Bitcoin now has competition from other cryptocurrencies like Dogecoin and Ethereum
The crypto market is consistently growing around the world and has managed to garner the interest of a lot of people. Of all the digital coins, Bitcoin — the oldest cryptocurrency in the world — has been successful in carving the top slot in the crypto market in terms of market capitalisation. However, that doesn’t mean investors don’t focus on other cryptocurrencies. Of late, Ether, the coin linked to the Ethereum blockchain, Dogecoin, the cryptocurrency that started as a meme, and Shiba Inu, touted as the “Dogecoin killer”, have also made rapid gains.
However, have you ever wondered where do these 3 cryptocurrencies stand against Bitcoin? Let’s take a look:
Ether vs Bitcoin
Ether is known to be the second-largest cryptocurrency after Bitcoin. Both these cryptocurrencies are similar in many ways. Bitcoin was created to provide people with an alternative payment system that would operate free of centralised control. Ethereum was created to be much more than just a medium of exchange. Just like, Bitcoin, Ether, too, works on the principle of blockchain technology. However, Bitcoin transactions take minutes, while Ether transactions are done within seconds. Of late, both Bitcoin and Ether have seen a rise in value. At the time of writing, Bitcoin was trading at roughly Rs 46.68 lakhs, while the value of Ethereum was about Rs 3.41 lakhs. The cryptocurrency had reached its latest all-time high of roughly Rs. 3.61 lakhs earlier this month. Click here for live cryptocurrency prices.
Dogecoin vs Bitcoin
This year, Dogecoin saw a meteoric rise in its value with even business tycoons like Elon Musk talking and tweeting about it. However, though a recent research stated that Dogecoin topped the list for most-Googled cryptocurrencies in the US, if you are investing in the cryptocurrency, you must be prepared for drastic upward and downward price fluctuations. In terms of market capitalisation, Dogecoin has grown and made it to the top 10 cryptocurrencies. As of now, Dogecoin is in the 10th spot. One of the key things that drove Dogecoin’s value in 2021 was its listing on the retail investment app, Robinhood. At the time of writing, Dogecoin was trading at Rs 18.26.
Shiba Inu vs Bitcoin
Shiba Inu is similar to Dogecoin but is comparatively new. It has been built on an Ethereum network. While Bitcoin has been the most trusted cryptocurrency for a long time, Shiba Inu recently surged in popularity. The meme coin made its debut in August 2020 and has seen an astronomical growth since then, rising over 14,000,000 percent. However, should you still invest in Shiba Inu? Well, it could be a risky proposition, considering its highly volatile nature. Its rise to fame could have been mostly due to investors who are buying the coin in droves to drive up its price and earn some quick money. Also, many investors petitioning Robinhood to make the token available to trade have led to a price rise. So, whether investing in it is feasible or not depends on how much of a risk-taking or risk-averse investor you are.
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