<p>比特币（BTC 0.73%）的价格在过去 12 个月中翻了一番，达到了创纪录的高点。这一涨势受到四个因素的推动：1 月比特币首个现货交易所交易基金（ETF）的批准、4 月的最新四年减半、联邦储备的两次降息，以及特朗普在总统选举中的胜利。</p>
<p>这些 ETF 使主流和机构投资者更容易投资比特币，减半通过将挖矿奖励减半降低了比特币的供应增长率，而美联储的降息可能会促使投资者重新关注加密货币、成长股和其他更具投机性的投资。特朗普即将上任的政府也预计将逆转拜登政府对加密市场的限制。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTcxNjAvZGlnaXRhbC1tb25leS1jdWJlLXBsYWNlZC1vbi1hLWJsb2NrY2hhaW4uanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTcxNjAvZGlnaXRhbC1tb25leS1jdWJlLXBsYWNlZC1vbi1hLWJsb2NrY2hhaW4uanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>所有这些有利因素使得全球最大的加密货币目前成为一个有吸引力的投资选择。但随着比特币价格徘徊在创纪录的高点，投资者也可以考虑投资仍低于历史高点的小型加密货币。让我们更仔细地看看以太坊（ETH 4.12%），全球第二大加密货币，看看它是否比比特币更具吸引力。</p>
<h2>比特币与以太坊的区别</h2>
<p>比特币是一种工作量证明（PoW）代币，必须通过耗电的专用集成电路（ASIC）矿机进行数字挖矿。它的供应量有限，总共 2100 万个币，几乎已经挖掘了 2000 万个。</p>
<p>比特币的挖矿难度每四年减半一次，逐渐减缓了这一过程。最后一个比特币预计将在 2140 年被挖掘出来。这种稀缺性使其更类似于黄金、白银和其他贵金属，而不是其他加密货币。</p>
<p>以太坊以以太（ether）作为其原生代币，曾经也是像比特币一样的工作量证明区块链。但在 2022 年，它转向了更节能的权益证明（PoS）机制，称为合并（The Merge）。</p>
<p>像以太坊这样的 PoS 代币无法被挖掘。相反，其投资者在区块链上 “质押”（或锁定）他们的代币，以获得类似利息的奖励。与 PoW 区块链不同，PoS 区块链还支持智能合约，这些合约用于开发去中心化应用（dApps）、非同质化代币（NFT）和其他加密资产。这就是为什么以太的价值通常与以太坊在开发者中的受欢迎程度挂钩，而比特币则更常因其稀缺性而被评估。</p>
<p>以太没有供应限制，目前流通大约有 1.2 亿个代币。它在两年前的合并后变得通缩，但今年的 Dencun 升级使其再次变得通胀。以太坊投资者试图通过定期销毁（从流通中移除）大量代币来限制其供应，但这一过程并不像比特币的定期减半那样可预测或透明。</p>
<h2>为什么以太坊表现不如比特币？</h2>
<p>以太坊的价格在过去 12 个月中上涨了超过 50%，但表现不及比特币，仍然比历史高点低约 40%。以太坊的首个现货交易 ETF 在 7 月获得批准并开始交易，但没有像比特币的 ETF 那样引起太多关注。随着利率下降，以太似乎也没有吸引到像比特币那样多的看涨投资者，但在总统选举结束后，它与比特币和更广泛的加密市场一起上涨。</p>
<p>以太坊似乎受到两个短期挑战的制约。首先，以太坊面临来自更新、更快的 PoS 区块链（如 Solana（SOL -0.22%）和 Cardano（ADA 1.46%））的激烈竞争。其次，其不断增长的供应正在抑制其价格增长。</p>
<p>但从长远来看，一些其他有利因素可能会出现。以太坊的下一个升级 “边缘”（The Verge）将增强其安全特性并降低其硬件要求，使其能够在智能手表和物联网（IoT）设备等较小设备上运行。瑞银（UBS（UBS -2.24%））最近还在以太坊的区块链上推出了首个代币化基金，这表明它仍然是一个比 Solana 或 Cardano 更稳定的 PoS 平台。</p>
<h2>那么，选择以太坊而不是比特币是否明智？</h2>
<p>一些看涨的投资者预计以太坊将飙升。VanEck 的 Matthew Sigel 和 Patrick Bush 预计到 2030 年其价格将四倍增长至 11,800 美元，而 Ark Invest 的 Cathie Wood 认为到 2032 年其价格可能飙升超过 5,600% 至 166,000 美元。</p>
<p>然而，我个人认为购买比特币仍然更明智。比特币就像数字黄金，因此其价值应该在大多数法定货币中稳定并上升。以太坊代币仍然是通胀的，其供应是无限的，无法被挖掘，其未来价值将在很大程度上由以太坊对去中心化应用开发者和金融机构的实用性决定。以太坊的价格可能会继续上涨，但我怀疑在未来几年内它是否会持续超越比特币。</p>

GBTC

<p>这篇文章讨论了比特币和以太坊的投资潜力。由于 ETF 批准和美联储降息等因素，比特币的价格大幅上涨。相比之下，尽管以太坊自身也经历了价格反弹，但在与新兴区块链的竞争以及供应相关的挑战下，其表现不及比特币。尽管一些分析师预测以太坊的价格可能会飙升，作者认为比特币由于其稀缺性和稳定性，仍然是更明智的投资，将其比作数字黄金</p>

<p><strong>Bitcoin</strong>'s (BTC 0.73%) price more than doubled to a record high during the past 12 months. Four catalysts drove that rally: the approvals of Bitcoin's first spot price exchange-traded funds (ETFs) in January, its latest four-year halving in April, the Federal Reserve's two interest rate cuts, and Trump's victory in the presidential election.</p>
