Altcoins
Here’s How Much SHIB Could Rise If Bitcoin Hits $2.9 Million, As VanEck Predicts
Shiba Inu price could potentially reach all-time highs if SHIB follows Bitcoin if the premier crypto asset hits $2.9 million as predicted by VanEck.
Bitcoin, the first and largest cryptocurrency, has continued to dictate the trajectory of the market as a whole. It is worth noting that every bull market has started with a Bitcoin Price Risesbecause the top crypto asset usually drags the rest of the market with it when it experiences a price surge.
SHIB and BTC Price Correlation
The latest bull market is no exception, with BTC recently surpassing its all-time high price. However, some cryptocurrencies are following Bitcoin’s trajectory more closely than others. For example, data from IntoTheBlock (ITB) confirmed that Shiba Inu has seen a 78% correlation with the price of Bitcoin over the past two months.
Due to this close price relationship, Shiba Inu is likely to move in a similar direction as Bitcoin in most cases. This correlation could be beneficial or detrimental to the price of SHIB. Notably, when BTC experiences a decline, SHIB experiences a similar collapse. However, if Bitcoin experiences a rally, Shiba Inu would experience an increase.
As Bitcoin experiences a prevalence of bullish sentiments, this close relationship is welcomed by Shiba Inu investors. Asset manager VanEck has made one of the emerging bullish projections on Bitcoin’s future. Recently, VanEck predicted that BTC could reach $2.9 million by 2050.
Shiba Inu Price If BTC Hits $2.9 Million
If Bitcoin reaches this level, the rally could have far-reaching effects on altcoinsespecially Shiba Inu. We recently assessed how much SHIB is likely to rise if this price prediction comes to pass.
BTC is currently trading at $67,941, up an impressive 2.2% over the past week. For the cryptocurrency to reach the $2.9 million price target by 2050, as predicted by VanEck, it would need to increase by 4,168% over the next 26 years.
Shiba Inu has the potential to replicate this trend, with a much higher probability. SHIB is currently trading at $0.00001719, having increased by 2.9% in the last 24 hours. If SHIB follows Bitcoin’s trajectory and sees a similar 4,168% increase, its price would climb to $0.00073367 by 2050.
However, projections from several analysts suggest that experts believe that Shiba Inu could reach this price sooner. Interestingly, analysts from cryptocurrency exchange Changelly predict that SHIB could reach the $0.0007 region between 2033 and 2040. They expect a minimum price of $0.001204 for Shiba Inu by January 2040.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-