是什么决定了加密令牌的价值？ | Bitpanda

令牌价值反映了项目的增长潜力及其固有的价值。但是，它的价格可能是许多因素。

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.

在加密货币的领域中，确定令牌价值是一个引起了极大兴趣和讨论的主题。尽管项目的增长潜力及其固有的价值巨大，但与任何商品或货币一样，加密代币的价格最终受供求力的影响。

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.

对特定令牌的需求越高，稀缺的需求越低，供应越少，其价格越快就会上涨。但是，除了这些基本的经济原则之外，另一个因素在影响代币价值方面可能起着至关重要的作用。这个因素不过是列出令牌的交流的流动性。

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.

如我们所知，Coinbase，Upbit或日本市场等交易所繁重，由于更大的买入压力而创造了价值溢价。例如，Coinbase在所有主要加密货币和法定货币之间都有交易对。

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，在过去的一个月中，我们看到Coinbase上的现场和衍生品交易量已经超过了几天的150亿美元。

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.

此卷的大部分来自涉及美元和主要加密货币（例如BTC，ETH，XRP等）的交易对。Upbit也是如此。例如，今年早些时候，2月初，我们看到Upbit上的24小时现场和衍生品交易量超过了100亿美元。

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，如果我们只能通过他们的流动性来判断交流，那么binance将是最好的。根据最新的BitDegree发现，Binance是一种集中式交易所，在Bitdegree Exchange Tracker中排名第一，在过去的24小时内，交易量超过145亿美元，而95.9万亿美元（在写作时）。

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，毕业斯（Binance）充满了纸质交易者，他们迅速买卖，导致代币的价格迅速变化。这些人由于恐惧，恐慌或任何随机因素而匆忙出售其加密货币资产。

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.

许多因素导致纸交易，包括缺乏理解，对损失的恐惧，牛群的心态，缺乏耐心等等。但是，最终，交换流动性并不是一个非常有益的因素，可以称为加密货币市场健康状况的象征。

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.

更重要的是确定在被市场低估的顶级交易所中列出的令牌，可以重新定位以进行重新评估。但是，确定这种价值的代币并不容易，尤其是对于缺乏有效阅读和跟踪资产的组织资源的零售投资者而言。

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.

建立良好的投资者，例如Binance Labs，Samsung Next，Arthur Hayes等。例如，Binance最近发布了一份可能爆炸的被低估山寨币的清单。

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.

这些代币的价格为0.01美元或以下。 Binance还列出了识别被低估令牌的方法。这些因素包括围绕代币的强大社区和炒作，尽管有较小的市值，强大的发展路线图等，但具有超出猜测的目的，具有超越猜测的目的，表现出越来越多的交易量。但是，在没有团队和强大的组织支持的情况下，并非总是有可能跟踪这些许多因素。

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.

幸运的是，有一些平台可以提供帮助。例如，硬币终端使普通投资者能够投资于未广泛讨论但有可能提供惊人投资回报的代币。该平台易于访问，并允许参与其可退还的销售额，而零抵押品则不参与。投资者还可以免费加入由领先资金的前售。

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.

该平台有助于到达加密货币市场的更深层次，在那里找到高返回资产，因此能够在短时间内带来可观的增长。由于这些资产的价格通常很低，因此它们提供较低的入境成本和更高的上升潜力。投资者可以以适中的资金进入市场，并积累数百万个令牌。这种策略的好处是，价格的较小上涨意味着可观的利润。

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.

总体而言，尽管交流流动性对于建立对交易所的信任至关重要，但它与使其令牌有价值无关。进行强大的交流和仅在知名资产上进行交易将意味着中等或低于中等回报。投资者可以利用硬币终端等平台来确定被低估但高电势的代币，以充分利用其适度的投资，甚至赚取超凡的利润。