Cryptocurrencies first surged as an alternative to traditional finance (TradFi), which includes fiat currencies, banking, and the stock market. However, the cryptocurrency market has become more similar to TradFi over the years, directly competing for investors’ attention.

加密貨幣首先作為傳統金融 (TradFi) 的替代品而飆升，傳統金融包括法定貨幣、銀行和股票市場。然而，多年來，加密貨幣市場變得越來越類似TradFi，直接爭取投資人的注意力。

In 2021, both the crypto and stock markets peaked at the end of a massive bull market. Since then, the latter has outperformed the total crypto market cap index – a sum of all cryptocurrencies’ capitalization.

2021 年，加密貨幣市場和股票市場都在大規模牛市結束時達到高峰。從那時起，後者的表現超過了加密貨幣總市值指數——所有加密貨幣市值的總和。

In particular, the S&P 500 kept nearly 15% more value than the cryptocurrency market. Moreover, the leading stock market index in the world just reached new all-time highs, while crypto is still halfway to its top.

特別是，標準普爾 500 指數的價值比加密貨幣市場高出近 15%。此外，全球領先的股市指數剛創下歷史新高，而加密貨幣仍處於最高點的一半。

The S&P 500 is currently valued at $4,890, while the other has a $1.568 trillion capitalization. Notably, the total crypto market cap peaked at $3 trillion in 2021.

標準普爾 500 指數目前估值為 4,890 美元，而另一指數的市值為 1.568 兆美元。值得注意的是，加密貨幣總市值在 2021 年達到 3 兆美元的高峰。

Markets’ historical battle: Crypto vs. Stock

市場的歷史之戰：加密貨幣與股票

Interestingly, zooming the chart out will show a similar result. The stock market, illustrated by the S&P 500, outperformed crypto by nearly 10% since 2014.

有趣的是，縮小圖表也會顯示類似的結果。以標準普爾 500 指數為例，自 2014 年以來，股票市場的表現優於加密貨幣市場近 10%。

It is notable that cryptocurrencies distanced themselves from stocks between 2017 to 2020. This happened amid the launch of multiple projects aiming to solve different demands, but the movement slightly lost strength.

值得注意的是，2017 年至 2020 年期間，加密貨幣與股票拉開了距離。這種情況發生在多個旨在解決不同需求的專案啟動期間，但該運動略有減弱。

As of writing, institutional players from traditional finance are showing a growing interest in crypto and tokenization. Venture capitalists have deployed money into crypto startups, distancing the space from decentralization and non-profit ideals to an ecosystem that resembles TradFi.

截至撰寫本文時，傳統金融機構參與者對加密貨幣和代幣化表現出越來越濃厚的興趣。創投家已將資金投入加密貨幣新創公司，將去中心化和非營利理想的空間拉遠到類似 TradFi 的生態系統。

In this context, the stock market seems to thrive under these more equal competitive conditions. Nevertheless, crypto’s volatility might play in its favor if a solid bull run forms in the following months.

在這種背景下，股市似乎在更平等的競爭條件下蓬勃發展。儘管如此，如果未來幾個月出現強勁的牛市，加密貨幣的波動性可能對其有利。

Investors can now decide on decentralized finance (DeFi) or TradFi, although caution is necessary when navigating such an unpredictable and fast-changing environment.

投資者現在可以決定選擇去中心化金融（DeFi）還是 TradFi，儘管在這種不可預測且快速變化的環境中需要謹慎行事。

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免責聲明：本網站的內容不應被視為投資建議。投資是投機性的。投資時，您的資本面臨風險。