加密货币市场在监管胜利和乐观前景中飙升

2022年，由于利率上升和监管挑战，加密货币市场经历了低迷。然而，近期在 SEC 批准比特币 ETF、利率预期降低以及即将到来的比特币“减半”的刺激下，市场复苏，导致看涨情绪重燃。为了利用这种增长，投资者应该考虑投资顶级加密货币和 Marathon Digital 和 Coinbase Global 等有前景的加密公司，这些公司预计将受益于有利的市场条件和战略扩张计划。

Cryptocurrency Market Regains Momentum Amid Regulatory Approvals and Market Optimism

在监管批准和市场乐观情绪中，加密货币市场重拾动力

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.

由于利率上升、监管不确定性和宏观经济挑战，加密货币市场在 2022 年面临严重低迷，但在过去一年出现了显着复苏。这种新的热情主要源于美国证券交易委员会（SEC）批准第一个现货价格比特币交易所交易基金（ETF）以及投资者对利率可能放松的预期。

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，即将到来的比特币“减半”事件将减少加密货币的挖矿奖励、以太坊网络的网络升级以及机构加密货币投资的增加也促进了市场的看涨情绪。

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

直接加密货币投资和有前途的加密公司：利用市场增长

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.

对于寻求参与加密货币市场增长的投资者来说，最直接的方法是在加密货币交易所购买比特币和以太坊等领先的加密货币。然而，审慎的投资策略还包括投资有前途的加密货币公司，这些公司有望从同样的市场顺风车中受益。

Marathon Digital: Leading Bitcoin Miner with Expansion Plans

Marathon Digital：领先的比特币矿商及扩张计划

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 是北美最大的纯比特币矿商，是一个有吸引力的投资机会。该公司在 2023 年的强劲表现，比特币开采量较 2022 年增长了 210%，达到 12,852 个比特币，这证明了其运营效率。 Marathon 目前持有 17,381 枚比特币，作为其 16 亿美元比特币和现金持有总额的一部分。

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.

尽管北达科他州面临恶劣的天气条件，马拉松计划通过将一些矿工迁至德克萨斯州并激励更多矿工来缓解这些挑战。这些战略举措预计将使公司的运营矿机数量扩大到 235,000 台，从而使生产能力在 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 相对于竞争对手的竞争优势体现在其对最接近的竞争对手 Riot Platforms 的巨大领先优势。截至 3 月份，Riot 拥有 112,944 名矿工，产能为 8.6 EH/s，资产负债表上仅有 8,490 个比特币。

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.

随着马拉松继续建立新工厂、收购小型矿商并扩大其在阿布扎比的合资企业，其优势预计将增强。该公司的资源战略配置，包括定期出售比特币以产生额外的扩张资本，进一步巩固了其作为比特币挖矿行业领导者的地位。

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.

分析师预测，从 2023 年到 2026 年，马拉松的收入将实现 35% 的复合年增长率 (CAGR)。而其调整后的息税折旧摊销前利润 (EBITDA) 增长预计为 1% 的较为温和的复合年增长率，原因是尽管业务扩张支出增加，但其股票估值仍然具有吸引力，是今年销售额的六倍和调整后 EBITDA 的 13 倍。

Coinbase Global: Dominant Cryptocurrency Exchange with Growing Market Share

Coinbase Global：市场份额不断增长的主导加密货币交易所

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 被公认为全球最大的加密货币交易所之一，持有大量托管资产，截至 2023 年底，资产规模达 1,010 亿美元。其既定地位因被选为 11 个新加密货币交易所中的 8 个托管人而得到进一步巩固。今年推出的比特币现货价格 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 成功度过了行业低迷时期，在许多竞争对手面临挫折的同时变得更加强大。尽管 2023 年总交易量下降了 44%，但随着加密货币市场恢复势头，该交易所在第三和第四季度实现了连续改善。

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 的商业模式正在不断发展，越来越依赖 Tether 稳定币进行交易。 2023 年，Tether 占该交易所交易量的 11%，这一转变可能会减少其对比特币、以太坊和其他波动性加密资产的长期依赖。

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.

分析师预计，从 2023 年到 2026 年，Coinbase 的收入将以 21% 的复合年增长率增长，调整后的 EBITDA 预计将以 40% 的复合年增长率增长。根据这些预测，Coinbase 的股票目前估值为预期销售额的 10 倍和调整后 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.

尽管以目前的价格计算，Coinbase 的股票可能不具深度价值，但其在不断扩大的加密货币市场中的增长潜力仍然巨大。 Ark Invest 的著名投资者 Cathie Wood 一直将 Coinbase 作为顶级股票，因为她相信比特币有潜力在未来三年内达到 150 万美元。

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.

预计散户和机构投资者越来越多地采用加密货币的投资者应该考虑效仿 Wood 的做法，投资 Coinbase。该公司的既定地位、战略多元化和长期增长前景使其成为加密生态系统中有吸引力的投资机会。

Conclusion

结论

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.

在监管进展、宏观经济顺风和行业进步的支持下，加密货币市场的复苏为投资者提供了资本增长的机会。对顶级加密货币的直接投资以及对 Marathon Digital 和 Coinbase Global 等有前途的加密货币公司的投资为参与这个不断发展的市场提供了令人信服的切入点。然而，投资者在做出任何承诺之前应仔细考虑自己的风险承受能力和投资目标。