隨著市場重新校準備忘後和推動後，哪種加密可以在2025年蓬勃發展？

2025年開始反映出從短暫的興奮和更深層的變化轉變，這些變化正在穩步影響加密貨幣如何在更廣泛的金融體系中找到自己的位置。

The year 2025 is beginning to reflect a shift away from short-lived excitement and toward deeper changes that are steadily influencing how crypto finds its place within the broader financial system.

2025年開始反映出從短暫的興奮和更深層的變化轉變，這些變化正在穩步影響加密貨幣如何在更廣泛的金融體系中找到自己的位置。

After the sharp rise in 2024, which saw the market cap cross $3 trillion, attention is now turning to whether that momentum is sustainable and what deeper forces are quietly steering the direction.

在2024年急劇上升後，市值超過了3萬億美元，現在註意到這種勢頭是否可持續以及更深的力量正在悄悄地轉向方向。

One of the most consequential developments is the policy recalibration underway in the U.S. With Donald Trump back in office, there is renewed political interest in dismantling regulatory barriers that previously limited the scope of digital assets.

最重要的事態發展之一是在美國進行的政策重新校準，唐納德·特朗普（Donald Trump）重新上任，在拆除以前限制數字資產範圍的監管障礙方面，政治上有重新興趣。

The rollback of SEC guidelines such as SAB 121 is one such example, signaling that regulated financial institutions may soon be allowed to expand into crypto custody, settlement, and related infrastructure.

SEC指南（例如SAB 121）的回滾就是這樣一個例子，表明可能很快允許受監管的金融機構擴展到加密貨幣，和解和相關基礎設施。

That shift carries weight because institutional participation is not largely hypothetical. As of May 9, Bitcoin (BTC) spot ETFs have attracted more than $41 billion in inflows, confirming that large allocators are not largely treating Bitcoin as a fringe allocation.

這種轉變會帶來體​​重，因為機構參與並不是很大程度上的假設。截至5月9日，比特幣（BTC）ETF吸引了超過410億美元的流入，證實大型分配者並沒有將比特幣視為附帶分配。

Still, the market does not operate in isolation. The reintroduction of U.S. tariffs in early 2025 triggered brief pullbacks across risk assets, including crypto.

儘管如此，市場並非孤立地運作。 2025年初，美國關稅的重新引入引發了包括加密在內的風險資產的短暫回調。

However, the subsequent rebound in the last few days has revived bullish sentiment, particularly among institutional investors who continue to add exposure in anticipation of regulatory clarity.

但是，在過去幾天中隨後的反彈恢復了看漲的情緒，尤其是在機構投資者中，他們在預期監管方面的情況下繼續增加曝光率。

Against this backdrop of evolving regulation, let’s try to identify which crypto could boom in 2025, and why.

在這種不斷發展的法規的背景下，讓我們嘗試確定哪個加密貨幣在2025年可能會蓬勃發展，以及原因。

Which crypto could boom in 2025?

哪個加密貨幣可以在2025年蓬勃發展？

The year 2025 has seen a whirlwind of activity in the crypto sphere, with new trends emerging rapidly. Among them, the interest in AI coins and memecoins has reached fever pitch, largely due to the role of social media in amplifying liquidity shifts.

2025年在加密球體中看到了活動的旋風，新趨勢迅速出現。其中，人們對AI硬幣和成員的興趣達到了發燒，這在很大程度上是由於社交媒體在擴大流動性轉移中的作用。

Institutions are also playing a larger part in the market, and their preferences are shaping the direction of capital flows. Moreover, the U.S. political landscape is having a significant impact on crypto regulations, which in turn will determine the pace of institutional adoption.

機構在市場上也發揮了更大的作用，他們的偏好正在塑造資本流的方向。此外，美國的政治格局對加密法規產生了重大影響，這反過來將決定機構採用的步伐。

As we navigate this fast-evolving terrain, it’s crucial to keep a broad view and identify cryptocurrencies that are well-positioned for continued growth in the latter half of 2025.

當我們瀏覽這個快速發展的地形時，至關重要的是要保持廣闊的視野並確定在2025年後半段持續增長的加密貨幣。

Core pillars — Bitcoin and Ethereum

核心支柱 - 比特幣和以太坊

Bitcoin and Ethereum (ETH) continue to serve as foundational assets in the crypto market, not simply because of their history but because their roles have evolved alongside institutional behavior, technical advancements, and broader economic realignments.

