Investing in the cryptocurrency market is risky; so is everything else! The cryptocurrency market is still relatively young. Much like when people were buying Google shares. The future looked just as dim but a breakthrough came for the internet giant and the investors became what I would refer to as surprise millionaires.
The same scenario is true for technology champions like Apple and Facebook. The stocks are extremely expensive at the moment and I will compare them to Bitcoin (BTC). Bitcoin opened the door for a new era of technology, virtual currencies, and financial revolution. However, the investors who bought BTC between 2010 and 2013 were the biggest gainers of the price gains becoming the Bitcoin millionaires we talk about these days. The same thing is also possible, but not with Bitcoin.
The crypto market has at least 1988 digital assets listed on CoinMarketCap. Among these are coins like Bytecoin (BCN) and Dogecoin (DOGE) with great potential in the coming months and years. Investing in the right coins could easily be the best decision you will ever make in this industry. Therefore, this article will explore the potential of both Bytecoin and Dogecoin and how they are ready to change the cryptocurrency space.
Bytecoin is the 23rd largest cryptocurrency by market capitalization with a current cap of $400 million. Since its launch in 2014, the project has benefited greatly from the support of a vibrant community. It is the first privacy-focused coin to be introduced in the industry promising its users untraceable transactions on the blockchain. The official token, BCH is powered the robust Cryptonote Technology.
The anonymous transactions on Bytecoin are achieved with the utilization of the ring signature technology. The technology is used to “sign the transactions of a given user on behalf of the group,” in return the network achieves a robust system that is anonymous and secure. The users’ transaction activities are hidden from the public eye by delinking transactions using unique addresses derived from users’ private keys.
The blockchain is highly scalable with the capability of processing a block in every couple of minutes. Bytecoin is well positioned for the future in the cryptocurrency market mainly through mass adoption. Other developments on the network are frequent while upgrades are constantly added to the roadmap.
The team recently launched the new Bytecoin software, v3.3.30 with the ability to support the newly launched Bytecoin Desktop efficiently. The network in an effort to expand into the Korean and Japanese markets has added the two languages on the web/mobile wallets.
At the time of writing, Byte is exchanging hands at $0.0021 after a 6.27% jump in the last 24 hours. The price is reacting to the double top-pattern following the declines in September. A break above the next resistance target at $0.0030 will pave the way for more retracement to $0.0050. In the meantime, the support at $0.0020 has to be maintained.
Dogecoin is a top 20 cryptocurrency project boasting of a market capitalization of $663 million. It commanded a trading volume of $20 million in the last 24 hours at the time of writing on September 24th. Dogecoin ignored the selloff in the market at the beginning of September. Intent on recovering towards $0.01 the crypto formed a high at $0.0070. It also remained stable in spite of the volatility swings experienced across the board this week.
This crypto is a worthy investment, especially for the long-term holder. It has proved the ability to hold value even when the market is turbulent and other cryptocurrencies are tumbling. In the interim, Dogecoin is trading at $0.0056 following a subtle recovery from $0.0052 support. If a break occurs above $0.0060, DOGE/USD is likely to retest $0.0070 and eventually reach towards $0.01.
Dogecoin is steadily becoming a force to be reckoned with in the crypto market. It has surpassed the criticism stage experienced following its early days due to the dog logo. The overwhelming growth it has achieved over the years is incredible. It is now a top 20 cryptocurrency, moreover, it is expected to continue its growth into the $1 billion brackets. The time to invest in Dogecoin is now even for the investor with as little as $50 to spare.