儘管推出了大量升級和創新，但以太坊價格仍在落後於比特幣（BTC）

我們的新聞是如何製作的

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）與比特幣（BTC）相比，本辛加（Benzinga）的文章“為什麼以太坊價格在77％BTC/ETH崩潰之後都在與比特幣鬥爭”。

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.

儘管引入了大量升級和創新，但ETH仍遇到了對BTC的實質性挫折，自2021年12月以來，價格崩潰了77％。儘管ETH的美元價值始終保持不變，尤其是與其他山寨幣的崩潰相比，BTC/ETH比率持續下降的比率持續下降，近四年來是討論的主題。

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

鏈上分析平台的santiment現在打破了這些價格掙扎背後的關鍵原因。

Nearly Four Years Of BTC Outperformance

BTC的表現將近四年

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所強調的那樣，交易者經常提到以太坊有可能超越比特幣。但是，以直接價格為基礎，當針對BTC衡量時，ETH遭受了殘酷的七分之際墜毀。

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月以來，比特幣暴跌了71％，而以太坊在領先的加密貨幣中面臨的急劇下降了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.

儘管ETH的美元價值仍然存在，尤其是與歷史最高高的SHIB毀滅性的96％崩潰相比，近四年來BTC/ETH比率的持續下降是一個討論的話題。

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月的歷史最高高點4,760美元的任何地方恢復。相比之下，比特幣已經激增，幾乎每個時間範圍內都收回了其大部分市場的統治地位，並超過了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.

這種差距使許多交易者和前最大化主義者將ETH與狗屎幣進行了比較。更糟糕的是，在短期，中期和長期的時間範圍內，諸如Atom，Link和Luna之類的中型山頂山脈（如Atom，Link和Luna）的表現超過了以太坊，進一步使世界第二大加密貨幣通過市值尷尬。瀏覽ETH/BTC的價格比圖足以引髮長期持有人的懷疑和不確定性。

Technical, Sentiment, And Regulatory Issues

技術，情感和監管問題

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.

除了價格行動和市場波動之外，Santiment還深入研究了以太坊多年來表現緩慢的基本原因。分析師和交易者受到主要批評，可以將其歸類為技術，感性和監管問題。

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.

具有諷刺意味的是，以太坊表現不佳的關鍵驅動因素之一是其第2層解決方案。據報導，仲裁，樂觀和ZKSYNC等L2解決方案正在將活動從主網和投資者的注意力中吸收。

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.

自從2021年牛市以來，投資者的收益率低，而不是將投資集中在ETH上，而是投資者的注意力和資本過於稀薄。

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，許多批評家認為以太坊在復雜的路線圖和溝通中掙扎，這導致了投資者的困惑。諸如Merge和Hanghai之類的重大更新很難讓投資者理解，這使得ETH的感覺不及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，用戶對以太坊相對較高的汽油費和關鍵升級緩慢的推出感到沮喪。這將他們推向了更實惠，更快的替代方案，從而大大降低了採用。

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.

以太坊對比特幣崩潰的另一個主要原因是持續的監管問題。與比特幣具有更確定的法律先例不同，以太坊對是否可以將其標記為安全性不確定。

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.

其他觀點包括ETH缺乏對新投資者的吸引力。儘管比特幣將其標題視為穩定的數字黃金，但以太坊似乎介於兩者之間，沒有明確或有吸引力的投資敘述。

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.

新移民更喜歡中型山頂上的較便宜，更快的解決方案，或者是持續的價格穩定性和BTC的價值存儲屬性。

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，諸如Solana和Cardano之類的新區塊鏈還吸引了大量具有更便宜，更快的解決方案的用戶，最終將投資從ETH帶走。

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確定以太坊的長期價格下降的最終原因是銷售壓力增加。在最近的升級後，已大量的升級後升級後，這會產生穩定的賣方壓力，與比特幣相比限制了增長和動力。