比特幣（BTC 0.93％）和XRP（XRP 5.54％）是非常不同的加密貨幣類型

比特幣（BTC 0.93％）和XRP（XRP 5.54％）是非常不同的加密貨幣。比特幣的市值為1.7萬億美元

Bitcoin (BTC 0.93%) and XRP (XRP 5.54%) are very different types of cryptocurrencies. Bitcoin, which has a market cap of $1.7 trillion, is the world’s most valuable cryptocurrency. It's mined through the energy-intensive proof-of-work mechanism, and nearly 20 million of its maximum supply of 21 million tokens have already been mined.

比特幣（BTC 0.93％）和XRP（XRP 5.54％）是非常不同的加密貨幣。比特幣的市值為1.7萬億美元，是世界上最有價值的加密貨幣。它是通過能源密集型的工作證明機制開采的，已經開采了其2100萬個令牌的最高供應量的近2000萬個。

Every four years, a “halving” takes place, reducing by 50% the amount of new Bitcoin that miners get for each block on the blockchain they validate. Based on the code that underlays the crypto, the last Bitcoin token will be mined in 2140. However, its finite supply makes it more comparable to gold and other commodities.Image source: Getty Images.

每四年一次一次“減半”，將礦工在他們驗證的區塊鏈上獲得的新比特幣的量減少了50％。根據加密貨幣支撐的代碼，最後的比特幣代幣將在2140年開採。但是，其有限的電源使其與黃金和其他商品更具可比性。圖片來源：Getty Images。

By contrast, XRP's entire supply of 100 billion tokens was pre-mined before it launched in 2013. Only 58 billion of those tokens are in circulation today; the rest are locked up across Ripple's escrow accounts. It periodically releases some of those tokens to stabilize its liquidity and supply. XRP can't be mined anymore, and Ripple's blockchain can't be used to develop decentralized applications in the same way as proof-of-stake blockchains like Ethereum (ETH 2.87%) and Solana (SOL 2.61%). Those limitations to its scarcity and utility make it harder to value than Bitcoin and some other cryptocurrencies.

相比之下，XRP在2013年推出之前已經預先開采了XRP的全部供應。今天只有580億個代幣流通；其餘的鎖定在Ripple的託管帳戶中。它會定期發布其中一些代幣以穩定其流動性和供應。 XRP不能再開采了，Ripple的區塊鏈不能與以太坊（ETH 2.87％）和Solana（SOL 2.61％）這樣的用途證明區塊鏈以相同的方式開發分散的應用程序。與比特幣和其他一些加密貨幣相比，這些局限性對其稀缺性和效用的限制使其更難估價。

Over the past 12 months, Bitcoin's price rose about 40% as XRP's price surged nearly 270%. Let's see why XRP outperformed Bitcoin by such a wide margin -- and consider which one is the better cryptocurrency to buy right now.

在過去的12個月中，隨著XRP的價格飆升了近270％，比特幣的價格上漲了約40％。讓我們看看為什麼XRP以如此寬的利潤率優於比特幣 - 並考慮哪一種是現在購買的更好的加密貨幣。

When Ripple initially launched XRP in 2013, it hoped the token would be adopted for financial transactions on its payment platform. However, Ripple's customers largely used its blockchain to process fiat currency transactions instead of trying out XRP.

當Ripple最初於2013年推出XRP時，它希望該令牌將在其支付平台上用於金融交易。但是，Ripple的客戶在很大程度上使用其區塊鏈來處理法定貨幣交易，而不是嘗試XRP。

In late 2020, the U.S. Securities and Exchange (SEC) filed charges against Ripple, alleging that its $1.3 billion offering of XRP tokens had constituted an illegal sale of unregistered securities. That lawsuit caused Ripple to lose several customers and led to the XRP token being delisted from the top crypto exchanges. Grayscale Investments also shut down its XRP Trust in 2021. All of those problems, along with rising interest rates, drove investors away from XRP.

2020年底，美國證券交易所（SEC）對波紋提起了指控，指控其13億美元的XRP代幣構成了未註冊證券的非法出售。該訴訟導致Ripple失去了幾個客戶，並導致XRP令牌從頂級加密交易所中脫穎而出。灰度投資還關閉了2021年的XRP信託。所有這些問題，以及利率上升，將投資者遠離XRP。

But last August, the SEC lawsuit finally ended with a lighter-than-expected fine for Ripple. The SEC began appealing that ruling, but those appeals could be dropped as President Trump's appointees relax the government's oversight of the crypto market.

