Bitcoin vs ethereum vs dogecoin: Key things to know before choosing these cryptocurrencies
The value of dogecoin, the meme-inspired cryptocurrency whose price has been on a rise in the last month, plummeted after Tesla chief Elon Musk, hailed as the fogefather by netizens, acceded to calling the digital currency a ‘hustle’ on his Saturday Night Live debut.
After explaining the dogecoin repeatedly to the anchors of the show, Musk was asked — so, it’s hustle? To this, he responded saying — yeah it’s a hustle. Within 24 hours of the telecast of the show, the price of Dogecoin fell by over 29 percent according to CNBC.
Even as the value of dogecoin recorded a decline, cryptocurrency enthusiasts are still open to the idea of investing in digital currencies. Most of them have three options to select from — Bitcoin, Ethereum, or Dogecoin.
Here is a comparative analysis of the recent trend in the value of digital currencies:
Created in 2009 by Satoshi Nakamoto, Bitcoin is the most valuable currency at the time and its price has surged 89 percent to over $54,000 in 2021. It has a market cap of more than $1 trillion.
According to Coindesk, a digital currencies news platform, the current value of a Bitcoin is 58,854 (Rs 43,18,426).
Bitcoin, reached an all-time high of just under $65,000 in mid-April, but recently its value has fallen around 18 percent.
The ways to earn a Bitcoin include mining, investing in Bitcoin, exchange another currency for Bitcoin. This digital currency runs on blockchain technology.
Launched in 2015, Ether, Ethereum’s native token, is the second most valuable cryptocurrency at the time. Its price is up by 343% this year to just under $3,300.
Ethereum’s market cap as of May 8 was $410 billion, according to digital currency data tracker CoinGecko.com. It hit a record high of $3,610.04 on May 7.
The digital currency Dogecoin was started inspired by a meme featuring a Shiba Inu dog in 2013. Dogecoin has now emerged as a tough competition to Bitcoin and Ethereum. Its price reached an all-time in April after a series of tweets by Elon Musk. This year alone, its value skyrocketed more than 7,800%, according to data from CoinDesk. There are 129 billion coins in circulation now.
According to a CNBC report, the meme-inspired cryptocurrency fell as much as 29.5 percent, dropping to 49 cents at one point during Elon Musk’s Saturday Night Live show debut. The price of Dogecoin began to rebound and reached 57 cents, down about 17 percent from the beginning of the show on May 9.
The market cap of Dogecoin is $93.38 billion and according to Coindesk the current value of a single unit of the digital currency is 54 cents.