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Dogecoin exhibits promising potential in a market where Bitcoin trades in the $1 million price range.
In the past few weeks, Dogecoin has effectively capitalized on Bitcoin’s momentum in the ongoing bull market. At press time, Dogecoin is trading above $0.42 following a 213% price surge over the last four weeks.
Meanwhile, Bitcoin’s value has advanced by 45% during this time, hovering around $97,000. With Bitcoin expected to crack the $100,000 mark in the coming days and potentially rise to even loftier price ranges, market participants, particularly retail investors, are increasingly taking positions in Dogecoin to benefit from the buoyant market.
One of the most ambitious price points forecasted for Bitcoin is the $1 million range, as predicted by several industry pundits, including Bernstein.
Now, The Crypto Basic examines the potential price outlook for Dogecoin if Bitcoin reaches $1 million, as widely forecasted.
Industry Forecast for Bitcoin Reaching $1M
In June, Bernstein predicted that Bitcoin could reach $1 million by 2033, with a peak of $200,000 by 2025. This prediction was part of a research report on MicroStrategy, the largest corporate holder of Bitcoin.
Similarly, financial author Robert Kiyosaki has argued that Bitcoin could reach $1 million before the end of this decade.
Notably, Bitcoin is currently trading at $97,100. Reaching $1 million would require the asset to increase by 930%, or 10-fold. At this price, Bitcoin would have a cap of approximately $20 trillion, which significantly exceeds the current valuation of gold. Essentially, at $1 million per coin, Bitcoin could become the most valuable asset in the world.
With this feat, the altcoin market stands to benefit significantly. Specifically, if Bitcoin alone reaches a market cap of $20 trillion, the altcoin market could be valued similarly, potentially pushing the overall crypto market to around $40 trillion.
Dogecoin Price if Bitcoin Hits $1M
Estimating Dogecoin’s precise value if Bitcoin reaches $1 million is challenging. However, assuming proportional price growth alongside Bitcoin’s, a 930% increase from Dogecoin’s current value of $0.4250 would raise its price to around $4.38.
While this is a rough estimation, it likely underestimates Dogecoin’s potential in a market where Bitcoin is worth $1 million.
Some market analysts believe that even a $10 price for Dogecoin is possible in the current market season, let alone by 2033, when Bitcoin is expected to reach $1 million.
Furthermore, Dogecoin has historically outperformed Bitcoin by a significant margin. For example, Bitcoin has risen by 131% in the past year, while Dogecoin has surged by 380% during the same period.
This suggests that rather than merely mirroring Bitcoin’s 930% growth to $1 million, Dogecoin could experience growth at a rate four times that, potentially bringing its price to nearly $20.