但是去年八月，SEC訴訟終於以波紋的罰款較輕。 SEC開始對這一裁決提出上訴，但是隨著特朗普總統的任命放寬政府對加密貨幣市場的監督，這些上訴可能會被撤銷。

Meanwhile, XRP was relisted by the major crypto exchanges, Grayscale relaunched its XRP Trust as a closed-end fund (CEF) for accredited investors, and several asset management firms have submitted applications to the SEC for permission to launch XRP exchange-traded funds (ETFs). All of those developments -- along with Trump's election victory, hopes for lower interest rates, and the broader rotation back toward cryptocurrencies -- helped drive XRP's price higher.

同時，XRP由主要的加密交易所重新列入，Grayscale重新推出了其XRP Trust作為認可的投資者的閉門基金（CEF），幾家資產管理公司已向SEC提交了申請，以啟動XRP交易所交易所交易所的許可（ETFS）。所有這些事態發展 - 以及特朗普的選舉勝利，對降低利率的希望以及更廣泛的轉移向加密貨幣的旋轉 - 幫助提高了XRP的價格。

But over the past month, XRP has pulled back about 30% as Trump's threats of tariffs and mass deportations sparked fears of rising inflation and elevated interest rates. The high-risk category of cryptocurrency investments is still quite sensitive to macroeconomic twists and turns. This may change in the long run, making solid inflation hedges out of robust crypto names, but that's not how it works in early 2025. So if the Fed sees inflation rising and pauses its interest rate cuts -- or starts hiking rates again -- a new crypto winter could begin.

但是在過去的一個月中，由於特朗普對關稅和大規模驅逐出境的威脅激發了人們對通貨膨脹率上升和利率提高的擔憂，因此XRP撤回了約30％。高風險的加密貨幣投資類別仍然對宏觀經濟的轉折敏感。從長遠來看，這種情況可能會改變，從而使穩固的通貨膨脹對沖，但這不是2025年初的工作方式。因此，如果美聯儲看到通貨膨脹率上升並停止了其降低利率 - 或者再次開始遠足率 - 新的加密蛋糕冬季就可以開始。

Bitcoin's price surged in 2024 as its first spot price ETFs were approved, it went through its latest halving, and institutional investors accumulated more tokens. It was also driven higher by Trump's pro-crypto campaign promises and the expectation that interest rates would come down.

比特幣的價格在2024年獲得了批准，其最新一半的價格飆升，機構投資者積累了更多的代幣。特朗普的親克萊普托（Crypto）競選承諾和期望利率下降的期望也使它更高。

However, Bitcoin's price has pulled back by nearly 20% over the past month on the same fears of tariffs, inflation, and higher rates that chilled the rest of the crypto market. All of those challenges have largely overshadowed Trump's plans to build a "strategic Bitcoin reserve" through big government purchases of the cryptocurrency over the next few years. The surge that many coins saw on Sunday after Trump made another social media announcement about plans for a national crypto reserve had largely evaporated by Monday afternoon.

但是，在過去一個月中，比特幣的價格降低了近20％，因為人們擔心關稅，通貨膨脹和更高的費率，這些費用使其他加密貨幣市場降低了。所有這些挑戰在很大程度上掩蓋了特朗普在未來幾年內購買加密貨幣的大型政府購買的“戰略性比特幣儲備”的計劃。在特朗普在周一下午，特朗普再次發布有關國家加密儲備計劃計劃的社交媒體宣布後，許多硬幣在周日看到的激增在很大程度上蒸發了。

So as long as the macro outlook stays murky, many investors will steer clear of cryptocurrencies and other speculative investments. Elevated interest rates could also keep more cash stashed away in safe-haven investments like CDs and U.S. Treasuries, or other high-yielding investments.

因此，只要宏觀前景保持模糊，許多投資者就會避免加密貨幣和其他投機性投資。升高的利率還可以使更多現金藏在CD和美國國債等避難所投資或其他高收益投資中。

But over the long term, Bitcoin's price could stabilize and recover at a faster

但是從長遠來看，比特幣的價格可以更快地穩定和恢復