Dogecoin vs Bitcoin: Which Crypto Should Be in Your Crypto Wallet?
The crypto market is full of coins with vastly different pricing, from ZEN to BTC. For example, in 2022, one Bitcoin costs over $30,000, while one Dogecoin costs just a few cents. However, the price of a token doesn’t say much about its potential for investment. Here we’ll take a look at the reasons for investing in Dogecoin vs Bitcoin and price predictions to see which you should have in your crypto wallet.
What Is Dogecoin (DOGE)?
Dogecoin founders Billy Markus and Jackson Palmer wanted to make fun of the crazy number of cryptocurrencies available. So, they built the first “memecoin,” Dogecoin. Since then, it’s gained popularity because of its humorous nature. People feel it’s more genuine than other altcoins that try so hard to appear important and world-changing.
Dogecoin boasts some technological differences to Bitcoin. It has a much higher number of tokens in circulation (Over 130 billion coins to Bitcoin’s 19 million). It also has 10 times faster transactions with a block time of just 1 minute, even faster than Litecoin.
Dogecoin traded at well below one cent for most of its existence, then exploded to $0.70 in 2021. It has since come down significantly, to around $0.15 in 2022. It has a strong tendency to go up or down depending on what Elon Musk tweets.
Dogecoin: Expert Predictions
Dogecoin has been trending down overall since 2021. However, popular price predictors are expecting it to rebound and make substantial gains in the next few years.
PricePrediction gives a minimum price of $0.22 in 2023 (a rise of almost 60%) and a minimum of $0.33 by 2024. Cryptopolitan has a more modest prediction, with a minimum price target of $0.25 for 2024.
Overall expert predictions for Dogecoin are that it is a good investment for the long term. This is due to its proven track record and its popularity among regular crypto traders that want a fun and useful cryptocurrency.
What Is Bitcoin (BTC)?
Bitcoin is the original cryptocurrency and still dominates the market. It hit a price peak of over $60k in 2021 and has since come down with the rest of the crypto market to around $40k in 2022. Bitcoin has a market cap of 750 billion and takes up over 40% of the crypto market. However, its proof-of-work mining algorithm, slow block times, and low transaction bandwidth are holding back its wider adoption as a currency.
Bitcoin is also makings its way into the global financial system, becoming the official national currency of El Salvador and The Central African Republic.
Bitcoin: Expert Predictions
PricePrediction has a minimum price target for Bitcoin of $79k in 2023, and $118k in 2024. Those are 100% and 200% increases, respectively. Cryptopolitan again has more modest predictions, with a minimum of $56k for January 2023 and not hitting $100k until around October 2024.
Bitcoin has long been expected to hit $100k, and now experts are expecting this could come in the next year or two. This would represent a more than 2x gain on the current price.
Dogecoin vs Bitcoin Comparison: Which Crypto Has Higher Potential?
Picking which will grow more in the future, Dogecoin vs Bitcoin, is a difficult task. They have many similarities, including:
- They were both released 9+ years ago
- They use the proof-of-work consensus algorithm
- They are popular and in the top 10 currencies worldwide
Both are set to grow significantly in the next few years; here are some of the main reasons for each:
Dogecoin reasons for growth:
- Dogecoin is still smaller than Bitcoin, and has much more room to grow in the market.
- Dogecoin’s meme nature makes it popular with traders and Elon Musk.
- Dogecoin has much cheaper transaction costs than Bitcoin, so can be used for more payment applications.
Bitcoin potential for growth:
- The supply of Bitcoin has a hard limit (21 million). This means as long as demand for Bitcoin increases, the price will keep going up. Dogecoin has no supply limit.
- Bitcoin is seen by larger financial institutions as more reputable with governments and financial institutions. This is where the big money is in the world.
Which Crypto to Store in Your Crypto Wallet?
So, let’s decide which crypto to invest in. We recommend Bitcoin if you want a more secure investment for the future. Bitcoin is not going anywhere. However, Dogecoin has a higher potential for growth. And let’s be honest, it’s more fun, too.