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.

加密货币首先作为传统金融 (TradFi) 的替代品而飙升，传统金融包括法定货币、银行和股票市场。然而，多年来，加密货币市场变得越来越类似于TradFi，直接争夺投资者的注意力。

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，加密货币市场和股票市场都在大规模牛市结束时达到顶峰。从那时起，后者的表现超过了加密货币总市值指数——所有加密货币市值的总和。

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.

特别是，标准普尔 500 指数的价值比加密货币市场高出近 15%。此外，全球领先的股市指数刚刚创下历史新高，而加密货币仍处于最高点的一半。

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.

标准普尔 500 指数目前估值为 4,890 美元，而另一指数的市值为 1.568 万亿美元。值得注意的是，加密货币总市值在 2021 年达到 3 万亿美元的峰值。

Markets’ historical battle: Crypto vs. Stock

市场的历史之战：加密货币与股票

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，缩小图表也会显示类似的结果。以标准普尔 500 指数为例，自 2014 年以来，股票市场的表现优于加密货币市场近 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 年期间，加密货币与股票拉开了距离。这种情况发生在多个旨在解决不同需求的项目启动期间，但该运动略有减弱。

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.

截至撰写本文时，传统金融机构参与者对加密货币和代币化表现出越来越浓厚的兴趣。风险资本家已将资金投入加密货币初创公司，将去中心化和非营利理想的空间拉远到类似于 TradFi 的生态系统。

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.

在这种背景下，股市似乎在更加平等的竞争条件下蓬勃发展。尽管如此，如果未来几个月出现强劲的牛市，加密货币的波动性可能对其有利。

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

投资者现在可以决定选择去中心化金融（DeFi）还是 TradFi，尽管在这种不可预测且快速变化的环境中需要谨慎行事。

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免责声明：本网站的内容不应被视为投资建议。投资是投机性的。投资时，您的资本面临风险。