This dominance is being driven by the perceived stability and scarcity of Bitcoin, rendering it a preferred asset for risk-averse investors in the current market climate.

比特幣的主導地位在BTC優勢市值中也很明顯，該市場上限目前為69.6，這是加密貨幣總市值的很大一部分。這種統治地位是由比特幣的穩定性和稀缺性驅動的，它使其成為當前市場環境中規避風險投資者的首選資產。

On the other hand, Ethereum is often associated with technological growth and innovation, catering to investors with a higher risk appetite and interest in the evolving Web3 ecosystem.

另一方面，以太坊經常與技術增長和創新有關，以迎合對不斷發展的Web3生態系統風險更高和興趣的投資者。

As Bitcoin continues to be the dominant force in the market, it is accumulating a greater share of the total cryptocurrency market cap, further highlighting the current preference for Bitcoin over other cryptocurrencies.

隨著比特幣仍然是市場上的主要力量，它正在積累更大的加密貨幣市值，進一步強調了當前對比特幣而不是其他加密貨幣的偏好。

In the broader macroeconomic landscape, major central banks are expected to continue increasing interest rates, which could have implications for cryptocurrency prices and volatility in the coming months.

在更廣泛的宏觀經濟景觀中，預計主要中央銀行將繼續提高利率，這可能會對未來幾個月的加密貨幣價格和波動性產生影響。

As Bitcoin approaches the crucial $100,000 price level, technical traders are closely monitoring this threshold for potential breakouts or reversals that could influence the cryptocurrency's short-term trends.

隨著比特幣接近至關重要的100,000美元價格水平，技術交易者正在密切監視此門檻，以實現潛在的突破或可能影響加密貨幣短期趨勢的逆轉。

In the case of Ethereum, recent data from Glassnode reveals that several metrics suggest Ethereum may be undervalued. The Market Value to Realized Value (MVRV) ratio has reached levels that historically indicate undervaluation and potential for ETH outperformance against BTC.

在以太坊的情況下，玻璃節的最新數據表明，幾種指標表明以太坊可能被低估了。實現價值（MVRV）比率的市場價值達到了歷史上低估和對BTC的ETH超出表現的潛力。

However, despite these signals, network activity remains flat, with key usage metrics showing little momentum. This is surprising given the narrative of value accrual often used to justify Ethereum's price.

但是，儘管有這些信號，網絡活動仍然平坦，關鍵用法指標幾乎沒有勢頭。鑑於價值的敘述通常用於為以太坊的價格辯護，這是令人驚訝的。

The growth of Layer 2 solutions like Arbitrum and Base has led to reduced activity on Ethereum's mainnet, which might impact its value accrual narrative.

第2層解決方案（如仲裁和基礎）的增長導致對以太坊主網的活動減少，這可能會影響其價值應計敘述。

However, the increase in active addresses interacting with Layer 2 networks showcases Ethereum's scalability potential and the growing adoption of its ecosystem.

但是，與第2層網絡相互作用的主動地址的增加展示了以太坊的可伸縮性潛力及其生態系統的越來越多。

If Bitcoin maintains its current price level, then historical ratios suggest that Ethereum could be undervalued, with the potential for appreciation to occur.

如果比特幣保持其當前價格水平，那麼歷史比率表明以太坊可能被低估，並有可能引起人們的關注。

However, Ethereum's market cycle indicators, such as the MVRV Pricing Bands and Mayer Multiple models, suggest that the asset is still undervalued and may experience a bullish phase.

但是，以太坊的市場週期指標，例如MVRV定價頻段和Mayer多種模型，這表明該資產仍被低估，並且可能會遇到看漲階段。

Despite recent price declines, Ethereum's fundamentals remain strong, with high on-chain gas usage indicating robust network utility.

儘管價格最近下降，但以太坊的基本面仍然很強勁，鏈上使用高的氣體用途表明網絡公用事業強大。

Moreover, institutional confidence in Ethereum is growing, evidenced by the recent transactions of major cryptocurrency organizations and funds.

此外，主要的加密貨幣組織和資金的最近交易證明了對以太坊的機構信心正在增長。

Overall, the current dynamics between Bitcoin and Ethereum reflect a complex interplay of market sentiment, technological advancements, and institutional investment trends.

總體而言，比特幣和以太坊之間的當前動態反映了市場情緒，技術進步和機構投資趨勢的複雜相互作用。

While Bitcoin's dominance is evident, and its role as 'digital gold' is being increasingly recognized, Ethereum faces challenges in attracting institutional interest and overcoming the competitive landscape in the smart contract sector.

儘管比特幣的主導地位是顯而易見的，並且越來越認可其作為“數字黃金”的作用，但以太坊在吸引機構興趣並克服智能合同部門的競爭格局方面面臨著挑戰。

As the cryptocurrency market evolves, the interplay between these factors will continue to shape the relative valuations and performance of Bitcoin and Ethereum in the year ahead.legal disclaimer:

隨著加密貨幣市場的發展，這些因素之間的相互作用將繼續影響未來一年比特幣和以太坊的相對估值和性能。法律免責聲明：

This material is intended for private use only and may not be disclosed to third parties or otherwise used for commercial purposes without the express written permission of Glassnode. The information contained herein is obtained from sources that Glassnode believes to be reliable but is not guaranteed to be complete or free from error. All reasonable efforts have been made in preparing this material but no responsibility for any errors or omissions or for the completeness or accuracy of any information contained in this material is assumed by, or may be attributed to, Glassnode or any of its employees, officers, or advisors. Any information contained in this material may be used by you only for internal use in performing your own analysis in connection with, and not as a factor in, making any investment or other decisions.

該材料僅用於私人使用，未經玻璃節的明確書面許可，不得向第三方披露或以其他方式用於商業目的。本文中包含的信息是從玻璃節認為可靠但不能保證完整或沒有錯誤的來源獲得的。所有合理的努力都在準備本材料方面做出了所有合理的努力，但對於任何錯誤或遺漏，或對本材料中包含的任何信息的完整性或準確性不承擔任何責任。您只能使用本材料中包含的任何信息來進行內部用途，以執行自己的分析，而不是作為對任何投資或其他決定的因素進行分析。

You are fully responsible for any investment decisions that you may make. Nothing in this material is intended to constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for the purchase, sale or holding of any security, investment product or other commercial product or service in any jurisdiction where such offer, solicitation or recommendation would be unlawful. Any such offer, solicitation or recommendation would only be made by means of a prospectus or other offering document prepared in accordance with, and containing the full legal and regulatory disclosures required by, the laws and regulations of the relevant jurisdiction.

您對您可能做出的任何投資決策完全負責。本材料中的任何內容均無意構成出售要約，購買要約的徵集，或在任何司法管轄區購買，銷售或持有任何安全，投資產品或其他商業產品或其他商業產品或其他服務的建議，而此類要約，招標或建議都是非法的。任何此類提議，徵求或建議只能通過招股說明書或其他根據相關管轄權的法律和法規所要求的全部法律和法規披露來提出的。

This material is not an advertisement and is not a part of any sales promotion. It does not reflect the views of any third party and may not be used for any purpose other than private use.

該材料不是廣告，也不是任何促銷活動的一部分。它不會反映任何第三方的觀點，也不得用於私人用途以外的任何目的。

This material may not be disclosed to third parties or otherwise used for commercial purposes without the express written permission of Glassnode.

未經玻璃節的明確書面許可，該材料不得向第三方披露或以其他方式用於商業目的。

Any use of this material is at your own risk.

任何對此材料的使用自身都有您的風險。

Please note

請注意