In the past months, cryptocurrencies have witnessed incredible growth, with Bitcoin and Dogecoin witnessing massive rallies. However, after reaching the all-time highest record, cryptocurrencies have plummeted massively, with Dogecoin seeing a 70 percent fall. With such a great decline, is it still worth buying this cheap crypto?
When answering such questions, we arrive at another question. Can Dogecoin and its peers bounce back? It is a difficult question, and no one can predict the long-term movement of the cryptocurrency movement.
There are possibilities that Dogecoin will bounce back but whether it will surpass its all-time high is another question. It will need some major catalysts and tones of speculation. That makes Dogecoin not to be the best crypto to buy today.
Furthermore, Dogecoin has few uses, and thus, any investment would be considered risky and unnecessary. Though Dogecoin lacks potential does not mean other cryptocurrencies don’t have. So if you are still bullish on crypto hear are the top Canadian growth stock to consider.
HIVE Blockchain Technologies (TSXV: HIVE)
HIVE Blockchain Technologies offers much better investment than Dogecoin. HIVE is a cryptocurrency mining stock that holds a lot of currencies in its mines. It also exposes investors to coins themselves, and its mining operations have high potential.
HIVE was the first blockchain infrastructure to publicly trade in Canada. It continues to be the best crypto mining company to invest in. Crypto mining company has the potential to earn money even when the prices of the crypto are flat.
Thus HIVE stock is something one can commit to long-term without the fear of losing money. Furthermore, HIVE has diversified operations than any other crypto mining stock and continues to make significant progress in expanding its operations.
For instance, in the last two months, HIVE has increased sourcing for more renewable power to enhance mining operations. It has also bought about 3, 000 high-performance bitcoin miners. That will grow its production almost by 50 percent. The company has also started trading on NASDAQ giving HIVE more exposure. Its current worth stands at $1 billion.