加密貨幣市場在監管勝利和樂觀前景中飆升

2022年，由於利率上升和監管挑戰，加密貨幣市場經歷了低迷。然而，近期在 SEC 批准比特幣 ETF、利率預期降低以及即將到來的比特幣「減半」的刺激下，市場復甦，導致看漲情緒重燃。為了利用這種成長，投資者應該考慮投資頂級加密貨幣和 Marathon Digital 和 Coinbase Global 等有前景的加密公司，這些公司預計將受益於有利的市場條件和策略擴張計劃。

Cryptocurrency Market Regains Momentum Amid Regulatory Approvals and Market Optimism

在監管批准和市場樂觀情緒中，加密貨幣市場重拾動力

The cryptocurrency market, which faced a significant downturn in 2022 due to rising interest rates, regulatory uncertainties, and macroeconomic challenges, has witnessed a notable resurgence over the past year. This renewed enthusiasm primarily stems from the United States Securities and Exchange Commission (SEC) approving the first spot price Bitcoin exchange-traded funds (ETFs) and investors anticipating a potential easing of interest rates.

由於利率上升、監管不確定性和宏觀經濟挑戰，加密貨幣市場在 2022 年面臨嚴重低迷，但在過去一年出現了顯著復甦。這種新的熱情主要源自於美國證券交易委員會（SEC）批准第一個現貨價格比特幣交易所交易基金（ETF）以及投資者對利率可能放鬆的預期。

Furthermore, the upcoming Bitcoin "halving" event, which will decrease the rewards for mining the cryptocurrency, network upgrades for the Ethereum Network, and increased institutional cryptocurrency investments have also contributed to the bullish sentiment in the market.

此外，即將到來的比特幣「減半」事件將減少加密貨幣的挖礦獎勵、以太坊網路的網路升級以及機構加密貨幣投資的增加也促進了市場的看漲情緒。

Direct Cryptocurrency Investments and Promising Crypto Companies: Capitalizing on Market Growth

直接加密貨幣投資和有前途的加密公司：利用市場成長

For investors seeking to participate in the cryptocurrency market's growth, the most straightforward approach is to purchase leading cryptocurrencies such as Bitcoin and Ethereum on cryptocurrency exchanges. However, a prudent investment strategy also involves investing in promising cryptocurrency companies that stand to benefit from the same market tailwinds.

對於尋求參與加密貨幣市場成長的投資者來說，最直接的方法是在加密貨幣交易所購買比特幣和以太幣等領先的加密貨幣。然而，審慎的投資策略還包括投資有前途的加密貨幣公司，這些公司有望從同樣的市場順風車中受益。

Marathon Digital: Leading Bitcoin Miner with Expansion Plans

Marathon Digital：領先的比特幣礦商及擴張計劃

Marathon Digital, North America's largest pure-play Bitcoin miner, serves as an attractive investment opportunity. The company's strong performance in 2023, with a 210% increase in Bitcoin mining from 2022 to 12,852 Bitcoins, is a testament to its operational efficiency. Marathon currently holds 17,381 Bitcoins as part of its total Bitcoin and cash holdings of $1.6 billion.

Marathon Digital 是北美最大的純比特幣礦商，是一個有吸引力的投資機會。該公司在 2023 年的強勁表現，比特幣開採量較 2022 年增長了 210%，達到 12,852 個比特幣，證明了其營運效率。 Marathon 目前持有 17,381 枚比特幣，作為其 16 億美元比特幣和現金持有總額的一部分。

Despite facing adverse weather conditions in North Dakota, Marathon plans to mitigate these challenges by relocating some miners to Texas and energizing additional miners. These strategic moves are expected to expand the company's operating fleet to 235,000 miners, resulting in a significant increase in production capacity to 29.8 exahashes per second (EH/s) in 2024.

儘管北達科他州面臨惡劣的天氣條件，馬拉松計劃通過將一些礦工遷至德克薩斯州並激勵更多礦工來緩解這些挑戰。這些策略性舉措預計將使該公司的營運礦機數量擴大到 235,000 台，使生產能力在 2024 年大幅增加到每秒 29.8 EH/s。

Marathon's competitive edge over rivals is evidenced by its substantial lead over Riot Platforms, its closest competitor. Riot ended March with 112,944 miners, a production capacity of 8.6 EH/s, and only 8,490 Bitcoins on its balance sheet.

Marathon 相對於競爭對手的競爭優勢體現在其對最接近的競爭對手 Riot Platforms 的巨大領先優勢。截至 3 月份，Riot 擁有 112,944 名礦工，產能為 8.6 EH/s，資產負債表上僅有 8,490 個比特幣。

As Marathon continues to establish new plants, acquire smaller miners, and expand its joint venture in Abu Dhabi, its advantage is expected to grow. The company's strategic allocation of resources, including periodic sales of Bitcoin to generate additional capital for expansion, further solidifies its position as a leader in the Bitcoin mining industry.

