With the growing buzz around, cryptocurrency has become the most-discussed topic around the globe. Be it seasoned investors or crypto enthusiasts, everyone is interested in exploring this relatively new asset class so they can manage to get some handsome profits from its short-term or long-term holdings. Unfortunately, cryptocurrency is not limited to a few digital tokens. The vast array of digital currencies vying to grab the top spots is making it challenging for people to pick the right digital tokens for their portfolio.
If you’re willing to diversify your portfolio by adding interesting digital currencies with promising growth potential, you might want to consider Ethereum and Dogecoin. Both these cryptocurrencies have risen from ground zero, securing a top place for them in the market. Those willing to play safe can proceed with either Dogecoin or Ethereum, depending on their personal preference and intellect.
To decide which one among the two cryptocurrencies is a better investment bet between Ethereum and Dogecoin, you have to be aware of what these coins exactly are. Knowing the basics will help you make wise, informed investing decisions. So let’s head straight and know all the facts an investor should know before buying either of these digital currencies.
Ethereum: Important Facts Investors Must Know
Second next to Bitcoin, Ethereum is gaining everyone’s attention for all the right reasons. It is a general-purpose decentralized computing platform using blockchain as its underlying technology. What makes Ethereum the best bet is its ability to let developers use the network to create decentralized apps using smart contracts, which would eventually lead to the elimination of intermediaries from various processes.
Think of it as a payment processing system without the need of a third-party payment processing company or issuing insurance without the involvement of any insurance company. Ethereum has higher aspirations than various other available cryptocurrencies, and it clearly reflects in its pricing as well. When you convert 1 Ethereum to INR in the current time, you’ll see how valuable it has become and how encouraging its journey, so far, has been. These can be some positive signs for anyone willing to invest in Ethereum.
People backing Ethereum also consider it to be the next Bitcoin and believe it will overtake Bitcoin’s position in the coming years. Even though Ethereum, as an investment option, is still highly volatile and risky, the same can be said for all cryptocurrencies available in the market. Ethereum offers a real store of value and solves a real-world problem, so one can expect Ethereum to only get bigger in the coming years.
In fact, many NFT marketplaces, software, DeFi, etc., are now being created and run on the Ethereum network, which is a huge positive for this cryptocurrency. As the acceptance and user base of Ethereum increases, so will its value. So if you haven’t purchased Ethereum yet, you should consider including it in your portfolio. Many top and reliable crypto exchanges support Ethereum, so buying, selling, and storing the same won’t be a challenge.
Dogecoin: Things Every Investor Should Know
What surprised investors the most in recent years in the crypto space was the rise of Dogecoin, the Shiba Inu-inspired meme coin. This coin was not launched with the purpose of solving any defined problem or to be used as a store of value. It was, instead, launched to poke fun at the growing popularity of altcoins, which saw a sudden spike after the success of Bitcoin.
If you’re new to the still emerging cryptocurrency space and have not been tracking the news around cryptocurrencies for the past few years, let us reiterate that Dogecoin suddenly gained popularity after it received a shout-out from the business titan Elon Musk on Twitter. Whether you check the present-day value of Dogecoin price INR or past years, it is entirely influenced by the market and peoples’ perception of Dogecoin.
Despite not serving any real value, Dogecoin still managed to give its early investors some impressive returns on their investment. Over the years, various people have made profits due to the sudden rise in its market price due to the hype that its supporters keep building around it. So it won’t be incorrect to say that investors willing to make some profits in the short-term can consider including Dogecoin in their portfolio. But long-term players should look for cryptocurrencies that offer real value; as such digital currencies have good potential in the long run.
Dogecoin continues to remain a highly volatile and risky investment, so it is advised not to go all out while investing in this digital token. Start small, learn to understand the market, and scale accordingly. Luckily, Dogecoin is supported by various major crypto exchanges around the world, so you wouldn’t face difficulty buying, selling, or storing Dogecoin.
Ethereum Vs. Dogecoin: What to Choose?
The primary differentiator between the best and worst cryptocurrencies is its purpose of launch. People serious about investing in cryptocurrency should always stick to digital coins that are gaining wider acceptance and prominence owing to the utility they provide in the real world. However, some have even invested in other coins that they felt could yield them greater profits. Now that you’re aware of what Ethereum and Dogecoin exactly are, why they were created, and what their prospects are, you should be able to invest in your best interest.