随着市场重新校准备忘后和推动后，哪种加密可以在2025年蓬勃发展？

2025年开始反映出从短暂的兴奋和更深层的变化转变，这些变化正在稳步影响加密货币如何在更广泛的金融体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年开始反映出从短暂的兴奋和更深层的变化转变，这些变化正在稳步影响加密货币如何在更广泛的金融体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年急剧上升后，市值超过了3万亿美元，现在注意到这种势头是否可持续以及更深的力量正在悄悄地转向方向。

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.

最重要的事态发展之一是在美国进行的政策重新校准，唐纳德·特朗普（Donald Trump）重新上任，在拆除以前限制数字资产范围的监管障碍方面，政治上有重新兴趣。

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）的回滚就是这样一个例子，表明可能很快允许受监管的金融机构扩展到加密货币，和解和相关基础设施。

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.

这种转变会带来体​​重，因为机构参与并不是很大程度上的假设。截至5月9日，比特币（BTC）ETF吸引了超过410亿美元的流入，证实大型分配者并没有将比特币视为附带分配。

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.

尽管如此，市场并非孤立地运作。 2025年初，美国关税的重新引入引发了包括加密在内的风险资产的短暂回调。

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，在过去几天中随后的反弹恢复了看涨的情绪，尤其是在机构投资者中，他们在预期监管方面的情况下继续增加曝光率。

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

在这种不断发展的法规的背景下，让我们尝试确定哪个加密货币在2025年可能会蓬勃发展，以及原因。

Which crypto could boom in 2025?

哪个加密货币可以在2025年蓬勃发展？

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年在加密球体中看到了活动的旋风，新趋势迅速出现。其中，人们对AI硬币和成员的兴趣达到了发烧，这在很大程度上是由于社交媒体在扩大流动性转移中的作用。

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.

机构在市场上也发挥了更大的作用，他们的偏好正在塑造资本流的方向。此外，美国的政治格局对加密法规产生了重大影响，这反过来将决定机构采用的步伐。

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.

当我们浏览这个快速发展的地形时，至关重要的是要保持广阔的视野并确定在2025年后半段持续增长的加密货币。

Core pillars — Bitcoin and Ethereum

核心支柱 - 比特币和以太坊

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.

比特币和以太坊（ETH）继续充当加密市场的基础资产，这不仅是因为其历史，还因为它们的角色随着制度行为，技术进步和更广泛的经济重新调整而演变。

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.

比特币最近的业绩增强了其作为战略储备资产的地位。在2025年1月超过109,000美元之后，其势头放缓，到4月初的价格下降了近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恢复了基础，并以103,000美元的价格交易。这种恢复背后的主要因素是通过点ETF传递的流入的规模和组成。

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.

价格预测差异很大。 X上的投机性帖子定期出现500,000美元甚至100万美元，尽管更多的型号将比特币放置在80,000美元至200,000美元的范围内。

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的报告还提到了这种情绪，预测水平约为185,000美元，这是由于机构需求，发行的减少以及对非主管储备金资产的利息增强。

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，以太坊在更广泛的加密生态系统中充当关键基础设施层。 ETH目前的交易价格约为2,330美元，过去7天的价格上涨了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.

该网络在2022年向验证证明的过渡导致能源消耗降低了99％以上，最新的Pectra升级引入了旨在可用性和可扩展性的增强功能。

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.

关键改进包括将BLOB容量增加一倍，以减轻拥塞和较低的费用，从而使帐户抽象允许在诸如DAI（DAI）或USD Coin（USDC）之类的代币中付款，并将最大验证器危险从32 ETH提高到2,048 ETH，从而简化了大型机构验证者的操作。

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

这些更新旨在提高可访问性，降低网络参与的成本，并适应第2层应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.

以太坊的价格预测也被广泛争议，但通常比比特币的预测更为衡量。根据Vaneck的估计，他们可以达到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月获得现货以太坊ETF以来，机构情绪变得更加谨慎，尽管与比特币市场相比，资本流入ETH产品的资本仍然较低。

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

比特币和以太坊都不是像较小的山寨币这样的高架赌注，但是它们对基础设施和更广泛的加密叙事的重要性继续依赖于他们的相关性