現在要購買哪種加密貨幣？比特幣（BTC），Ripple的XRP或Dogecoin（Doge）？

所有流通中所有加密貨幣的總價值目前為3.5萬億美元，即將在12月創下的創紀錄的3.9萬億美元

The total value of all cryptocurrencies in circulation is currently $3.5 trillion, which is nearing the record high of $3.9 trillion that was set in December. Positive sentiment is returning to the financial markets after a rough start to 2025, but investors are also enthusiastic about a series of crypto-friendly policies recently enacted by President Donald Trump.

目前，所有流通中的加密貨幣的總價值為3.5萬億美元，接近12月創下的創紀錄的3.9萬億美元。在2025年開始時，積極的情緒正在返回金融市場，但投資者也對唐納德·特朗普總統最近制定的一系列對加密貨幣友好的政策充滿熱情。

Among the world's most popular cryptocurrencies are Ripple's XRP (CRYPTO: XRP), Dogecoin (CRYPTO: DOGE), and Bitcoin (CRYPTO: BTC), which are being followed for very different reasons.

在世界上最受歡迎的加密貨幣中，有Ripple的XRP（加密：XRP），Dogecoin（crypto：doge）和比特幣（Crypto：BTC），其原因非常不同。

Dogecoin was the best performer of the three in 2024 with a gain of 251%, but Bitcoin is the only one that continues to set new highs. Which one might be the best buy in the remainder of 2025? To me, the answer is clear.

Dogecoin是2024年三分之二的表現最好，增長率為251％，但比特幣是唯一繼續樹立新高點的比特幣。哪一種可能是2025年剩餘時間的最佳買入？對我來說，答案很明確。

The case for XRP: Ripple's regulatory troubles are done

XRP的案例：波紋的監管麻煩已經完成

Financial technology company Ripple designed a unique system called Ripple Payments that facilitates instant cross-border transactions. It eliminates the need for intermediaries by connecting banks with one another directly, which paves the way for immediate settlements.

金融技術公司Ripple設計了一個名為Ripple Payments的獨特系統，可促進即時跨境交易。它通過直接將銀行相互連接，從而消除了對中介的需求，這為即時定居點鋪平了道路。

To give banks an alternative to using fiat currencies within Ripple Payments, Ripple created the XRP cryptocurrency. A cross-border XRP transaction costs a fraction of one cent (0.00001 XRP), so it's much cheaper than sending a domestic currency, which can incur fees of anywhere from 0.5% to 3% of the transaction amount when it's converted to the foreign currency.

為了為銀行提供在波紋支付中使用法定貨幣的替代方案，Ripple創建了XRP加密貨幣。跨境XRP交易的成本為一百分之一（0.00001 XRP），因此它比發送本貨幣便宜得多，當該貨幣轉換為外幣時，該貨幣的費用可能從交易金額的0.5％到3％。

XRP has a total supply of 100 billion tokens. About 58.6 billion are in circulation, and the other 41.4 billion are held by Ripple, which releases them gradually to meet demand from institutions.

XRP的總供應量為1000億個令牌。 Ripple持有大約586億張，其他414億億，逐漸釋放它們以滿足機構的需求。

Since that makes Ripple the sole issuer, the U.S. Securities and Exchange Commission (SEC) sued the company in 2020 alleging XRP should be classified as a financial security, like a stock or a bond. Had the regulator won in court, Ripple might have been forced to change its business model and incur significant compliance costs.

由於這使得唯一的發行人波紋，美國證券交易委員會（SEC）於2020年起訴該公司，指控XRP應歸類為金融保障，例如股票或債券。如果監管機構在法庭上獲勝，Ripple可能被迫更改其業務模式並產生大量合規成本。

The case was finally resolved mostly in Ripple's favor in August 2024, but the company was hit with a $125 million fine. The SEC appealed the decision, which threatened to tie the parties up in court for several more years, but everything changed when Trump was elected.

該案終於在2024年8月以Ripple受到幫助，但該公司被罰款1.25億美元。 SEC提出上訴該決定，該決定威脅要在法庭上將各方綁起來幾年，但是當特朗普當選時，一切都發生了變化。

The SEC is now ran by crypto advocate Paul Atkins, and the agency withdrew its appeal and settled its case against Ripple earlier this month. It even agreed to reduce the fine from $125 million to just $50 million.