比特幣和以太坊（ETH）繼續充當加密市場的基礎資產，這不僅是因為其歷史，還因為它們的角色隨著制度行為，技術進步和更廣泛的經濟重新調整而演變。

Bitcoin’s recent performance has reinforced its positioning as a strategic reserve asset. After crossing $109,000 in January 2025, its momentum slowed, and the price fell by nearly 30% through early April.

比特幣最近的業績增強了其作為戰略儲備資產的地位。在2025年1月超過109,000美元之後，其勢頭放緩，到4月初的價格下降了近30％。

As of now, BTC has regained ground and is being traded at around $103,000. A major factor behind this recovery is the scale and composition of inflows channeled through spot ETFs.

截至目前，BTC恢復了基礎，並以103,000美元的價格交易。這種恢復背後的主要因素是通過點ETF傳遞的流入的規模和組成。

Price projections vary significantly. Speculative posts on X regularly present targets of $500,000 or even $1 million, although more grounded models place Bitcoin within the $80,000 to $200,000 range.

價格預測差異很大。 X上的投機性帖子定期出現500,000美元甚至100萬美元，儘管更多的型號將比特幣放置在80,000美元至200,000美元的範圍內。

Reports from Galaxy Digital have also alluded to this sentiment, forecasting levels around $185,000 due to institutional demand, decreasing issuance, and heightened interest in non-sovereign reserve assets.

Galaxy Digital的報告還提到了這種情緒，預測水平約為185,000美元，這是由於機構需求，發行的減少以及對非主管儲備金資產的利息增強。

Ethereum, on the other hand, operates as a critical infrastructure layer within the broader crypto ecosystem. ETH is currently being traded at around $2,330, having seen a 28% price increase in the past 7 days.

另一方面，以太坊在更廣泛的加密生態系統中充當關鍵基礎設施層。 ETH目前的交易價格約為2,330美元，過去7天的價格上漲了28％。

The network’s transition to proof-of-stake in 2022 led to a reduction in energy consumption by over 99%, and the latest Pectra upgrade introduces enhancements aimed at usability and scalability.

該網絡在2022年向驗證證明的過渡導致能源消耗降低了99％以上，最新的Pectra升級引入了旨在可用性和可擴展性的增強功能。

Key improvements include doubling blob capacity on layer 2 networks to ease congestion and lower fees, enabling Account Abstraction to allow gas payments in tokens like Dai (DAI) or USD Coin (USDC), and raising the maximum validator stake from 32 ETH to 2,048 ETH, which will simplify operations for large institutional validators.

關鍵改進包括將BLOB容量增加一倍，以減輕擁塞和較低的費用，從而使帳戶抽象允許在諸如DAI（DAI）或USD Coin（USDC）之類的代幣中付款，並將最大驗證器危險從32 ETH提高到2,048 ETH，從而簡化了大型機構驗證者的操作。

These updates are designed to improve accessibility, reduce the cost of network participation, and accommodate throughput demand from layer 2 applications.

這些更新旨在提高可訪問性，降低網絡參與的成本，並適應第2層應用程序的吞吐量需求。

Ethereum’s price forecasts are also widely debated, yet generally more measured than those for Bitcoin. According to estimations by VanEck, they could reach levels above $6,000.

以太坊的價格預測也被廣泛爭議，但通常比比特幣的預測更為衡量。根據Vaneck的估計，他們可以達到6,000美元以上的水平。

Institutional sentiment has become more cautiously optimistic since the approval of spot Ethereum ETFs in July 2024, although capital flows into ETH products are still lower compared to those seen in the Bitcoin market.

自2024年7月獲得現貨以太坊ETF以來，機構情緒變得更加謹慎，儘管與比特幣市場相比，資本流入ETH產品的資本仍然較低。

Both Bitcoin and Ethereum are not positioned as high-upside bets like smaller altcoins, but their importance to both infrastructure and the broader crypto narrative continues to anchor their relevance across

比特幣和以太坊都不是像較小的山寨幣這樣的高架賭注，但是它們對基礎設施和更廣泛的加密敘事的重要性繼續依賴於他們的相關性