<p>比特幣（BTC 0.73%）的價格在過去 12 個月中翻了一番，達到了創紀錄的高點。這一漲勢受到四個因素的推動：1 月比特幣首個現貨交易所交易基金（ETF）的批准、4 月的最新四年減半、聯邦儲備的兩次降息，以及特朗普在總統選舉中的勝利。</p>
<p>這些 ETF 使主流和機構投資者更容易投資比特幣，減半通過將挖礦獎勵減半降低了比特幣的供應增長率，而美聯儲的降息可能會促使投資者重新關注加密貨幣、成長股和其他更具投機性的投資。特朗普即將上任的政府也預計將逆轉拜登政府對加密市場的限制。</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>圖片來源：Getty Images。</p>
<p>所有這些有利因素使得全球最大的加密貨幣目前成為一個有吸引力的投資選擇。但隨着比特幣價格徘徊在創紀錄的高點，投資者也可以考慮投資仍低於歷史高點的小型加密貨幣。讓我們更仔細地看看以太坊（ETH 4.12%），全球第二大加密貨幣，看看它是否比比特幣更具吸引力。</p>
<h2>比特幣與以太坊的區別</h2>
<p>比特幣是一種工作量證明（PoW）代幣，必須通過耗電的專用集成電路（ASIC）礦機進行數字挖礦。它的供應量有限，總共 2100 萬個幣，幾乎已經挖掘了 2000 萬個。</p>
<p>比特幣的挖礦難度每四年減半一次，逐漸減緩了這一過程。最後一個比特幣預計將在 2140 年被挖掘出來。這種稀缺性使其更類似於黃金、白銀和其他貴金屬，而不是其他加密貨幣。</p>
<p>以太坊以以太（ether）作為其原生代幣，曾經也是像比特幣一樣的工作量證明區塊鏈。但在 2022 年，它轉向了更節能的權益證明（PoS）機制，稱為合併（The Merge）。</p>
<p>像以太坊這樣的 PoS 代幣無法被挖掘。相反，其投資者在區塊鏈上 “質押”（或鎖定）他們的代幣，以獲得類似利息的獎勵。與 PoW 區塊鏈不同，PoS 區塊鏈還支持智能合約，這些合約用於開發去中心化應用（dApps）、非同質化代幣（NFT）和其他加密資產。這就是為什麼以太的價值通常與以太坊在開發者中的受歡迎程度掛鈎，而比特幣則更常因其稀缺性而被評估。</p>
<p>以太沒有供應限制，目前流通大約有 1.2 億個代幣。它在兩年前的合併後變得通縮，但今年的 Dencun 升級使其再次變得通脹。以太坊投資者試圖通過定期銷燬（從流通中移除）大量代幣來限制其供應，但這一過程並不像比特幣的定期減半那樣可預測或透明。</p>
<h2>為什麼以太坊表現不如比特幣？</h2>
<p>以太坊的價格在過去 12 個月中上漲了超過 50%，但表現不及比特幣，仍然比歷史高點低約 40%。以太坊的首個現貨交易 ETF 在 7 月獲得批准並開始交易，但沒有像比特幣的 ETF 那樣引起太多關注。隨着利率下降，以太似乎也沒有吸引到像比特幣那樣多的看漲投資者，但在總統選舉結束後，它與比特幣和更廣泛的加密市場一起上漲。</p>
<p>以太坊似乎受到兩個短期挑戰的制約。首先，以太坊面臨來自更新、更快的 PoS 區塊鏈（如 Solana（SOL -0.22%）和 Cardano（ADA 1.46%））的激烈競爭。其次，其不斷增長的供應正在抑制其價格增長。</p>
<p>但從長遠來看，一些其他有利因素可能會出現。以太坊的下一個升級 “邊緣”（The Verge）將增強其安全特性並降低其硬件要求，使其能夠在智能手錶和物聯網（IoT）設備等較小設備上運行。瑞銀（UBS（UBS -2.24%））最近還在以太坊的區塊鏈上推出了首個代幣化基金，這表明它仍然是一個比 Solana 或 Cardano 更穩定的 PoS 平台。</p>
<h2>那麼，選擇以太坊而不是比特幣是否明智？</h2>
<p>一些看漲的投資者預計以太坊將飆升。VanEck 的 Matthew Sigel 和 Patrick Bush 預計到 2030 年其價格將四倍增長至 11,800 美元，而 Ark Invest 的 Cathie Wood 認為到 2032 年其價格可能飆升超過 5,600% 至 166,000 美元。</p>
<p>然而，我個人認為購買比特幣仍然更明智。比特幣就像數字黃金，因此其價值應該在大多數法定貨幣中穩定並上升。以太坊代幣仍然是通脹的，其供應是無限的，無法被挖掘，其未來價值將在很大程度上由以太坊對去中心化應用開發者和金融機構的實用性決定。以太坊的價格可能會繼續上漲，但我懷疑在未來幾年內它是否會持續超越比特幣。</p>

