以太坊終於到了大放異彩的時候了嗎？

經過本週的一系列清算之後，加密貨幣市場已經反彈，但很少有反彈得像以太幣那麼高。

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

在經歷了一波清算之後，加密貨幣市場本週出現反彈，很少有資產能像以太坊那樣強勁復甦。

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.

根據 CoinGecko 的數據，以市值計算，全球第二大加密貨幣在過去 24 小時內上漲了 6%，超過了比特幣 2.5% 的漲幅和 Solana 3.5% 的漲幅。

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

一位分析師現在表示，海岸線有望創下歷史新高，最快可能在 2025 年初出現。

“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 分析師 Iliya Kalchev 告訴 DL News：“齒輪和螺栓都已就位。” “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.

最近的加密貨幣漲勢在某種程度上是由唐納德·川普贏得美國大選引發的，多種加密貨幣創下了歷史新高，包括比特幣、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.

自川普上個月橫掃大選以來，BTC 已上漲 62%。同時，Solana 和 XRP 同期分別上漲 59% 和 430%。

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

儘管以太坊在此期間上漲了 79%，但仍未達到 2021 年 4,800 美元的歷史高點。

The great Ether rotation

以太大旋轉

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

做市商 GSR 分析師卡洛斯古茲曼 (Carlos Guzman) 表示，以太坊具有優勢。

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

「ETH 有一個很大的優勢，因為它是 BTC 之外唯一擁有美國 ETF 的代幣，」他告訴 DL News。

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

“隨著傳統投資者將更多資金分配給加密貨幣……他們將把 ETH 視為自然的替代品。”

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

最大的兩家以太坊現貨交易所交易基金提供商——貝萊德和富達——正在為這種輪換做準備。

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

據 Arkham Intelligence 稱，自 12 月 8 日以來，兩人已收購了價值超過 5 億美元的以太坊。

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.

美國的貨幣政策也為加密貨幣的輝煌一年奠定了基礎，加密貨幣是一種在風險市場中往往表現良好的資產類別。

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.

繼 12 月 11 日新的通膨數據顯示 11 月消費者物價仍然上漲之後，市場觀察家目前預計聯準會在 12 月 18 日的下一次會議上降息 25 個基點的可能性為 96%。

Crypto traders are taking note.

加密貨幣交易者正在註意到這一點。

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.

卡爾切夫表示，芝加哥商品交易所的以太坊未平倉選擇權合約數量（稱為未平倉合約）剛剛創下新紀錄，顯示人們對這種加密貨幣的熱情。

“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：“強勁的流動性、對監管發展的樂觀情緒以及加密貨幣市場內的資本輪動，進一步支撐了 ETH 的價格勢頭。”

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

利亞姆凱利 (Liam Kelly) 是 DL News 駐柏林的記者。有小費嗎？給他發電子郵件：liam@dlnews.com。