<div class="lb-trans"><p>比特币（BTC 0.73%）的价格在过去 12 个月中翻了一番，达到了创纪录的高点。这一涨势受到四个因素的推动：1 月比特币首个现货交易所交易基金（ETF）的批准、4 月的最新四年减半、联邦储备的两次降息，以及特朗普在总统选举中的胜利。</p>
</div><p>The ETFs made it easier for mainstream and institutional investors to invest in Bitcoin, the halving lowered Bitcoin's supply growth rate by reducing the rewards for mining in half, and the Fed's rate cuts will likely drive investors back toward cryptocurrencies, growth stocks, and more speculative investments. Trump's incoming administration is also expected to reverse the Biden administration's restrictions on the crypto market.</p>
<div class="lb-trans"><p>这些 ETF 使主流和机构投资者更容易投资比特币，减半通过将挖矿奖励减半降低了比特币的供应增长率，而美联储的降息可能会促使投资者重新关注加密货币、成长股和其他更具投机性的投资。特朗普即将上任的政府也预计将逆转拜登政府对加密市场的限制。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTcxNjAvZGlnaXRhbC1tb25leS1jdWJlLXBsYWNlZC1vbi1hLWJsb2NrY2hhaW4uanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797160%2Fdigital-money-cube-placed-on-a-blockchain.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>All those tailwinds make the world's top cryptocurrency an attractive investment right now. But as Bitcoin hovers near its record highs, investors can also consider investing in smaller cryptocurrencies still trading below their all-time highs. Let's take a closer look at <strong>Ethereum</strong>(ETH 4.12%), the world's second-most valuable cryptocurrency, to see whether it fits the profile as a more compelling buy than Bitcoin right now.</p>
<div class="lb-trans"><p>所有这些有利因素使得全球最大的加密货币目前成为一个有吸引力的投资选择。但随着比特币价格徘徊在创纪录的高点，投资者也可以考虑投资仍低于历史高点的小型加密货币。让我们更仔细地看看以太坊（ETH 4.12%），全球第二大加密货币，看看它是否比比特币更具吸引力。</p>
</div><h2>The differences between Bitcoin and Ethereum</h2>
<div class="lb-trans"><h2>比特币与以太坊的区别</h2>
</div><p>Bitcoin is a proof-of-work (PoW) token that must be digitally mined with power-hungry ASIC (application-specific integrated circuit) miners. It has a finite supply of 21 million coinns, and almost 20 million of them have already been mined.</p>
<div class="lb-trans"><p>比特币是一种工作量证明（PoW）代币，必须通过耗电的专用集成电路（ASIC）矿机进行数字挖矿。它的供应量有限，总共 2100 万个币，几乎已经挖掘了 2000 万个。</p>
</div><p>The difficulty of mining Bitcoin, which doubles with each four-year halving, is gradually slowing down that process. The last Bitcoin will likely be mined by 2140. That scarcity makes it more similar to gold, silver, and other precious metals than other cryptocurrencies.</p>
