现在要购买哪种加密货币？比特币（BTC），Ripple的XRP或Dogecoin（Doge）？

所有流通中所有加密货币的总价值目前为3.5万亿美元，即将在12月创下的创纪录的3.9万亿美元

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，所有流通中的加密货币的总价值为3.5万亿美元，接近12月创下的创纪录的3.9万亿美元。在2025年开始时，积极的情绪正在返回金融市场，但投资者也对唐纳德·特朗普总统最近制定的一系列对加密货币友好的政策充满热情。

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.

在世界上最受欢迎的加密货币中，有Ripple的XRP（加密：XRP），Dogecoin（crypto：doge）和比特币（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年三分之二的表现最好，增长率为251％，但比特币是唯一继续树立新高点的比特币。哪一种可能是2025年剩余时间的最佳买入？对我来说，答案很明确。

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

XRP的案例：波纹的监管麻烦已经完成

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.

金融技术公司Ripple设计了一个名为Ripple Payments的独特系统，可促进即时跨境交易。它通过直接将银行相互连接，从而消除了对中介的需求，这为即时定居点铺平了道路。

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.

为了为银行提供在波纹支付中使用法定货币的替代方案，Ripple创建了XRP加密货币。跨境XRP交易的成本为一百分之一（0.00001 XRP），因此它比发送本货币便宜得多，当转换为外币时，该货币的费用可能会在交易金额的0.5％至3％中产生。

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的总供应量为1000亿个令牌。 Ripple持有大约586亿，另外414亿亿，逐渐释放出来，以满足机构的需求。

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.

由于这使得唯一的发行人波纹，美国证券交易委员会（SEC）于2020年起诉该公司，指控XRP应归类为金融保障，例如股票或债券。如果监管机构在法庭上获胜，Ripple可能被迫更改其业务模式并产生大量合规成本。

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.

该案终于在2024年8月以Ripple受到帮助，但该公司被罚款1.25亿美元。 SEC提出上诉该决定，该决定威胁要在法庭上将各方绑起来几年，但是当特朗普当选时，一切都发生了变化。

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现在由加密辩护人保罗·阿特金斯（Paul Atkins）运营，该机构撤回了上诉，并在本月初对Ripple提出了诉讼。它甚至同意将罚款从1.25亿美元减少到仅5000万美元。

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.

法律斗争严重取决于XRP的价格，这就是为什么自特朗普去年11月获胜以来，代币已经飙升了300％以上的原因。

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

Dogecoin的案例：Elon Musk，但他的影响力可能正在消失

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是由两个朋友开玩笑于2013年成立的。他们的灵感来自“门多格”模因，该模因当时正在互联网上迅速传播。自2019年以来，埃隆·马斯克（Elon Musk）一直是Dogecoin的支持者，但是直到2021年，他才真正在社交媒体上更加声音地推广它。

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.

马斯克甚至出现在那年五月的《星期六夜现场》一集中，在那里他参加了以狗果为主题的喜剧短剧。那天晚上，代币飙升至创纪录的0.73美元，但是一旦很明显马斯克没有真正的计划来支持他的社交媒体戏banter，它就会崩溃。到2022年中期，加密货币的价值损失了超过90％的价值，并且在2023年和2024年的大部分时间里，它的变化很少。

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月大选后再次爆发。投资者对特朗普的亲克赖特（Crypto）政策提案感到乐观，他们对马斯克（Musk）的潜在参与政府感到特别兴奋，因为他是竞选活动的常规人物。特朗普继续任命马斯克为政府效率部（简称Doge）的负责人，这是一项倡议，负责削减支出以减少美国的国家债务。

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的首字母缩写是对马斯克最喜欢的加密货币的明显点头。但是他的支持再次被证明是空洞的 - 仍然没有迹象表明，狗狗币将在总督项目中发挥具体作用，并且从最近的52周高点起就跌入了50％，这使投资者具有déjàvu的感觉。

The case for Bitcoin: A strategic government reserve

比特币的情况：战略政府储备

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

比特币是世界上最大的加密货币。它的市值为2.2万亿美元的账户，超过一半以上，比流通中所有硬币和代币的总价值为3.5万亿美元。与几乎所有其他加密货币不同，由于一系列独特的品质，它仍然使新的高点保持新的高度