The competition among the top 10 cryptocurrencies continues. While Bitcoin (BTC) has dominated the industry for the longest time, things may be changing. BTC is the largest cryptocurrency in the world in terms of price and market capitalization. However, one analyst made news after highlighting the possibility of Dogecoin (DOGE) taking over the cryptocurrency market.
Analyst forecasts and market dynamics
Dogecoin has the potential to surpass Bitcoin
According to an analyst who calls himself Master Kenobi X, Dogecoin will surpass Bitcoin in 2025. But he did not deny that Dogecoin is the king. The expert believes that Bitcoin will lay the foundation for Dogecoin's dominance.
The analyst’s assertion appears to be backed by Dogecoin’s past performance and community-driven momentum. But Bitcoin’s dominance has risen significantly this year. BTC is up 135% in the past 12 months. Meanwhile, Dogecoin is up just 72%.
The Follower Effect Between Bitcoin and Dogecoin
Master Kenobi noted that Dogecoin has outperformed Bitcoin in every market cycle over the past decade. The analyst attributes this to the follower effect of Dogecoin and Bitcoin. The follower effect simply means that over the past few years, Dogecoin has benefited from following Bitcoin's trajectory and using it as a launching pad.
Market Cap Comparison and Future Forecasts
The analyst further compared Bitcoin’s market cap and the 2016 halving event to the most recent halving event. Master Kenobi tweeted,
“DOGE currently has a similar market cap to Bitcoin at the time. About 190 days after the 2016 halving,#Bitcoinhad a market cap of ~$15 billion. Today, not too far removed from the most recent halving,#DOGEhas the same market cap, almost identical to where#Bitcoinwas then. By this reasoning,#DOGEcould reach a market cap of $320 billion or more sometime in 2025.”
Furthermore, the price of the meme coin would need to rise by more than 2,000% over the next year. At press time, DOGE’s current price is $0.1043. For the meme coin to reach a market valuation of $320 billion, its price would have to be close to $2.2.