<div class="lb-trans"><p>比特币的挖矿难度每四年减半一次，逐渐减缓了这一过程。最后一个比特币预计将在 2140 年被挖掘出来。这种稀缺性使其更类似于黄金、白银和其他贵金属，而不是其他加密货币。</p>
</div><p>Ethereum, which hosts ether as its native token, was once a PoW blockchain like Bitcoin. But in 2022, it transitioned to the more energy-efficient proof-of-stake (PoS) mechanism in a process called The Merge.</p>
<div class="lb-trans"><p>以太坊以以太（ether）作为其原生代币，曾经也是像比特币一样的工作量证明区块链。但在 2022 年，它转向了更节能的权益证明（PoS）机制，称为合并（The Merge）。</p>
</div><p>PoS tokens like Ethereum's can't be mined. Instead, its investors &#34;stake&#34; (or lock up) their tokens on the blockchain to earn interest-like rewards. Unlike PoW blockchains, PoS blockchains also support smart contracts, which are used to develop decentralized apps (dApps), non-fungible tokens (NFTs), and other crypto assets. That's why ether's value is often pegged to Ethereum's popularity among developers, while Bitcoin is more frequently valued by its scarcity.</p>
<div class="lb-trans"><p>像以太坊这样的 PoS 代币无法被挖掘。相反，其投资者在区块链上 “质押”（或锁定）他们的代币，以获得类似利息的奖励。与 PoW 区块链不同，PoS 区块链还支持智能合约，这些合约用于开发去中心化应用（dApps）、非同质化代币（NFT）和其他加密资产。这就是为什么以太的价值通常与以太坊在开发者中的受欢迎程度挂钩，而比特币则更常因其稀缺性而被评估。</p>
</div><p>Ether doesn't have a supply limit, and there are roughly 120 million tokens in circulation right now. It became deflationary after The Merge two years ago, but its fee-reducing Dencun upgrade this year made it inflationary again. Ethereum investors try to limit its supply by periodically burning (removing from circulation) a lot of tokens -- but that process isn't as predictable or transparent as Bitcoin's scheduled halvings.</p>
<div class="lb-trans"><p>以太没有供应限制，目前流通大约有 1.2 亿个代币。它在两年前的合并后变得通缩，但今年的 Dencun 升级使其再次变得通胀。以太坊投资者试图通过定期销毁（从流通中移除）大量代币来限制其供应，但这一过程并不像比特币的定期减半那样可预测或透明。</p>
</div><h2>Why has Ethereum underperformed Bitcoin?</h2>
<div class="lb-trans"><h2>为什么以太坊表现不如比特币？</h2>
</div><p>Ethereum's price has rallied more than 50% during the past 12 months, but it underperformed Bitcoin and remains about 40% below its all-time high. Ethereum's first spot price ETFs were approved and started trading this July, but they didn't generate as much buzz as Bitcoin's ETFs. Ether also didn't seem to attract as many bulls as Bitcoin did as interest rates declined, but it rallied alongside Bitcoin and the broader crypto market after the presidential election ended.</p>
<div class="lb-trans"><p>以太坊的价格在过去 12 个月中上涨了超过 50%，但表现不及比特币，仍然比历史高点低约 40%。以太坊的首个现货交易 ETF 在 7 月获得批准并开始交易，但没有像比特币的 ETF 那样引起太多关注。随着利率下降，以太似乎也没有吸引到像比特币那样多的看涨投资者，但在总统选举结束后，它与比特币和更广泛的加密市场一起上涨。</p>
