Here’s What SHIB Could Be Worth If Bitcoin Hits a $200 Trillion Market Cap #CriptoNews

Shiba Inu might eliminate two zeros from its price and surpass the $0.001 mark if it closely mirrors Bitcoin’s growth to a market cap of $200 trillion.

Bitcoin (BTC), the world’s largest cryptocurrency by market cap, is still struggling to revisit the $100,000 mark several months after dropping from that level. Recall that the last time Bitcoin traded above the $100,000 mark was on February 7, when its price reached a daily high of $100,154.

Since then, despite multiple attempts, Bitcoin has failed to revisit the $100,000 mark. Currently, Bitcoin is trading at $95,563, with its market cap standing at $1.89 trillion.

Blockstream CEO Predicts Bitcoin Surge to $200T Market Cap

Nonetheless, most Bitcoin proponents are focusing on the asset’s future prospects instead of its short-term performance. One Bitcoin enthusiast with this mindset is Adam Back, the CEO of Blockstream, who recently issued a bullish prediction for BTC. The Crypto Basic reported last week that Back envisioned Bitcoin reaching an audacious market cap of $200 trillion.

Back suggests that companies like MicroStrategy could propel Bitcoin to the $200 trillion target by swapping their cash reserves for BTC. He noted that these companies are early bettors of hyperbitcoinization, a hypothetical scenario in which Bitcoin replaces fiat in exchange for goods and services.

If Bitcoin hits a market cap of $200 trillion, BTC’s price would be worth $1 million, assuming there are 20 million BTC in circulation.

Shiba Inu Correlation with Bitcoin

Such a remarkable surge could have a ripple effect across the broader crypto market, benefiting assets like Shiba Inu (SHIB).

This speculation is driven by Shiba Inu’s close correlation with Bitcoin, which stands at 92% over the past 30 days and 85% in the past two months. Based on this correlation, it is evident that Shiba Inu has closely followed Bitcoin’s price action in recent times.

Therefore, should Bitcoin experience an increase, this would result in a spike in Shiba Inu’s value. Notably, Shiba Inu’s correlation with Bitcoin might have a negative impact on SHIB’s price action, especially if BTC underperforms.

Shiba Inu Price If Bitcoin Hits a $200T Valuation

However, in a scenario where Bitcoin’s market cap hits $200 trillion, as predicted by Blockstream’s CEO, Shiba Inu could hit a new ATH if it stays correlated with BTC.

Hitting the $200 trillion market cap from Bitcoin’s current valuation of $1.89 trillion demands a surge of 10,482%. If Shiba Inu’s valuation also grows at this rate, SHIB’s market cap would increase from the current value of $7.6 billion to $804.23 billion.

At this market cap, 1 SHIB token would be worth $0.001364, assuming Shiba Inu’s supply of 589.24 trillion tokens remains constant. The projected target of $0.001364 represents an increase of 10,482% from the current value of $0.00001588.

Is $0.0013 Feasible for Shiba Inu

While the $0.001364 target demands a monumental increase from the current price, some analysts still think Shiba Inu can achieve the milestone within a few years from now.

For instance, established experts at crypto trading firm Changelly predict that Shiba Inu might clinch the $0.0013 target between 2035 and 2039, 10 – 14 years from this year.

In their previous analysis, these experts forecasted that SHIB would not hit the $0.00136 target until 2040. However, their latest prediction indicates that they expect SHIB to clinch the price target sooner, potentially driven by increased adoption of SHIB and Shibarium.

According to leading prediction platform Telegaon, Shiba Inu will surpass the $0.001364 target by 2035, precisely 10 years from today.

Despite this analysis’s lucrative potential, it should not be referenced as investment advice. The speculative nature of cryptos makes it challenging to predict the future performance of assets like Shiba Inu accurately.

Also, this analysis underestimates Shiba Inu’s performance, particularly in an event when Bitcoin rises to a market cap of $200 trillion. Shiba Inu has a track record of outperforming Bitcoin during a bull market, as observed in the 2020/2021 cycle. Therefore, SHIB could surpass the $0.001364 target if Bitcoin hits the $200 trillion market cap.