Bitcoin (BTC) and Dogecoin (DOGE) are two cryptocurrencies that have been in the limelight lately. Both cryptos have shown considerably high growth in their prices over the past few years. Bitcoin has shown an increase of 75% since the beginning of January 2021. On the other hand, Dogecoin has soared almost 1800% since the beginning of 2021.
BTC and DOGE are all set for a bullish run in 2023. Bitcoin rallied into an all-time high of $68,789 on November 10, 2021, while Dogecoin hit an all-time high of $0.7376 on May 6, 2021. Let us explore why investors are flocking around these two cryptos and further see which is a better buy in 2023 Bitcoin or Dogecoin.
An Analysis: Bitcoin vs. Dogecoin
2021 has been a flourishing year for both Bitcoin and Dogecoin. Let us delve deeper into their striking features to decide which is a better buy in 2023.
Bitcoin: Will BTC Price Explode Beyond $100,000 in 2023?
Bitcoin initiated the regime of cryptocurrencies and was created with a vision to provide a viable alternative to the current financial system. Today it ranks first in the CoinMarketCap ranking with a market cap of above $1 trillion. BTC has a limited supply of 21 Million coins, and from this, around 90% of coins have already been mined.
It has a circulating supply of 18.9 million coins and is a valuable asset for investors, as they rightly call it digital gold. The uniqueness of Bitcoin does not merely come from the fact that it is the first crypto in the market. Rather it has a high liquidity rate, market cap and is one of the highly traded coins.
With the use of Lightning Network, the Bitcoin ecosystem is undergoing various changes. The Lightning technology harnesses the native smart-contract scripting language, and this allows high scalability and instant transactions. By deploying this network, implementing Bitcoin in decentralized applications and e-commerce platforms is a seamless task. Further adding to its popularity, there are almost 500 Bitcoin ATMs worldwide, and over 15,100 businesses accept it as a payment mode now.
The current rally of Bitcoin is partly fueled by increasing demand from institutional investors and firms. A silver lining that sparked widespread interest among BTC investors was Tesla's huge purchase and its plans to accept Bitcoin as the payment for its products. Tesla has purchased $1.5 Billion worth of BTC. Apart from Tesla, MicroStrategy has also borrowed $650 million worth of coin for a 5-year bond.
The popular opinion of Bitcoin hoggers is that today the Bitcoin rally is fuelled by institutional adoptions, and unlike past ones, which showed a consecutive drop, this one will continue to soar higher for a long haul. If this continues, there is a good chance that Bitcoin could hit $100,000 by the end of 2023.
Read More: Bitcoin Price Predictions
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Dogecoin: Will DOGE Breach The $1 Target By The End of 2023?
DOGE was not created with a purported goal to attain a specific purpose, rather a cryptocurrency to make people smile and make them aware of blockchain technology. But not too long after December 2013, its initiation, Dogecoin started to gain humongous value and popularity. Today it is one of the most supported and traded cryptocurrencies around.
One significant reason for its popularity is the continuous increase in its price. Today the price range of Dogecoin is around $0.17 with a 24-hour trading volume of $600 million. This open-sourced cryptocurrency has a transfer speed much faster than Bitcoin. The interesting fact, unlike any other cryptocurrency, Dogecoin is infinitely mineable. There were around 127 million Dogecoins in circulation in December 2020 and has increased to 132.67B coins in 2021.
DOGE had its fair share of stable and upward trends. A large chunk of its popularity came with a single tweet by the richest man Elon Musk when he took it to his Twitter handle, stating that Dogecoin can be the "future currency of the Earth."
What differentiates Dogecoin from other first-generation projects of its time is that it never fails to ensure that its traders gain enough profitable opportunities whenever they trade DOGE. The major hack that happened in the first years of its initiation was not a complete failure, and rather their successful effort to repay all their investors made Dogecoin a cryptocurrency with more opportunity and potential.
The Dogecoin community had several successful endeavours during their journey. Beginning with the fundraising effort to collect $50,000 for the Jamaican Bobsled Team, followed by yet another fundraiser of 67.8 million Dogecoins in 2014 to sponsor NASCAR driver Josh Wise and many more. These valuable and considerate attempts have spiked Dogecoin's value in the common public's eyes and have boosted its value in the market.
But, what fuels Dogecoin's value for the long haul is its popularity among celebrities. From Elon Musk to several other popular Hollywood artists has been strongly vocal about the use of Dogecoin, creating strong community support.
Today, DOGE has a market cap of around $23 billion and is expected to have an intense bullish run till 2025. Thanks to its rapidly growing community and worldwide adoption, Dogecoin may breach its first $1 target by the end of 2023.
Don't Miss: Dogecoin Price Predictions
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Better Buy: Bitcoin vs. Dogecoin: The Bottom Line
Due to its popularity, increasing demand, institutional adoption, and technology, both Dogecoin and Bitcoin are expected to stay afloat in the coming decades. Since the market is prone to changes, the chances for several ups and downs are high. But it will eventually pick up as both cryptos are poised for an upward trend ahead.
Finally, the question is which one is a better buy, Bitcoin or Dogecoin?
Bitcoin is a safe investment when it gives you good returns with relatively little risk, while Dogecoin has space for more potential growth in the future.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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