是什麼決定了加密令牌的價值？ | Bitpanda

令牌價值反映了項目的增長潛力及其固有的價值。但是，它的價格可能是許多因素。

In the realm of cryptocurrency, the determination of a token's value is a subject of considerable interest and discussion. While a project's growth potential and its inherent worth contribute significantly, the price of a crypto token, much like any commodity or currency, is ultimately governed by the forces of supply and demand.

在加密貨幣的領域中，確定令牌價值是一個引起了極大興趣和討論的主題。儘管項目的增長潛力及其固有的價值巨大，但與任何商品或貨幣一樣，加密代幣的價格最終受供求力的影響。

The higher the demand for a particular token, the scarcer it becomes, and the lower the supply, the more rapidly its price tends to rise. However, beyond these fundamental economic principles, another factor could play a crucial role in influencing token value. This factor is none other than the liquidity of the exchanges that have listed the token.

對特定令牌的需求越高，稀缺的需求越低，供應越少，其價格越快就會上漲。但是，除了這些基本的經濟原則之外，另一個因素在影響代幣價值方面可能起著至關重要的作用。這個因素不過是列出令牌的交流的流動性。

As we know, exchanges like Coinbase, Upbit, or Japanese markets are fiat-heavy and create a value premium due to more buy pressure. For instance, Coinbase has trading pairs between all the major crypto and fiat currencies.

如我們所知，Coinbase，Upbit或日本市場等交易所繁重，由於更大的買入壓力而創造了價值溢價。例如，Coinbase在所有主要加密貨幣和法定貨幣之間都有交易對。

During the past month, for instance, we saw that the spot and derivatives trading volume on Coinbase has crossed US$15 billion on several days.

例如，在過去的一個月中，我們看到Coinbase上的現場和衍生品交易量已經超過了幾天的150億美元。

Most of this volume comes from trading pairs that involve the US dollar and major cryptocurrencies like BTC, ETH, XRP, etc. The same is true for Upbit. Earlier this year, in early February, for instance, we saw that the 24-hour spot and derivative trading volume on Upbit went over US$10 billion.

此卷的大部分來自涉及美元和主要加密貨幣（例如BTC，ETH，XRP等）的交易對。 Upbit也是如此。例如，今年早些時候，2月初，我們看到Upbit上的24小時現場和衍生品交易量超過了100億美元。

However, if we were to judge exchanges only by their liquidity, then Binance would be the best. As per the latest BitDegree findings, Binance is a centralized exchange that ranks #1 on the BitDegree exchange tracker, with a trading volume of over US$14.5 billion in the last 24 hours and US$9.59 trillion (at the time of writing).

但是，如果我們只能通過他們的流動性來判斷交流，那麼binance將是最好的。根據最新的BitDegree發現，Binance是一種集中式交易所，在Bitdegree Exchange Tracker中排名第一，在過去的24小時內，交易量超過145億美元，而95.9萬億美元（在寫作時）。

But Binance is full of paper-hand traders who quickly buy and sell, leading to a rapid change in the token's price. These are individuals who hastily sell their crypto assets due to fear, panic, or any random factor.

但是，畢業斯（Binance）充滿了紙質交易者，他們迅速買賣，導致代幣的價格迅速變化。這些人由於恐懼，恐慌或任何隨機因素而匆忙出售其加密貨幣資產。

Many factors contribute to paper-hand trading, including a lack of understanding, fear of loss, herd mentality, lack of patience, and more. But, ultimately, exchange liquidity is not a very wholesome factor that could be termed a signifier of the crypto market’s health.

許多因素導致紙交易，包括缺乏理解，對損失的恐懼，牛群的心態，缺乏耐心等等。但是，最終，交換流動性並不是一個非常有益的因素，可以稱為加密貨幣市場健康狀況的象徵。

What matters more is identifying tokens listed on top-tier exchanges that are undervalued by the market and could be repositioned for a re-rating. However, identifying such tokens of value is not easy, especially for retail investors who lack the organizational resources to read and track assets effectively.

更重要的是確定在被市場低估的頂級交易所中列出的令牌，可以重新定位以進行重新評估。但是，確定這種價值的代幣並不容易，尤其是對於缺乏有效閱讀和跟踪資產的組織資源的零售投資者而言。

Well-established investors, like Binance Labs, Samsung Next, Arthur Hayes, etc., have the mechanism in place to identify high-potential yet undervalued tokens. For instance, Binance recently published a list of undervalued altcoins that could explode.

建立良好的投資者，例如Binance Labs，Samsung Next，Arthur Hayes等。例如，Binance最近發布了一份可能爆炸的被低估山寨幣的清單。

These tokens were available at the price of US$0.01 or less. Binance also listed ways to identify undervalued tokens. These factors include strong community & hype surrounding the token, the token having a purpose beyond speculation, exhibiting increasing trading volume despite having a small market cap, a robust developmental roadmap, etc. But, it is not always possible to track these many factors without a team and strong organizational backing.

這些代幣的價格為0.01美元或以下。 Binance還列出了識別被低估令牌的方法。這些因素包括圍繞代幣的強大社區和炒作，儘管有較小的市值，強大的發展路線圖等，但具有超出猜測的目的，具有超越猜測的目的，表現出越來越多的交易量。但是，在沒有團隊和強大的組織支持的情況下，並非總是有可能跟踪這些許多因素。

Fortunately, there are platforms that can help. Coin Terminal, for instance, enables ordinary investors to invest in tokens that are not widely discussed, but have the potential to deliver amazing returns on investment. The platform is easy to access and allows participation in its refundable sales with zero collateral—no token staking involved. Investors can also join pre-sales backed by leading funds for free.

幸運的是，有一些平台可以提供幫助。例如，硬幣終端使普通投資者能夠投資於未廣泛討論但有可能提供驚人投資回報的代幣。該平台易於訪問，並允許參與其可退還的銷售額，而零抵押品則不參與。投資者還可以免費加入由領先資金的前售。

The platform helps reach the deeper layers of the crypto market, where high-return assets are found—ones capable of delivering substantial gains in a short period. Since these assets are typically priced low, they offer lower entry costs and higher upside potential. Investors can enter the market with modest funds and accumulate millions of tokens. The good thing about such a strategy is that a small uptick in prices implies significant profits.

該平台有助於到達加密貨幣市場的更深層次，在那裡找到高返回資產，因此能夠在短時間內帶來可觀的增長。由於這些資產的價格通常很低，因此它們提供較低的入境成本和更高的上升潛力。投資者可以以適中的資金進入市場，並積累數百萬個令牌。這種策略的好處是，價格的較小上漲意味著可觀的利潤。

Altogether, while exchange liquidity is crucial for establishing trust in the exchange, it has less to do with making its tokens valuable. Coming to a robust exchange and trading only in reputed assets would mean moderate or below moderate returns. Investors can leverage platforms like Coin Terminal to identify undervalued yet high-potential tokens to make the most of their modest investments and even earn supernormal profits.

總體而言，儘管交流流動性對於建立對交易所的信任至關重要，但它與使其令牌有價值無關。進行強大的交流和僅在知名資產上進行交易將意味著中等或低於中等回報。投資者可以利用硬幣終端等平台來確定被低估但高電勢的代幣，以充分利用其適度的投資，甚至賺取超凡的利潤。