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Dogecoin vs. Bitcoin vs. Gold – Triple Threat

Bitcoin has been pegged as ‘cyber gold’. But how will hold up when put up against investing in Dogecoin and gold? Cryptocurrency commerce is devolving into an afterthought. And even if forecasting the long-term performance of this bipolar market is purely conjecture, the fast appreciation with regards to the value of these electronic currencies such as Dogecoin and Bitcoin has caught the diligent eyes of millennial investors. While many still aren’t completely sold on the road ahead for crypto, and would rather make cautious investments in more stable assets like such as gold, a traditional hedge that safeguards against currency value depreciating and volatility.  

AICoreSpot, investigates in this brief blog, which the wiser investment option is. Basically, we will be observing those assets that would have made you a lot richer had you invested in them during the start of the year. 

Over the course of 2020, Bitcoin, was pegged as ‘cyber gold’, and as an outcome, it was reflective of the expensive metal’s flight after the international economy had tripped over thanks to the COVID-19 situation. Cryptocurrencies raked in a market capitalization of approximately 1 trillion USD earlier in the year and seemed like it would oppose gold as a reserve that was going to appreciate over the course of time. Unfortunately, there was a market crash and the profits were washed out. 

On the other hand, in the global market, five days ago, gold prices were pegged at $1904.36 for each ounce. On the 1st of this month, gold prices had attained their peak from January at $1916.40. In the period sandwiched in between January 1st and the 4th of this month, the value of gold has stayed relatively static at approximately $1893.66, per ounce. 

If you had made an investment of $10,000 on the 1st of January, your backing of bitcoin would have raked you in a 30% profit, with your coins now being valued at $13,000. On the other hand, if you had put your money in gold, its value would have stayed relatively unchanged.  

What’s eye-popping is that if you had made that same investment of $10,000 in Dogecoin on the 1st of this year, your investment would today be valued at a 100-fold appreciation. Dogecoin’s worth in Asian nations appreciated drastically from $0.004 on the 1st of January to $0.39 just 4 days ago.  

But the latest volatility within the crypto market indicates that the position of bitcoin and dogecoin as competitive stand-ins to gold is debatable.  

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