Is Bitcoin the Best Digital Coin?
The popularity of cryptocurrency is increasing rapidly. There have been a lot of people who’ve moved towards cryptocurrency as far as investments as concerned—14% of Americans own cryptocurrency. There are no doubts about the variety of advantages that it brings, and it truly is a digital phenomenon.
Within the cryptocurrency realm are digital coins. Although there are many digital coins, some are more popular than the other. Strangely enough, popularity is one of the biggest drivers of value for digital currency.Let’s have a look at those coins and determine which one’s the best.
Bitcoin has been often associated with being at the forefront of the digital currency landscape. It’s arguably the most widely recognized digital coins out there. It was the first digital currency launched, and that’s one of the major reasons why it’s so popular around the world.
Volatility has been one of the defining features of Bitcoin. Starting off at less than a US Dollar to reaching soaring heights of over $60,000 at one point, one can say that there’s tremendous possibilities that come with Bitcoin.
Next in line is Ethereum. Although valued much lower than Bitcoin, Ethereum’s growth is something to look out for. Its market share has climbed up to 27% of the crypto asset category. It also has a lower volatility than Bitcoin that makes it a good option for investors who are risk-averse.
Overall, this is a safer option as fluctuations are not too severe.
What started off as an internet joke turned out to be something quite extraordinary. Its average growth rate since its inception has been 285%, which is amazing. Basic market dynamics tell us that an increase in supply brings down prices. This is what’s keeping the Dogecoin value low, as it’s being programmed and issued in huge numbers.
Yet another well-known digital coin is Cardano. One of its distinctive features is that it’s an efficient option as compared to Bitcoin and Ethereum. Cryptocurrency’s environmental footprint has been scrutinized heavily, and Cardano covers this shortcoming and proves itself as a sustainable option.
Investing in digital coins might look like an attractive option, but high fluctuations and heavy speculations can sometimes put you off. In this case, investing in gold to make money is your best bet. The benefits of investing in precious metals can never be outdated!