Dogecoin price could rise above this price if DOGE closely follows Bitcoin’s performance, especially if BTC equals gold’s market cap of $17.73 trillion.
Dogecoin has shown clear signs of recovery since the recent market correction that wiped out over $1 billion worth of investments. The dog-themed token took its fair share of the price decline, plummeting from around $0.4 where it had been trading for several weeks to $0.26 yesterday.
Interestingly, DOGE quickly recovered and rose above the $0.3 mark. At the time of writing, the token is trading at $0.3407, up 9.74% in the last 24 hours.
The influence of Bitcoin on Dogecoin
It is worth noting that Bitcoin’s price movements have largely influenced Dogecoin’s recent performance. For comparison, Dogecoin’s price typically falls every time Bitcoin falls and rises when the leading cryptocurrency rises.
According to data from IntoTheBlock, Dogecoin has had a 97 percent correlation with Bitcoin over the past 30 days, suggesting that the first-born memecoin closely follows the price action of the world’s largest cryptocurrency.
Although Bitcoin has recently had a negative impact on Dogecoin’s performance, this dynamic could shift if BTC achieves some of the lofty targets set by top market watchers.
Bitcoin price when equal to gold market cap
For example, it has been predicted that Bitcoin will reach the value of gold in the future. Data from CompaniesMarketCap shows that gold is worth an estimated $17.73 trillion, making it one of the largest assets in the world. However, Bitcoin is worth $1.95 trillion at the time of publication.
