以太坊與比特幣的比率目前處於 2021 年 4 月以來的最低水平，這可能會引發以太坊的大幅反彈

自選舉日以來，像比特幣 (BTC -0.18%) 這樣的加密貨幣已經絕對起飛。投資人押注川普政府下更寬鬆、更友善的監管環境將繼續推動該產業再創新高。

Cryptocurrencies have soared since Election Day as investors anticipate a favorable regulatory climate under the Trump administration. Among the top crypto assets, Bitcoin (CRYPTO: BTC) has an interesting relationship with Ethereum (CRYPTO: ETH). The two are linked but distinct, and their relative performance can provide insights.

自選舉日以來，由於投資者預期川普政府將創造有利的監管環境，加密貨幣價格飆升。在頂級加密資產中，比特幣（CRYPTO：BTC）與以太坊（CRYPTO：ETH）有著有趣的關係。兩者既有聯繫又有區別，它們的相對錶現可以提供見解。

Recently, the Ethereum-Bitcoin ratio has reached lows not seen since April 2021, potentially signaling a coming move for Ethereum. Here's what to know.

最近，以太坊與比特幣的比率已達到 2021 年 4 月以來的最低點，這可能預示著以太坊即將採取行動。以下是需要了解的內容。

The Ethereum-Bitcoin ratio

以太坊與比特幣的比率

Given their history and the difficulty in valuing cryptocurrencies due to their lack of intrinsic value, many investors have used trends between Ethereum's and Bitcoin's prices to gauge their relative value. After all, groups of stocks are often compared to determine their relative valuation. A simple way to track Bitcoin and Ethereum is by looking at the relationship between Ethereum's and Bitcoin's prices, which is done by dividing the price of Ethereum by the price of Bitcoin. Observing where this ratio has moved over time can offer clues as to which cryptocurrency appears undervalued or overvalued relative to the other.

鑑於其歷史以及由於缺乏內在價值而難以對加密貨幣進行估值，許多投資者利用以太坊和比特幣價格之間的趨勢來衡量它們的相對價值。畢竟，經常對股票組進行比較以確定它們的相對估值。追蹤比特幣和以太坊的一個簡單方法是查看以太坊和比特幣價格之間的關係，這是透過將以太坊的價格除以比特幣的價格來完成的。觀察這一比率隨時間的變化可以提供線索，了解哪種加密貨幣相對於另一種加密貨幣似乎被低估或高估。

ETH/BTC Ratio data by TradingView. Chart by Daniel Foelber.

ETH/BTC 比率數據由 TradingView 提供。圖表由 Daniel Foelber 繪製。

As you can see in the chart, the Ethereum-Bitcoin ratio fell toward 0.035 recently, marking the lowest level seen since April 2021. The average ratio since 2020 is 0.0538. Ethereum has risen about 38% since Election Day, compared to Bitcoin's 44%. However, Bitcoin has outperformed significantly this year.

從圖表中可以看出，以太坊與比特幣的比率最近跌向 0.035，這是自 2021 年 4 月以來的最低水準。自選舉日以來，以太坊上漲了約 38%，而比特幣則上漲了 44%。然而，比特幣今年的表現明顯優於其他市場。

Bitcoin Price data by YCharts

YCharts 提供的比特幣價格數據

Cryptocurrency has performed admirably during an uncertain period and a high-interest-rate environment where investors have been primarily concerned with inflation and its potential to slow the economy. Bitcoin has held up particularly well as investors have grown more confident in the token's ability to hedge against inflation given its finite supply.

在不確定時期和高利率環境下，加密貨幣的表現令人欽佩，投資者主要擔心通貨膨脹及其可能放緩經濟的可能性。比特幣的表現尤其出色，因為鑑於其供應有限，投資者對該代幣對沖通貨膨脹的能力越來越有信心。

Returning to the Ethereum-Bitcoin ratio, the last time it dropped to these levels, Ethereum went on to rally 120% over the following two months. Notably, Bitcoin and Ethereum trade 24/7, so things can obviously change quickly. The ratio was 0.0380 on Nov. 30, so Ethereum has already begun to close the gap slightly.

回到以太坊與比特幣的比率，上次跌至這些水平時，以太坊在接下來的兩個月裡繼續上漲了 120%。值得注意的是，比特幣和以太坊全天候 (24/7) 進行交易，因此情況顯然會很快改變。 11 月 30 日該比率為 0.0380，因此以太坊已經開始小幅縮小差距。

Could Ethereum be set for a rally?

以太坊能否迎來反彈？

Of course, past trends don't always guarantee future success. As you can see in the chart above, the Ethereum-Bitcoin ratio has gone lower before, so it could continue to do so now.

當然，過去的趨勢並不總是保證未來的成功。正如您在上圖中看到的，以太坊與比特幣的比率之前已經走低，所以現在可能會繼續這樣。

However, I believe recent trends in the Ethereum-Bitcoin ratio bode well for Ethereum, particularly if the crypto rally continues. As we've seen in the stock market this year, markets and sectors tend to broaden over time. A large component of crypto has always been sentiment. Bitcoin and the broader market have rallied significantly, but it typically takes a while for sentiment to peak and then begin to decline again. I don't think we've seen a peak yet in positive sentiment toward crypto. The positive regulatory environment could continue to be a tailwind well into 2025, and the more that crypto rallies, the more larger investors will be forced to chase it.

然而，我認為以太坊與比特幣比率的最新趨勢對以太坊來說是個好兆頭，特別是如果加密貨幣反彈持續下去的話。正如我們今年在股市中看到的那樣，隨著時間的推移，市場和產業往往會擴大。加密貨幣的一個重要組成部分一直是情緒。比特幣和更廣泛的市場已經大幅上漲，但情緒通常需要一段時間才能達到頂峰，然後再次開始下跌。我認為我們對加密貨幣的正面情緒尚未達到頂峰。積極的監管環境可能會在 2025 年繼續成為推動因素，加密貨幣反彈越多，就越多的大型投資者將被迫追逐它。

Ethereum doesn't offer the same inflation hedge as Bitcoin, but it provides value in other ways. Its relatively new proof-of-stake method for validating transactions is far more energy-efficient than Bitcoin. Developers also see Ethereum as the primary network for creating decentralized applications and non-fungible tokens, and its smart contract capabilities will likely have use cases in many industries.

以太坊不提供與比特幣相同的通膨對沖功能，但它以其他方式提供價值。其用於驗證交易的相對較新的權益證明方法比比特幣更節能。開發人員也將以太坊視為創建去中心化應用程式和不可替代代幣的主要網絡，其智慧合約功能可能會在許多行業中都有用例。

In my view, Bitcoin and Ethereum are both solid long-term crypto assets, so both could continue to perform well. However, given Bitcoin's impressive rally already, it's possible the rally will broaden to other tokens like Ethereum, though it's very difficult to try to predict near-term price movements of cryptocurrencies.

在我看來，比特幣和以太坊都是可靠的長期加密資產，因此兩者都可以繼續表現良好。然而，鑑於比特幣已經令人印象深刻的反彈，漲勢可能會擴大到以太幣等其他代幣，儘管很難嘗試預測加密貨幣的近期價格走勢。