Dogecoin (DOGE) Could Set New ATHs If It Maintains Its Correlation With Bitcoin (BTC)

Dogecoin could set new ATHs if it maintains its correlation with Bitcoin and BTC and subsequently hits loftier targets like $500,000, $1.5 million, or $13 million.

Dogecoin (CRYPTO: DOGE) could hit new all-time highs if it maintains its correlation with Bitcoin (CRYPTO: BTC) and the apex coin subsequently hits loftier targets like $500,000, $1.5 million, or $13 million.

Dogecoin has closely followed Bitcoin’s price trends in previous bull cycles, often surging during major BTC rallies and vice versa. Interestingly, DOGE still maintains a strong correlation with Bitcoin, as reflected by IntoTheBlock’s correlation matrix.

According to the data, DOGE has a 97% correlation with Bitcoin over the past 30 days and 95% over the past two months. This indicates that Bitcoin’s performance strongly influences DOGE’s price actions.

According to the asset management firm, a surge in institutional activity, the development of Bitcoin ETFs, and regulatory clarity will be crucial for propelling BTC to this igher target by 2030. At this price, Bitcoin’s market cap will be approximately $29.74 trillion.

Also, the executive chairman of MicroStrategy (NASDAQ:MICRO) (formerly Strategy)(NASDAQ:MSGY), Michael Saylor, speculates that Bitcoin will reach an ambitious target of $13 million or a market cap of $257.8 trillion by 2045. This represents a staggering 15,273% surge from current levels.

Saylor envisions a future where government and corporate clients will adopt Bitcoin by 2045, positioning the coin as a superior form of money. In this scenario, various institutions will utilize Bitcoin for treasury holdings, investments, and daily transactions.

Relative Factor Of Dogecoin Vs Bitcoin

It is important to note that Bitcoin largely influences Dogecoin’s price action, which implies that the value of DOGE will spike. To understand the extent to which DOGE will surge if BTC hits these targets, we must ascertain Dogecoin’s market cap in relation to Bitcoin’s.

Currently, Bitcoin’s market cap stands at $1.67 trillion, while Dogecoin (CRYPTO: DOGE) is valued at $29.93 billion, placing its relative factor at 1.79%. This signifies that Dogecoin’s market cap constitutes 1.79% of Bitcoin’s valuation. Accordingly, we will use the 1.79% relative factor to estimate DOGE’s future market cap and price in response to Bitcoin’s projected market cap.

Dogecoin Price If Bitcoin Hits $500K, $1.5M, or $13M

As mentioned above, Bitcoin’s market cap will escalate to $9.91 trillion, $29.74 trillion, or $257.8 trillion if the BTC price soars to $500,000, $1.5 million, or $13 million, respectively.

Therefore, at a $9.91 trillion Bitcoin market cap, Dogecoin’s valuation will be approximately $177.39 billion due to its relative factor of 1.79%. At this valuation, DOGE will be worth $1.19 per token, assuming its circulating supply of 148.24 billion tokens remains stable.

At a $1.5 million price or $29.74 trillion valuation for Bitcoin, DOGE’s market cap will soar to $532.34 billion due to its 1.79% relative factor. This valuation will take DOGE’s price to $3.59 per token.

Lastly, assuming Dogecoin maintains its 1.79% relativity with Bitcoin, its market cap will hit a whopping $4.61 trillion if Bitcoin hits an ambitious target of $13 million or $257.8 trillion. At a $4.61 trillion market cap, a unit of DOGE will trade at $31.09.

Can Dogecoin Hit $1.19, $3.59, or $31.09

Notably, hitting any of these targets would mark a new all-time high for Dogecoin. Several experts, including analysts at Changelly, believe these targets are realistic.

According to Changelly experts, DOGE will hit the $1.19, $3.59, and $31.09 price targets by March 2031, October 2033, and April 2040, respectively.

Despite this speculation, it is crucial to exercise caution, as nothing is guaranteed in the crypto market. Nonetheless, factors such as Dogecoin’s continued celebrity endorsements as well as institutional and nation-state adoption of DOGE could propel the asset to loftier targets, like the ones highlighted in this article.