The cryptocurrency market is undergoing continuous evolution for a decade now. However, things got intensified in 2021 and investors are shifting their focus from bitcoin to other well-performing digital tokens like ethereum vs dogecoin vs cardano. The trio is gaining more traction than ever before and they are also unraveling disruptive ways to drive them to the top. In a nutshell, the digital currencies compete to overtake the almighty bitcoin.
Cryptocurrency investments are not easy. They are highly speculative investments and involve severe volatility. Therefore, before jumping into the crypto sphere, make sure it is apt for you. Besides, prepare yourself for anything that comes the way. As a new crypto investor, if you have chosen bitcoin as your initial investment source, then you have done a good job. Although bitcoin is not a ‘safe’ cryptocurrency, it has a certain level of credibility and stability in the market. Being the first digital token to hit the market running, bitcoin has come a long way and attracted millions of investors over time. But finally, 2021 showed the potential of other famous cryptos like ethereum vs dogecoin vs cardano. While ethereum is hailed for its easy transactions and day-to-day usage, dogecoin has the potential to sweep the market in a single go with a tweet. On the other hand, Cardano is arguably the most sophisticated blockchain on the market with a peer-reviewed and multi-layered smart platform that supports numerous DeFi, Daaps, and other smart capabilities. When it comes to outperforming bitcoin, all three cryptocurrencies are in the race. In this article, we discuss their potential to overtake bitcoin and make it to the top.
Cardano: Slew the Market with 1,400% Growth in 2021
Next up the list is Cardano. Cardano investors often engage in talks pressing that the crypto might overtake both ethereum and bitcoin in near future. Although it is true to a certain extend, Cardano has a long way to go before it becomes the top cryptocurrency in the market. Compared to bitcoin, Cardano is an environmentally-friendly cryptocurrency that uses just six gigawatt hours of energy per year. Besides, Cardano can process as many as 257 transactions per second in contrast to bitcoin’s five.
One thing that keeps Cardano down the race is its market value. The digital token is valued at under US$90 billion. However, in 2021, Cardano has experienced more gains than ethereum and bitcoin. The digital currency is up by more than 1,400% compared to Ethereum’s 330% and Bitcoin’s 67%. Therefore, even if Cardano can’t make it to the top anytime soon, it has the potential to prove its stance over the far future.
Dogecoin: Can Never Cross US$10 Mark
Dogecoin is synonymous with volatility in the digital currency market. Yes, big names like Elon Musk, CEO of Tesla and SpaceX, solely drive its price. Nothing more than a hint from Musk or a picture of his Shiba Inu dog could drive the dogecoin investors crazy. Born out of the famous Shiba Inu meme that made many laugh, dogecoin came a long way from the very beginning. After maintaining a low profile for almost half a decade, dogecoin investors played a trick with Reddit to make the crypto trending.
However, dogecoin overtaking bitcoin in the recent future seems very unlikely. Dogecoin is inflationary, is not a store of value, has no institutional investment interest, has a limited use case, and is worse than USD as a currency. While bitcoin’s market capitalization is at US$1.1 trillion, dogecoin is capped at US$8 billion, way below its competitor. Although dogecoin rallies at a record value from time to time, experts say that it can never breach the US$10 mark. So technically, dogecoin can be ruled out of the race without any further discussion.
Ethereum: Better than Bitcoin Except for in Price and Fame
Ethereum’s way to the top is unstoppable says many crypto enthusiasts. The digital token is experiencing constant price jumps in the market recently. The upwards trend also represents the shift from mining to trading as the recent upgrade kills away ethereum mining works. Besides, Ethereum 2.0 is expected to be more environment-friendly, addressing all the societal concerns on energy consumption. This contradicts with bitcoin’s aggressive mining process and the energy consumed through it. Therefore, the development has opened the door for ethereum to outperform bitcoin as the world’s biggest cryptocurrency by value.
Launched in 2013 by a 19-year old Russian-Canadian programmer Vitalik Burstein, ethereum has been gaining investors after it entered the NFT market. Since NFTs are scalable and are getting more attention than ever before, many people are embracing ethereum to try their hand on the futuristic model. Besides, ethereum has other features like smart contracts that make it one of the top investment sources. According to some enthusiasts, ethereum is already way ahead of bitcoin in everything except for its price and fame. They expect the scenario to change by the end of 2021 and throughout 2022. Its easy trading option gives more chances for ethereum to head to the top.
