與比特幣相比，現在以太坊（ETH）高度貶值，這是自2019年以來的第一次。

根據加密分析師的指標，與比特幣相比，以太坊（ETH）現在被低估了，這是自2019年以來的第一次。

Crypto analyst KookCapitalLLC has stated that Ethereum (ETH) is now highly devalued compared to Bitcoin (BTC), the first time since 2019.

加密分析師Kookcapitalllc表示，與比特幣（BTC）相比，以太坊（ETH）現在高度貶值，這是自2019年以來第一次。

Historically, such events have contributed to ETH outperforming BTC. The analyst presented several on-chain indicators that supported his assessment.

從歷史上看，這些事件促成了ETH優於BTC的表現。分析師提出了幾個支持他評估的鍊鍊指標。

According to the metrics, the MVRV ratio shows that ETH has now become a massively devalued asset compared to BTC. It is the first time this has happened since 2019. Past records show that such happenings have often led to ETH outperforming BTC. However, factors like slow trading actions, decreased demand, and increased supply concerns could obstruct a possible recovery.

根據指標，MVRV比率表明，與BTC相比，ETH現在已成為大規模貶值的資產。這是自2019年以來第一次發生。過去的記錄表明，這種情況通常導致ETH優於BTC。但是，諸如交易緩慢，需求減少和增加供應問題等因素可能會妨礙可能的恢復。

Past records indicate that whenever this MVRV ratio moves into the undervalued region, ETH has a tendency to perform much better than BTC, usually leading to massive price surges like the one seen in 2019. The current digital asset market is in 2023. Interestingly, the MVRV ratio has moved into the undervalued region, currently at 0.4, indicating that ETH could be undervalued against BTC.

過去的記錄表明，每當MVRV比率進入被低估的地區時，ETH的趨勢都比BTC表現好得多，通常會導致像2019年所看到的那樣巨大的價格飆升。當前的數字資產市場是2023年。有趣的是，MVRV比率在0.4中已進入0.4，表明ETH在0.4處，表明ETH可能是不受歡迎的BTC。

This aligns with the market cap analysis, which also suggests that ETH is undervalued compared to BTC, especially considering the significant price difference between the two assets.

這與市值分析一致，這也表明與BTC相比，ETH被低估了，尤其是考慮到這兩個資產之間的價格差異很大。

Furthermore, the analyst noted that BTC is just a 2.5x price increase away from its all-time high (ATH) of $78,000, while ETH is still has a long way to go to reach its ATH of $4,878, last seen on November 10, 2021.

此外，分析師指出，BTC的價格僅為2.5倍的價格，其歷史最高（ATH）的價格為78,000美元，而ETH仍有很長的路要達到2021年11月10日上市的4,878美元的ATH。

This price pressure may stall a Bitcoin price recovery, while the increased activity in the Ethereum network suggests that the token is being massively accumulated by long-term buyers and short-term traders.

這種價格壓力可能會使比特幣的價格恢復失速，而以太坊網絡的活動增加表明，長期買家和短期交易者正在大量積累代幣。

ETH’s move towards its previous ATH may trigger higher optimistic sentiment in the broader cryptocurrency market, especially as Ether is a major token for NFT and DeFi trading.

ETH朝著以前的ATH邁進的轉變可能會引發更廣泛的加密貨幣市場，尤其是Ether是NFT和Defi交易的主要代價，因此ETH可能會引發更高的樂觀情緒。