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Shiba Inu might set a new all-time high if Bitcoin reaches a market cap of $61 trillion, according to projections by VanEck.
Recent turbulence in the financial markets has impacted Bitcoin, the leading cryptocurrency by market cap. Over the past 24 hours, Bitcoin’s price has dropped by 2.87%, falling to $54,455 per BTC. The asset has also experienced a weekly decline of 7.93%.
Despite Bitcoin’s recent underperformance, some market participants find reassurance in optimistic forecasts for the cryptocurrency. VanEck, a prominent asset management firm with $108 billion in assets and a Bitcoin ETF issuer, has projected that Bitcoin will reach a market cap of $61 trillion by 2050. This projection suggests a future price of $2.9 million per BTC, with Bitcoin potentially becoming a key component of global finance and settling 10% of international transactions. Additionally, VanEck anticipates that central banks might hold 2.5% of their assets in Bitcoin, contributing to this substantial market cap increase. Achieving this $61 trillion valuation would require Bitcoin’s current market cap of $1.07 trillion to rise by 5,600%.
The correlation between Shiba Inu [SHIB] and Bitcoin is noteworthy. Historically, Bitcoin’s performance has significantly influenced the cryptocurrency market, including Shiba Inu’s price. Data from IntoTheBlock indicates that Shiba Inu has had an 85% correlation with Bitcoin’s price over the last 30 days. This suggests that Bitcoin’s price movements strongly affect Shiba Inu’s value. Should Bitcoin rise in value, it is likely that Shiba Inu would experience a corresponding increase, and vice versa.
If Bitcoin achieves VanEck’s forecasted market cap of $61 trillion, Shiba Inu’s market cap could potentially rise to $436.05 billion from its current level of $7.65 billion, assuming the current correlation remains. This increase could propel Shiba Inu’s price to an all-time high of $0.00073929, representing a 5,600% rise from its current price of $0.00001297.
While reaching this price may be challenging due to Shiba Inu’s large supply of 589.27 trillion tokens, ongoing initiatives such as the Shiba Eternity project could support the asset's growth and contribute to reaching higher milestones.