GBTC

<p>這篇文章討論了比特幣和以太坊的投資潛力。由於 ETF 批准和美聯儲降息等因素，比特幣的價格大幅上漲。相比之下，儘管以太坊自身也經歷了價格反彈，但在與新興區塊鏈的競爭以及供應相關的挑戰下，其表現不及比特幣。儘管一些分析師預測以太坊的價格可能會飆升，作者認為比特幣由於其稀缺性和穩定性，仍然是更明智的投資，將其比作數字黃金</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>比特幣（BTC 0.73%）的價格在過去 12 個月中翻了一番，達到了創紀錄的高點。這一漲勢受到四個因素的推動：1 月比特幣首個現貨交易所交易基金（ETF）的批准、4 月的最新四年減半、聯邦儲備的兩次降息，以及特朗普在總統選舉中的勝利。</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>這些 ETF 使主流和機構投資者更容易投資比特幣，減半通過將挖礦獎勵減半降低了比特幣的供應增長率，而美聯儲的降息可能會促使投資者重新關注加密貨幣、成長股和其他更具投機性的投資。特朗普即將上任的政府也預計將逆轉拜登政府對加密市場的限制。</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>圖片來源：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>所有這些有利因素使得全球最大的加密貨幣目前成為一個有吸引力的投資選擇。但隨着比特幣價格徘徊在創紀錄的高點，投資者也可以考慮投資仍低於歷史高點的小型加密貨幣。讓我們更仔細地看看以太坊（ETH 4.12%），全球第二大加密貨幣，看看它是否比比特幣更具吸引力。</p>
</div><h2>The differences between Bitcoin and Ethereum</h2>
<div class="lb-trans"><h2>比特幣與以太坊的區別</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>比特幣是一種工作量證明（PoW）代幣，必須通過耗電的專用集成電路（ASIC）礦機進行數字挖礦。它的供應量有限，總共 2100 萬個幣，幾乎已經挖掘了 2000 萬個。</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>比特幣的挖礦難度每四年減半一次，逐漸減緩了這一過程。最後一個比特幣預計將在 2140 年被挖掘出來。這種稀缺性使其更類似於黃金、白銀和其他貴金屬，而不是其他加密貨幣。</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）作為其原生代幣，曾經也是像比特幣一樣的工作量證明區塊鏈。但在 2022 年，它轉向了更節能的權益證明（PoS）機制，稱為合併（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>像以太坊這樣的 PoS 代幣無法被挖掘。相反，其投資者在區塊鏈上 “質押”（或鎖定）他們的代幣，以獲得類似利息的獎勵。與 PoW 區塊鏈不同，PoS 區塊鏈還支持智能合約，這些合約用於開發去中心化應用（dApps）、非同質化代幣（NFT）和其他加密資產。這就是為什麼以太的價值通常與以太坊在開發者中的受歡迎程度掛鈎，而比特幣則更常因其稀缺性而被評估。</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>以太沒有供應限制，目前流通大約有 1.2 億個代幣。它在兩年前的合併後變得通縮，但今年的 Dencun 升級使其再次變得通脹。以太坊投資者試圖通過定期銷燬（從流通中移除）大量代幣來限制其供應，但這一過程並不像比特幣的定期減半那樣可預測或透明。</p>
</div><h2>Why has Ethereum underperformed Bitcoin?</h2>
<div class="lb-trans"><h2>為什麼以太坊表現不如比特幣？</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>以太坊的價格在過去 12 個月中上漲了超過 50%，但表現不及比特幣，仍然比歷史高點低約 40%。以太坊的首個現貨交易 ETF 在 7 月獲得批准並開始交易，但沒有像比特幣的 ETF 那樣引起太多關注。隨着利率下降，以太似乎也沒有吸引到像比特幣那樣多的看漲投資者，但在總統選舉結束後，它與比特幣和更廣泛的加密市場一起上漲。</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>以太坊似乎受到兩個短期挑戰的制約。首先，以太坊面臨來自更新、更快的 PoS 區塊鏈（如 Solana（SOL -0.22%）和 Cardano（ADA 1.46%））的激烈競爭。其次，其不斷增長的供應正在抑制其價格增長。</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>但從長遠來看，一些其他有利因素可能會出現。以太坊的下一個升級 “邊緣”（The Verge）將增強其安全特性並降低其硬件要求，使其能夠在智能手錶和物聯網（IoT）設備等較小設備上運行。瑞銀（UBS（UBS -2.24%））最近還在以太坊的區塊鏈上推出了首個代幣化基金，這表明它仍然是一個比 Solana 或 Cardano 更穩定的 PoS 平台。</p>
</div><h2>So, is it smart to choose Ethereum over Bitcoin?</h2>
<div class="lb-trans"><h2>那麼，選擇以太坊而不是比特幣是否明智？</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>一些看漲的投資者預計以太坊將飆升。VanEck 的 Matthew Sigel 和 Patrick Bush 預計到 2030 年其價格將四倍增長至 11,800 美元，而 Ark Invest 的 Cathie Wood 認為到 2032 年其價格可能飆升超過 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，我個人認為購買比特幣仍然更明智。比特幣就像數字黃金，因此其價值應該在大多數法定貨幣中穩定並上升。以太坊代幣仍然是通脹的，其供應是無限的，無法被挖掘，其未來價值將在很大程度上由以太坊對去中心化應用開發者和金融機構的實用性決定。以太坊的價格可能會繼續上漲，但我懷疑在未來幾年內它是否會持續超越比特幣。</p>
</div>

Should You Forget Bitcoin and Buy Ethereum Instead?

- 比特幣價格在過去一年翻倍，創下新高，受四大因素推動。  
- 以太坊在過去一年上漲超過 50%，但仍低於歷史高點 40%。  
- 以太坊面臨競爭和供應增長挑戰，未來潛力仍存。  

你是否應該忘記比特幣而轉向購買以太坊？