比特币（BTC）与以太坊（ETH）：市场动态和主导地位变化

加密货币市场正在见证一个独特的结构，尤其是在比特币（BTC）和以太坊（ETH）之间的关系中。

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.

加密货币市场正在显示独特的结构，尤其是在比特币（BTC）和以太坊（ETH）之间的关系中。从最新数据开始，比特币的价格为103,900美元，以太坊的价格为2,676美元，导致BTC/ETH价格比约为38.82。该比率大大高于历史平均值，通常从10到15，表明市场动态发生了变化。

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.

比特币的主导地位在BTC优势市值中也很明显，该市场上限目前为69.6，这是加密货币总市值的很大一部分。这种统治地位是由比特币的稳定性和稀缺性驱动的，它使其成为当前市场环境中规避风险投资者的首选资产。

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，以太坊经常与技术增长和创新有关，以迎合对不断发展的Web3生态系统风险更高和兴趣的投资者。

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.

随着比特币仍然是市场上的主要力量，它正在积累更大的加密货币市值，进一步强调了当前对比特币而不是其他加密货币的偏好。

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.

在更广泛的宏观经济景观中，预计主要中央银行将继续提高利率，这可能会对未来几个月的加密货币价格和波动性产生影响。

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.

随着比特币接近至关重要的100,000美元价格水平，技术交易者正在密切监视此门槛，以实现潜在的突破或可能影响加密货币短期趋势的逆转。

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.

在以太坊的情况下，玻璃节的最新数据表明，几种指标表明以太坊可能被低估了。实现价值（MVRV）比率的市场价值达到了历史上低估和对BTC的ETH超出表现的潜力。

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，尽管有这些信号，网络活动仍然平坦，关键用法指标几乎没有势头。鉴于价值的叙述通常用于为以太坊的价格辩护，这是令人惊讶的。

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层解决方案（如仲裁和基础）的增长导致对以太坊主网的活动减少，这可能会影响其价值应计叙述。

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，与第2层网络相互作用的主动地址的增加展示了以太坊的可伸缩性潜力及其生态系统的越来越多。

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

如果比特币保持其当前价格水平，那么历史比率表明以太坊可能被低估，并有可能引起人们的关注。

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，以太坊的市场周期指标，例如MVRV定价频段和Mayer多种模型，这表明该资产仍被低估，并且可能会遇到看涨阶段。

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

尽管价格最近下降，但以太坊的基本面仍然很强劲，链上使用高的气体用途表明网络公用事业强大。

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

此外，主要的加密货币组织和资金的最近交易证明了对以太坊的机构信心正在增长。

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

总体而言，比特币和以太坊之间的当前动态反映了市场情绪，技术进步和机构投资趋势的复杂相互作用。

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.

尽管比特币的主导地位是显而易见的，并且越来越认可其作为“数字黄金”的作用，但以太坊在吸引机构兴趣并克服智能合同部门的竞争格局方面面临着挑战。

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:

随着加密货币市场的发展，这些因素之间的相互作用将继续影响未来一年比特币和以太坊的相对估值和性能。法律免责声明：

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.

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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.

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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.

该材料不是广告，也不是任何促销活动的一部分。它不会反映任何第三方的观点，也不得用于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.

未经玻璃节的明确书面许可，该材料不得向第三方披露或以其他方式用于商业目的。

Any use of this material is at your own risk.

任何对此材料的使用自身都有您的风险。

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