Shiba Inu (SHIB) Poised for New All-Time High if Bitcoin Reaches $61 Trillion Market Cap, According to VanEck Projections
The ongoing turbulence in the financial markets has not spared Bitcoin, the largest cryptocurrency by market capitalization. Over the past 24 hours, Bitcoin’s price has dropped by 2.87%, falling to $54,455 per BTC. On a weekly basis, the cryptocurrency has also posted a significant loss of 7.93%.
While Bitcoin’s recent downturn has left many investors disappointed, others remain optimistic, taking comfort in the long-term projections for the cryptocurrency.
VanEck Predicts $61 Trillion Market Cap for Bitcoin
Among several forecasts, VanEck’s stands out. The $108 billion asset management firm and Bitcoin ETF issuer has projected that Bitcoin could achieve a market cap of $61 trillion by 2050. As previously reported by TheCryptoBasic, VanEck envisions Bitcoin trading at $2.9 million per coin within the next 26 years.
The asset manager foresees Bitcoin becoming a cornerstone of the global financial system by 2050, predicting it will account for 10% of all international transactions. Additionally, VanEck suggests that central banks will eventually allocate 2.5% of their reserves to Bitcoin, further driving its valuation to the $61 trillion mark. This figure represents an astonishing 5,600% increase from Bitcoin’s current market capitalization of $1.07 trillion.
Shiba Inu’s Correlation with Bitcoin
With such a massive surge in Bitcoin’s valuation on the horizon, investors are curious about how this could affect altcoins like Shiba Inu (SHIB). Historically, Bitcoin has been the primary driver of the broader cryptocurrency market’s performance. Shiba Inu, in particular, has shown a strong correlation with Bitcoin’s price.
According to data from IntoTheBlock, Shiba Inu has demonstrated an 85% correlation with Bitcoin over the past 30 days. This suggests that Bitcoin’s price movements have had a significant influence on SHIB, and this trend could continue into the future. If Bitcoin’s price rises dramatically, SHIB could experience a similar rally.
What Shiba Inu’s Price Could Be if Bitcoin Hits $61 Trillion
If Bitcoin achieves VanEck’s projected $61 trillion market cap, surging by 5,600%, Shiba Inu’s valuation could likewise skyrocket to $436.05 billion, up from its current market cap of $7.65 billion. Assuming SHIB maintains its strong correlation with Bitcoin, this increase would propel the token to a new all-time high (ATH) of $0.00073929, representing a 5,600% rise from its current price of $0.00001297.
Despite the challenge posed by Shiba Inu’s large circulating supply of 589.27 trillion tokens, the project’s ongoing token burn efforts, such as those driven by initiatives like Shiba Eternity, could significantly reduce supply and support SHIB’s price growth. If these efforts are successful, hitting the $0.00073929 target may become more achievable.
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