If Bitcoin’s market cap reaches VanEck’s forecast of $61 trillion, Shiba Inu (SHIB) could hit new all-time highs.

The massive bloodbath in financial markets has not spared Bitcoin, the world’s largest cryptocurrency by market cap. Over the past 24 hours, Bitcoin’s price has fallen by 2.87% to $54,455 per BTC. Moreover, the top asset is on track for a weekly loss of 7.93%.

While bitcoin’s recent performance has disappointed many investors, some enthusiasts are taking comfort in positive forecasts for the cryptocurrency.

VanEck predicts Bitcoin market cap will reach $61 trillion

Among the many predictions, VanEck’s prediction stands out. As TheCryptoBasic reported earlier, VanEck, a $108 billion asset manager and Bitcoin ETF issuer, predicts that BTC’s market cap will reach $61 trillion by 2050, 26 years from now.

VanEck said that at this market value, Bitcoin would be trading at $2.9 million per coin. VanEck predicted that by 2050, Bitcoin will become an integral part of global finance, and emphasized that Bitcoin will be used to settle 10% of international transactions.

The firm also predicts that central banks will hold 2.5% of BTC assets, which could push Bitcoin’s market cap to $61 trillion. To reach the $61 trillion target, Bitcoin’s valuation would have to surge 5,600% from its current $1.07 trillion.

Shiba Inu and Bitcoin Correlation

VanEck projects Bitcoin’s valuation to reach $61 trillion by 2050, and investors are concerned about how this massive growth will impact the altcoin market, including Shiba Inu (SHIB).

As we all know, Bitcoin has been determining the performance of the cryptocurrency market. It is noteworthy that the price of Shiba Inu closely follows the trend of Bitcoin, which has been observed many times.

According to data from IntoTheBlock, the Shiba Inu has maintained an 85% correlation with the price of Bitcoin over the past 30 days. This suggests that Bitcoin has had a significant impact on Shiba Inu price action during this period. If this correlation persists, a rise in Bitcoin’s price could drive a similar rise in SHIB, and vice versa.

How much would a Shiba Inu cost if Bitcoin reaches $61 trillion?

With Bitcoin expected to surge 5,600% to reach VanEck’s predicted $61 trillion market cap, if the Shiba Inu continues its strong correlation with Bitcoin, its valuation could also soar to $436.05 billion from its current $7.65 billion.

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

Reaching $0.00073929 may be challenging for Shiba Inu due to the asset’s high supply of 589.27 trillion. However, with projects such as Shiba Eternity expected to support the ongoing SHIB burn event, the token may achieve greater milestones, including reaching the $0.00073929 target.