- Bitcoin (BTC) has finally breached the $100,000 level, potentially leading to a market-wide rally.
- Shiba Inu (SHIB) seems to be following BTC’s trajectory, rallying significantly in the past 24 hours, week, 14 days, and month.
- While CoinCodex predicts SHIB’s price will dip on Jan 29, 2025, there is a chance it could surge to a new all-time high if the positive market environment persists.
The cryptocurrency landscape is ever-changing, with Bitcoin (BTC) finally crossing the $100,000 mark. This achievement has led to speculation on the possible performance of other cryptocurrencies, including Shiba Inu (SHIB). This blog post explores the potential growth of SHIB if Bitcoin reaches the $115,000 milestone.
Bitcoin’s Rally: The Underlying Factors
The recent Bitcoin rally, which saw the cryptocurrency breach the $100,000 barrier, could be attributed to several factors. One of the key reasons could be Donald Trump’s announcement to nominate Paul Atkins as the chair of the SEC, a move that has been long-awaited by the crypto community. Furthermore, Federal Reserve Chair Jerome Powell’s comparison of Bitcoin to gold may also have fueled the rally. Interestingly, the dog-themed cryptocurrency, Shiba Inu (SHIB), appears to be following Bitcoin’s trajectory, boasting a significant rally of its own.
Shiba Inu’s Performance Amid Bitcoin’s Rise
As Bitcoin enjoys its newfound heights, Shiba Inu has also been making waves. Over the past month, SHIB has rallied by 61% in the last 24 hours, 231% in the weekly charts, 315% in the 14-day charts, and an impressive 835% over the previous month. Since December 2023, SHIB’s price has also soared by 2496%.
source: coingecko
The Potential of Shiba Inu and Bitcoin
Looking ahead, CoinCodex predicts that Bitcoin could hit the $115,000 mark on January 29, 2025, which would result in a rally of about 121%. However, the platform also anticipates a dip in SHIB’s price over the next few days, with a predicted trade value of 0.00002936 on the same date. This would represent a decrease of approximately 7.61% from current price levels.
The Future of Shiba Inu and The Crypto Market
Despite the predicted temporary dip, there’s a chance that Shiba Inu will maintain its upward momentum. The cryptocurrency sector is experiencing several bullish developments, including Bitcoin hitting unprecedented price levels, a pro-crypto president in the US, and numerous financial institutions filing for more crypto-based ETFs. These factors could potentially lead to an extended bull run in this cycle, possibly driving SHIB to new all-time highs if the positive market environment persists.
Conclusion
While the future of cryptocurrencies remains unpredictable, the recent performance of Bitcoin and Shiba Inu offers some interesting insights. As the crypto market continues to evolve, it will be intriguing to see how Shiba Inu fares if Bitcoin hits the $115,000 mark. Regardless, the current trend suggests an optimistic future for the crypto market as a whole. Remember, investing in cryptocurrencies involves risk, and it’s crucial to conduct thorough research and seek professional financial advice before making any investment decisions.