SEC現在由加密辯護人保羅·阿特金斯（Paul Atkins）運營，該機構撤回了上訴，並在本月初對Ripple提出了訴訟。它甚至同意將罰款從1.25億美元減少到僅5000萬美元。

The legal battle weighed heavily on the price of XRP, which is why the token has soared more than 300% since Trump won last November.

法律鬥爭嚴重取決於XRP的價格，這就是為什麼自特朗普去年11月獲勝以來，代幣已經飆升了300％以上的原因。

The case for Dogecoin: Elon Musk, but his influence might be fading

Dogecoin的案例：Elon Musk，但他的影響力可能正在消失

Dogecoin was founded in 2013 by two friends as a joke. They were inspired by the "doge" meme, which was spreading rapidly across the internet at the time. Elon Musk has been a supporter of Dogecoin since 2019, but the token didn't really take off until 2021 when he began promoting it more vocally on social media.

Dogecoin是由兩個朋友開玩笑於2013年成立的。他們的靈感來自“門多格”模因，該模因當時正在互聯網上迅速傳播。自2019年以來，埃隆·馬斯克（Elon Musk）一直是Dogecoin的支持者，但是直到2021年，他才真正在社交媒體上更加聲音地推廣它。

Musk even appeared on an episode of Saturday Night Live in May of that year, where he participated in a Dogecoin-themed comedy skit. The token soared to a record high of $0.73 that very night, but once it became clear that Musk didn't have a real plan to back up his social media banter, it collapsed. The crypto then lost more than 90% of its value by mid-2022, and it remained mostly little changed throughout 2023 and for most of 2024.

馬斯克甚至出現在那年五月的《星期六夜現場》一集中，在那裡他參加了以狗果為主題的喜劇短劇。那天晚上，代幣飆升至創紀錄的0.73美元，但是一旦很明顯馬斯克沒有真正的計劃來支持他的社交媒體戲banter，它就會崩潰。到2022年中期，加密貨幣的價值損失了超過90％的價值，並且在2023年和2024年的大部分時間裡，它的變化很少。

But it shot up again after the November election. Investors were feeling optimistic about Trump's pro-crypto policy proposals, and they were especially excited about Musk's potential involvement in the administration since he was a regular figure on the campaign trail. Trump went on to appoint Musk as the head of the Department of Government Efficiency (DOGE for short), which is an initiative tasked with cutting spending to reduce the U.S. national debt.

但是它在11月大選後再次爆發。投資者對特朗普的親克賴特（Crypto）政策提案感到樂觀，他們對馬斯克（Musk）的潛在參與政府感到特別興奮，因為他是競選活動的常規人物。特朗普繼續任命馬斯克為政府效率部（簡稱Doge）的負責人，這是一項倡議，負責削減支出以減少美國的國家債務。

The DOGE acronym is a clear nod to Musk's favorite cryptocurrency. But his support once again proved to be hollow -- there is still no indication that Dogecoin will play a concrete role in the DOGE project, and it has plunged by 50% from its recent 52-week high, leaving investors with a sense of déjà vu.

Doge的首字母縮寫是對馬斯克最喜歡的加密貨幣的明顯點頭。但是他的支持再次被證明是空洞的 - 仍然沒有跡象表明，狗狗幣將在總督項目中發揮具體作用，並且從最近的52周高點起就跌入了50％，這使投資者俱有déjàvu的感覺。

The case for Bitcoin: A strategic government reserve

比特幣的情況：戰略政府儲備

Bitcoin is the world's largest cryptocurrency. Its market capitalization of $2.2 trillion accounts for more than half the $3.5 trillion total value of all coins and tokens in circulation. Unlike almost every other cryptocurrency, it continues to set new highs thanks to a set of unique qualities that make investors

比特幣是世界上最大的加密貨幣。它的市值為2.2萬億美元的賬戶，超過一半以上，比流通中所有硬幣和代幣的總價值為3.5萬億美元。與幾乎所有其他加密貨幣不同，由於一系列獨特的品質，它仍然使新的高點保持新的高度