Summary:
Cryptocurrency market value has surged to $3.5 trillion in 2024.
Dogecoin has seen a 362% gain this year but lacks utility.
Shiba Inu rose 146% in 2024, yet has minimal merchant acceptance.
Bitcoin stands as the largest cryptocurrency with a $1.9 trillion market cap.
Bitcoin ETFs approved by the SEC may drive institutional investment.
The cryptocurrency markets are experiencing a remarkable resurgence this year. After a devastating downturn in 2022, where the total market value plummeted from $3 trillion to $828 billion, the landscape has dramatically shifted, now reaching a new high of $3.5 trillion. Leading coins like Dogecoin, Shiba Inu, and Bitcoin have shown impressive returns this year, with gains of 362%, 146%, and 121%, respectively. So, how do these three assets stack up against each other?
The Case for Dogecoin
Dogecoin has surged 362% this year but remains below its all-time high of $0.73 from 2021. Its previous low came just two months ago, but a recent boost followed the re-election of Donald Trump, who announced the creation of the Department of Government Efficiency, humorously named D.O.G.E after the coin. Despite this, Dogecoin lacks substantial utility, with only 2,520 merchants accepting it as payment.
The Case for Shiba Inu
Shiba Inu gained notoriety after its meteoric rise of 45,278,000% in 2021 but similarly faced a 90% decline in 2022. Currently, it boasts a 146% increase in 2024, yet it too lacks a prominent backer like Musk to sustain interest. With only 1,032 merchants accepting it, Shiba Inu's long-term viability is questionable.
The Case for Bitcoin
As the largest cryptocurrency, Bitcoin commands a market cap of $1.9 trillion, accounting for over half of the entire crypto market. It has gained 121% year-to-date and is trading at record highs. Unlike its meme counterparts, Bitcoin is viewed as a store of value, likened to digital gold. The approval of numerous Bitcoin ETFs by the SEC is expected to draw more institutional investment, with potential price targets reaching as high as $1.48 million by 2030.
The Verdict
While all three cryptocurrencies are speculative, Bitcoin appears to have the strongest potential for long-term growth. Its historical resilience and growing adoption as a store of value suggest it may outperform Dogecoin and Shiba Inu, which have yet to establish significant utility or regulatory support.
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