Bitcoin (BTC) has finally breached the $100,000 mark. BTC’s rise to a new all-time high could lead to a market-wide rally. Shiba Inu (SHIB) also seems to be following BTC’s trajectory. The dog-themed cryptocurrency has rallied 6.1% in the last 24 hours, 23.1% in the weekly charts, 31.5% in the 14-day charts, and 83.5% over the previous month. SHIB’s price has also risen by 249.6% since December 2023.
Source: CoinGecko
Also Read: Dogecoin Turns an Investment of $1,000 Into $1.8 Million
Why Is Bitcoin Rallying?
BTC’s latest rally could be due to Donald Trump announcing plans to nominate Paul Atkins as chair of the SEC. The cryptocurrency community has long wanted a replacement for Gary Gensler. SHIB’s rally is likely due to the same development.
Another factor could be the Federal Reserve Chair Jerome Powell’s comparison of Bitcoin (BTC) to gold.
What’s Shiba Inu’s Price When BTC Hits $115,000?
According to CoinCodex, BTC could hit the $115,000 mark on Jan. 29, 2025. A rally of about 12.1% would result if it did.
Source: CoinCodex
On the other hand, CoinCodex anticipates that SHIB’s price will dip over the next few days. The platform predicts SHIB to trade at $0.00002936 on Jan. 29, 2025. Falling to $0.00002936 from current price levels will entail a dip of about 7.61%.
Also Read: Bitcoin (BTC) Officially Crosses $100,000, Trades At $103,000
Source: CoinCodex
There is also a chance that Shiba Inu (SHIB) will continue its upward momentum. There are a lot of bullish developments in the cryptocurrency sector which could lead to a sustained rally. BTC has hit never-before-seen price levels.
There is a pro-crypto President in the US. And many financial institutions are filing for more crypto-based ETFs. These developments could lead to an extended bull run this cycle. SHIB could surge to a new all-time high if the positive market environment persists.