隨著馬拉松繼續建立新工廠、收購小型礦商並擴大其在阿布達比的合資企業，其優勢預計將增強。該公司的資源策略配置，包括定期出售比特幣以產生額外的擴張資本，進一步鞏固了其作為比特幣挖礦行業領導者的地位。

Analysts predict Marathon's revenue to experience a 35% compound annual growth rate (CAGR) from 2023 to 2026. While its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth is estimated to be a more modest 1% CAGR due to increased spending on business expansion, its stock remains attractively valued at six times this year's sales and 13 times adjusted EBITDA.

分析師預測，從2023 年到2026 年，馬拉鬆的收入將實現35% 的複合年增長率(CAGR)。而其調整後的息稅折舊攤銷前利潤(EBITDA) 增長預計為1% 的較為溫和的複合年增長率，原因是儘管業務擴張支出增加，但其股票估值仍然具有吸引力，是今年銷售額的六倍和調整後 EBITDA 的 13 倍。

Coinbase Global: Dominant Cryptocurrency Exchange with Growing Market Share

Coinbase Global：市佔率不斷成長的主導加密貨幣交易所

Coinbase Global, recognized as one of the world's largest cryptocurrency exchanges, holds a significant amount of assets under custody, with $101 billion reported at the end of 2023. Its established position is further reinforced by its selection as the custodian for eight of the 11 new Bitcoin spot price ETFs that debuted this year.

Coinbase Global 被公認為全球最大的加密貨幣交易所之一，持有大量託管資產，截至2023 年底，資產規模達1,010 億美元。其既定地位因被選為11 個新加密貨幣交易所中的8 個託管人而進一步鞏固。今年推出的比特幣現貨價格 ETF。

Coinbase has successfully navigated the industry downturn, emerging stronger while many of its competitors faced setbacks. Despite a 44% decline in total trading volume in 2023, the exchange witnessed sequential improvements in the third and fourth quarters as the crypto market regained momentum.

Coinbase 成功度過了行業低迷時期，在許多競爭對手面臨挫折的同時變得更加強大。儘管 2023 年總交易量下降了 44%，但隨著加密貨幣市場恢復勢頭，該交易所在第三和第四季實現了連續改善。

Coinbase's business model is evolving, with an increasing reliance on the Tether stablecoin for trading. In 2023, Tether accounted for 11% of the exchange's trading volume, a shift that could reduce its long-term dependence on Bitcoin, Ethereum, and other volatile crypto assets.

Coinbase 的商業模式正在不斷發展，越來越依賴 Tether 穩定幣進行交易。 2023 年，Tether 佔該交易所交易量的 11%，這項轉變可能會減少對比特幣、以太坊和其他波動性加密資產的長期依賴。

Analysts anticipate Coinbase's revenue to grow at a CAGR of 21% from 2023 to 2026, with its adjusted EBITDA expected to increase at a CAGR of 40%. Based on these projections, Coinbase's stock is currently valued at 10 times forward sales and 24 times adjusted EBITDA.

分析師預計，從 2023 年到 2026 年，Coinbase 的收入將以 21% 的複合年增長率增長，調整後的 EBITDA 預計將以 40% 的複合年增長率增長。根據這些預測，Coinbase 的股票目前估值為預期銷售額的 10 倍和調整後 EBITDA 的 24 倍。

While Coinbase's stock may not be a deep value play at its current price, its growth potential in the expanding cryptocurrency market remains significant. Cathie Wood, the renowned investor of Ark Invest, has consistently held Coinbase as a top stock, driven by her belief in Bitcoin's potential to reach $1.5 million within the next three years.

儘管以目前的價格計算，Coinbase 的股票可能不具有深度價值，但在不斷擴大的加密貨幣市場中的成長潛力仍然巨大。 Ark Invest 的著名投資者 Cathie Wood 一直將 Coinbase 作為頂級股票，因為她相信比特幣有潛力在未來三年內達到 150 萬美元。

Investors who anticipate increased adoption of cryptocurrencies by retail and institutional investors should consider following Wood's lead and investing in Coinbase. The company's established position, strategic diversification, and long-term growth outlook make it an attractive investment opportunity in the crypto ecosystem.

預計散戶和機構投資者將越來越多採用加密貨幣的投資者應該考慮效仿 Wood 的做法，投資 Coinbase。該公司的既定地位、策略多元化和長期成長前景使其成為加密生態系統中有吸引力的投資機會。

Conclusion

結論

The cryptocurrency market's resurgence, supported by regulatory progress, macroeconomic tailwinds, and industry advancements, presents investors with opportunities for capital growth. Direct investments in top cryptocurrencies and investments in promising crypto companies like Marathon Digital and Coinbase Global offer compelling entry points for participation in this evolving market. However, investors should carefully consider their risk tolerance and investment objectives before making any commitments.

在監管進展、宏觀經濟順風和行業進步的支持下，加密貨幣市場的復甦為投資者提供了資本成長的機會。對頂級加密貨幣的直接投資以及對 Marathon Digital 和 Coinbase Global 等有前途的加密貨幣公司的投資為參與這個不斷發展的市場提供了令人信服的切入點。然而，投資者在做出任何承諾之前應仔細考慮自己的風險承受能力和投資目標。