Dogecoin could reach a double-digit price if VanEck’s bold projection of a $61 trillion market cap for Bitcoin comes to fruition.
Despite the recent bloodbath in the crypto market, investors are taking comfort from some of the optimistic forecasts being issued for assets like Bitcoin.
VanEck sees Bitcoin market cap reaching $61 trillion by 2050
Specifically, leading asset manager VanEck projected that Bitcoin’s market capitalization could reach a staggering $61 trillion by 2050. The company envisions Bitcoin being a significant part of global commerce, settling 10% of international transactions and 5% of domestic transactions.
If Bitcoin reached a market cap of $61 trillion by 2050, its price would reach approximately $2.9 million per coin. VanEck’s projection of $61 trillion for Bitcoin represents a 3,162% increase from the current valuation of $1.87 trillion.
Dogecoin Correlation with Bitcoin
As expected, VanEck’s bold predictions sparked debates about how such a monumental increase in Bitcoin’s market cap could impact other cryptocurrencies, including Dogecoin.
Like other crypto assets, Dogecoin has a high correlation with Bitcoin price movements. It soars whenever Bitcoin witnesses a rally and falls whenever the leading asset dips.
According to data According to IntoTheBlock, Dogecoin’s correlation with Bitcoin stands at 97% over the past 30 days and 95% over the past two months.
Dogecoin price if Bitcoin hits $61 trillion valuation
Therefore, if Bitcoin reaches a market cap of $61 trillion, it could have a significant impact on Dogecoin, assuming the two assets remain closely correlated.
If Dogecoin’s market cap experiences the same 3,162% increase as Bitcoin’s, its valuation will increase from the current $49.44 billion to $1.61 trillion. This will potentially bring the price of Dogecoin to $10.9, marking a new all-time high for the premier meme coin.
To demonstrate the significance of this monumental jump for Dogecoin, a wallet of 10,000 DOGE, which costs approximately $3,352 at the current price of $0.3352, will be valued at $109,000.
Other $10 predictions
The $10 projection has recently gained prominence within the Dogecoin community.
Last month, renowned market expert Dima James Potts foreseen that Dogecoin will reach the $10 target this cycle, specifically between February 11 and May 7, 2025.
Likewise, prominent crypto chartist Ali Martinez believes that Dogecoin is capable of trading at $10 in its lifetime, referring to technical analysis that could bring the DOGE price to the target. However, Martinez did not set a timetable for when this prediction might come true.
Interestingly, Changelly experts believe that Dogecoin will trade around the $10 mark by January 2040, approximately 15 years from now. By then, these experts expect Dogecoin to trade between $9.35 and $11.19 per token.
Meanwhile, aside from Dogecoin’s correlation with Bitcoin, other factors such as adoption, macroeconomic trends, and geopolitical events could play an important role in determining whether DOGE will reach the $10 mark in its lifetime.
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