2023 年，以太坊价格在多个指标上首次跑赢比特币，暗示市场结构发生根本性转变。按市值计算的第二个加密货币跟随该行业的总体情绪，创下了年度新高。
2023, winning Bitcoin for the first time in a variety of indicators at Tailing's prices, implying a fundamental shift in market structure. The second encrypted currency, calculated by market value, followed the industry's overall mood, creating an annual high.
截至撰写本文时，以太坊价格交易价格为 2,300 美元，过去 24 小时内利润为 4%。上周，该加密货币录得 10% 的利润，而大多数山寨币行业仍落后于当前的价格走势。
At the time of writing, the price of the transaction was US$ 2,300, compared to 4% in the last 24 hours. Last week, the encrypt currency recorded 10% of the profit, while most of the bounties still lag behind current price trends.
近年来，以太坊的价格波动性飙升至高于比特币的水平，这一现象引起了广泛的关注。据最新的报告显示，这一转变背后的主要原因是交易者和机构对2024年初的预期。
In recent years, there has been widespread concern over the sharp rise in price volatility in the Taiwan to higher than Bitcoin levels. According to recent reports, the main reason behind this shift is the expectations of traders and institutions for the beginning of 2024.
报告指出，一种名为美国以太坊交易所交易基金（ETF）的现货的潜在批准是当前价格走势的幕后黑手。这一新的动态表明，看涨情绪从比特币转向了以太坊。这种转变不仅影响了以太坊的价格波动性，也影响了市场结构。
The report points out that the potential approval of a spot called the Ether Exchange Trading Fund (ETF) in the United States is behind the current price trends. This new development suggests that rising sentiment has shifted from bitcoin to Etheria.
从图表中可以看出，自2023年7月以来，以太坊的回报率首次超过了比特币。这一飙升使得以太坊能够逆势而上，尽管整体而言，加密货币的表现仍在本年度区间内。
As can be seen from the graphs, since July 2023, for the first time, the rate of return has surpassed that of Bitcoin. This surge has allowed the region to turn back, although, overall, the performance of the encrypted currency remains within the current year’s period.
这样的变化反映出，无论是交易者还是机构，都已经在为以太坊的未来发展做好准备。随着更多的机构投资者进入市场，我们可以预见，以太坊的市场地位和影响力将进一步提升。
This change reflects the fact that both traders and institutions are already preparing for the future development of Etheria. As more institutional investors enter the market, we can foresee a further increase in Ether’s market position and influence.
换句话说，以太坊价格的表现好于 2023 年其他时期，但尚未恢复比特币的看涨势头。然而，报告指出：
In other words, the price of the taupulega was better than in the rest of 2023, but the momentum of Bitcoin has not yet been restored. However, the report states:
这种逆转还不足以让我们对回到之前预期的市场结构充满信心，但确实表明围绕现货 ETF 应用的投机性押注的影响不仅限于 BTC。这与两种资产在整个期限结构中的隐含波动率相呼应，该波动率预测两种资产的波动水平相似。
This reversal is not enough to give us confidence in returning to the pre-expected market structure, but it does indicate that the impact of speculative bets around spot ETF applications is not limited to the BTC. This corresponds to the implicit volatility of the two assets throughout the duration structure, which predicts a level of volatility similar to that of the two assets.
报告指出以DXY指数衡量的美元下跌，这意味着美元在全球经济中的地位可能正在发生变化。而这种变化可能意味着更多的机遇，因为随着货币走低，风险资产可能会蓬勃发展。这一现象可能会影响许多实体和交易商对未来的预期定价，他们可能会将2024年1月底之前的“风险事件”纳入考虑。
The report indicates a decline in the United States dollar as measured by the DXY index, which means that the dollar’s position in the global economy may be changing. That change may mean more opportunities, because risk assets may flourish as the currency falls.
此外，以太坊的发展势头似乎在持续增强。如果以太坊能够继续从当前水平获得看涨势头，那么整个山寨币市场可能会获得进一步的利润。值得注意的是，大多数实体和交易商都将2024年1月底之前的“风险事件”纳入定价，这意味着以太坊的表现将可能影响市场情绪，并可能引导整个山寨币行业的发展方向。
It is also worth noting that most entities and traders have included “risk events” before the end of January 2024, which means that the performance of the community will affect market sentiment and may guide the development of the entire Shan currency industry.
然而，无论哪种货币占主导地位，都可能揭示有关后续趋势的更多信息。如果以太坊表现出色，那么山寨币更有可能效仿。这可能意味着，在未来的市场中，山寨币可能会跟随以太坊的步伐，共同推动整个加密货币市场的繁荣。
However, either currency dominates, it may reveal more information about the follow-up trend. If Ether’s performance is positive, it may be more likely to be followed. This could mean that in future markets, Shans may follow the Ether’s pace and contribute to the prosperity of the entire crypto-currency market.
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