Heres the Potential Shiba Inu Price if BTC Reaches $500,000 or $13,000,000

Shiba Inu could surge to new all-time highs if it maintains its correlation with Bitcoin and the pioneering cryptocurrency hits $500,000 or $13 million.With a market dominance of 60.8%, Bitcoin largely dictates the tune of the broader crypto sector. For context, the pioneering cryptocurrencys over 10% weekly drawdown has seen altcoins capitulate immensely.Notably, Shiba Inu has recently shown a strong correlation with Bitcoin, with the latter slightly outperforming the doggy-themed meme coin.

Bitcoins Correlation With Shiba Inu

Bearing the increasing correlation, this piece analyzes how this will affect Shiba Inus price if Bitcoin reaches $500,000 or a more substantial $13 million, as some analysts have predicted.Bitcoin to $500,000 PredictionIn 2023, Bloombergs analysts predicted a $500,000 long-term price target for Bitcoin, citing several catalysts for the bold forecast. Among others, the analysis includes Bitcoins growing reputation as digital gold and its potential to capture a considerable portion of the precious metals market cap.Furthermore, the commentators highlighted growing institutional demand through ETFs and the assets limited supply as possible propellants to the $500,000 price mark. Bloomberg noted that with a total supply of just 21 million BTC, growing demand, and decreased supply from quadrennial halvings, the asset could surge to the price target.Also, other entities, such as Standard Chartered and Galaxy Digital founder Mike Novogratz, have similar price targets for Bitcoin.Bitcoin to $13M PredictionMeanwhile, Michael Saylor, chairman of Strategy (formerly MicroStrategy), is the sole prognosticator of a possible Bitcoin surge to $13 million. Despite its loftiness, Saylor believes Bitcoins superior quality to fiat, and the global hyperinflationary monetary policy means the premier asset will continue to grow against local currencies.Additionally, Saylor predicted growing institutional attraction towards Bitcoin, insisting it would capture at least 7% of the global financial market. Bitcoins Market Cap Relativity with Shiba InuFollowing the earlier-mentioned correlation between Bitcoin and Shiba Inu, lets calculate Shiba Inus market cap relative to Bitcoins. At the current market cap of $1.705 trillion for Bitcoin and $8.63 billion for Shiba Inu, the relativity factor is 0.506%.This means that Shiba Inu accounts for 0.506% of Bitcoins current market cap. If the correlation hypothetically continues, we can use this factor to assess SHIBs valuation relative to changes in BitcoinsShiba Inus Market Cap and Price if Bitcoin Hits $500,000If Bitcoin hits $500,000, as Bloomberg predicted, its market cap will surge alongside. With a circulating supply of 19.82 million, the crypto firstborn will attain a valuation of $9.91 trillion and $10.5 trillion at a fully diluted valuation (FDV) of 21 million.Hence, with the 0.506% relativity factor, Shiba Inus market cap would hit $50.14 billion if Bitcoin reached $9.91 trillion. Furthermore, SHIBs price will reflect its market cap, surging to $0.0000851 with its circulating supply of 589.25 trillion.Notably, this price target remains below Shiba Inu's all-time high of $0.00008854.Shiba Inus Market Cap and Price if Bitcoin Hits $13 MillionWith the same calculations, Bitcoin at $13 million will yield a market cap of $257 trillion and $273 trillion at FDV. Notably, this staggering valuation is over 159 times the pioneering cryptocurrencys market cap of $1.705 trillion.Meanwhile, Shiba Inus market cap with the 0.506% factor will be $1.3 trillion. Furthermore, considering its circulating supply of 589.25 trillion, SHIBs price would surge over 150 times from its current market price to $0.002206.It bears mentioning that these figures are based solely on theoretical correlations. Realistically, there are no guarantees that Shiba Inu will surge alongside Bitcoin or maintain the same relativity with the asset.

Text source: The Crypto Basic

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