与比特币相比，现在以太坊（ETH）高度贬值，这是自2019年以来的第一次。

根据加密分析师的指标，与比特币相比，以太坊（ETH）现在被低估了，这是自2019年以来的第一次。

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

加密分析师Kookcapitalllc表示，与比特币（BTC）相比，以太坊（ETH）现在高度贬值，这是自2019年以来第一次。

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

从历史上看，这些事件促成了ETH优于BTC的表现。分析师提出了几个支持他评估的链链指标。

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.

根据指标，MVRV比率表明，与BTC相比，ETH现在已成为大规模贬值的资产。这是自2019年以来第一次发生。过去的记录表明，这种情况通常导致ETH优于BTC。但是，诸如交易缓慢，需求减少和增加供应问题等因素可能会妨碍可能的恢复。

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.

过去的记录表明，每当MVRV比率进入被低估的地区时，ETH的趋势都比BTC表现好得多，通常会导致像2019年所看到的那样巨大的价格飙升。当前的数字资产市场是2023年。有趣的是，MVRV比率在0.4中已进入0.4，表明ETH在0.4处，表明ETH可能是不受欢迎的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.

这与市值分析一致，这也表明与BTC相比，ETH被低估了，尤其是考虑到这两个资产之间的价格差异很大。

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，分析师指出，BTC的价格仅为2.5倍的价格，其历史最高（ATH）的价格为78,000美元，而ETH仍有很长的路要达到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.

这种价格压力可能会使比特币的价格恢复失速，而以太坊网络的活动增加表明，长期买家和短期交易者正在大量积累代币。

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朝着以前的ATH迈进的转变可能会引发更广泛的加密货币市场，尤其是Ether是NFT和Defi交易的主要代价，因此ETH可能会引发更高的乐观情绪。