</div><p>Ethereum seems to be held back by two near-term challenges. First, Ethereum faces stiff competition from newer and faster PoS blockchains like <strong>Solana</strong>(SOL -0.22%) and <strong>Cardano</strong>(ADA 1.46%). Second, its growing supply is throttling its price growth.</p>
<div class="lb-trans"><p>以太坊似乎受到两个短期挑战的制约。首先，以太坊面临来自更新、更快的 PoS 区块链（如 Solana（SOL -0.22%）和 Cardano（ADA 1.46%））的激烈竞争。其次，其不断增长的供应正在抑制其价格增长。</p>
</div><p>But over the long term, some other tailwinds could kick in. Ethereum's next upgrade, &#34;The Verge,&#34; will enhance its security features and lower its hardware requirements so it can run on smaller devices like smartwatches and Internet of Things (IoT) devices. <strong>UBS</strong>(UBS -2.24%) also recently launched its first tokenized fund on Ethereum's blockchain, which suggests it's still a more stable PoS platform than Solana or Cardano.</p>
<div class="lb-trans"><p>但从长远来看，一些其他有利因素可能会出现。以太坊的下一个升级 “边缘”（The Verge）将增强其安全特性并降低其硬件要求，使其能够在智能手表和物联网（IoT）设备等较小设备上运行。瑞银（UBS（UBS -2.24%））最近还在以太坊的区块链上推出了首个代币化基金，这表明它仍然是一个比 Solana 或 Cardano 更稳定的 PoS 平台。</p>
</div><h2>So, is it smart to choose Ethereum over Bitcoin?</h2>
<div class="lb-trans"><h2>那么，选择以太坊而不是比特币是否明智？</h2>
</div><p>Some bullish investors expect Ethereum to soar. VanEck's Matthew Sigel and Patrick Bush expect its price to quadruple to $11,800 by 2030, while Ark Invest's Cathie Wood believes it could soar more than 5,600% to $166,000 by 2032.</p>
<div class="lb-trans"><p>一些看涨的投资者预计以太坊将飙升。VanEck 的 Matthew Sigel 和 Patrick Bush 预计到 2030 年其价格将四倍增长至 11,800 美元，而 Ark Invest 的 Cathie Wood 认为到 2032 年其价格可能飙升超过 5,600% 至 166,000 美元。</p>
</div><p>However, I personally think it's still smarter to buy Bitcoin instead of Ethereum. Bitcoin is like digital gold, so its value should stabilize and rise against most fiat currencies. Ethereum tokens are still inflationary, its supply is unlimited, it can't be mined, and its future value will be largely defined by Ethereum's utility for dApp developers and financial institutions. Ethereum's price could keep rising, but I doubt it will consistently outperform Bitcoin during the next few years.</p>
<div class="lb-trans"><p>然而，我个人认为购买比特币仍然更明智。比特币就像数字黄金，因此其价值应该在大多数法定货币中稳定并上升。以太坊代币仍然是通胀的，其供应是无限的，无法被挖掘，其未来价值将在很大程度上由以太坊对去中心化应用开发者和金融机构的实用性决定。以太坊的价格可能会继续上涨，但我怀疑在未来几年内它是否会持续超越比特币。</p>
</div>

Should You Forget Bitcoin and Buy Ethereum Instead?

- 比特币价格在过去一年翻倍，创下新高，受四大因素推动。  
- 以太坊在过去一年上涨超过 50%，但仍低于历史高点 40%。  
- 以太坊面临竞争和供应增长挑战，未来潜力仍存。  

你是否应该忘记比特币而转向购买以太坊？