Cryptocurrencies are a relatively new asset class. However, even in a bear market, the industry commands a meaningful market cap of $2.1 trillion. And there are well-known pioneers who have developed significant brand power and recognition among investors.

Bitcoin (BTC +1.30%) is the most valuable digital asset. And it’s been around for almost two decades.

There’s also Dogecoin (DOGE +2.40%), a meme token launched in December 2013.

If you’re looking to invest $500 in cryptocurrencies, which of these two is the better choice?

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Scarcity matters most

In the past 10 years, Bitcoin’s price has rocketed 8,800% higher (as of June 29). This wonderful performance has occurred even though the digital asset is trading…