Shiba Inu (SHIB) Could Set a New All-Time High Record if Bitcoin Hits a Market Cap of $61 Trillion, as Projected by VanEck

The massive bloodbath across the financial market has not spared Bitcoin, the world's largest crypto by market cap. In the past 24 hours, Bitcoin's price has declined by 2.87%, crashing to $54,455 per BTC.

Shiba Inu (SHIB) might set a new all-time excessive if Bitcoin hits a market cap of $61 trillion, as projected by VanEck.

The cryptocurrency market has witnessed a bloodbath in the past 24 hours, led by a decline in the price of Bitcoin. The world’s largest cryptocurrency by market cap has crashed by 2.87% during this period, trading at $54,455 per BTC. Moreover, the premier digital asset has also encountered a weekly loss of 7.93%.

While Bitcoin’s recent performance has disheartened many investors, some cryptocurrency enthusiasts might find solace in the positive projections for the cryptocurrency.

VanEck eyes $61 trillion market cap for Bitcoin

Out of the several projections, VanEck’s prediction stands out. As reported earlier by TheCryptoBasic, VanEck, the $108 billion asset manager and Bitcoin ETF issuer, predicted that BTC will hit a market cap of $61 trillion by 2050, precisely 26 years from now.

According to VanEck, this market cap will see Bitcoin trade at $2.9 million per coin. VanEck predicted that Bitcoin will be an integral part of global finance by 2050, highlighting that it will be used to settle 10% of international transactions.

The firm also projected that central banks will hold 2.5% of their assets in BTC, potentially driving Bitcoin’s market cap to $61 trillion. To hit this $61 trillion target, Bitcoin’s valuation must surge 5,600% from the current level of $1.07 trillion.

Shiba Inu correlation with Bitcoin

With VanEck expecting Bitcoin to hit a valuation of $61 trillion by 2050, investors might be curious about how this massive surge could impact the altcoin market, including Shiba Inu (SHIB).

It is no secret that Bitcoin has consistently determined the performance of the cryptocurrency market. Notably, Shiba Inu’s price has closely followed Bitcoin’s movement, as observed several times.

According to IntoTheBlock data, Shiba Inu has maintained an 85% correlation with Bitcoin’s price over the past 30 days. This suggests that Bitcoin has significantly influenced Shiba Inu’s price movements during this period. If this correlation persists, a rise in Bitcoin’s price could propel a similar rally for SHIB and vice versa.

Here’s Shiba Inu’s price if Bitcoin hits $61 trillion

With Bitcoin expected to surge 5,600% to hit VanEck’s projected market cap of $61 trillion, Shiba Inu’s valuation could similarly soar to $436.05 billion from its current level of $7.65 billion, provided it continues to maintain its strong correlation with Bitcoin.

This market cap would take Shiba Inu’s price to a new all-time high (ATH) of $0.00073929, marking an increase of 5,600% from the current price of $0.00001297.

Hitting the $0.00073929 could be challenging for Shiba Inu due to the asset’s hefty supply of 589.27 trillion. However, with projects like Shiba Eternity expected to bolster the ongoing SHIB burn campaign, the token could achieve greater milestones, including hitting the $0.00073929 target.

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