Bitcoin (BTC) has finally crossed the $100,000 mark. BTC’s rise to a new all-time high could lead to a market-wide rally. Shiba Inu (SHIB) also appears to be following BTC’s trajectory. The dog-themed cryptocurrency is up 6.1% in the past 24 hours, 23.1% in weekly charts, 31.5% in 14-day charts, and 83.5% during the previous month. The price of SHIB has also increased by 249.6% since December 2023.
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Why is Bitcoin rallying?
BTC’s latest rally could be due to Donald Trump’s announcement of his intention to nominate Paul Atkins as SEC chairman. The cryptocurrency community has long wanted a replacement for Gary Gensler. The SHIB rally is likely due to the same development.
Another factor could be Federal Reserve Chairman Jerome Powell’s comparison of Bitcoin (BTC) to gold.
What is the Shiba Inu price when BTC hits $115,000?
According to CoinCodex, BTC could reach the $115,000 mark on January 29, 2025. If this were the case, it would result in a rally of around 12.1%.
On the other hand, CoinCodex predicts that the price of SHIB will decline over the coming days. The platform predicts that SHIB will trade at $0.00002936 on January 29, 2025. A drop to $0.00002936 from current price levels will result in a decline of approximately 7.61%.
Read also: Bitcoin (BTC) officially crosses $100,000 and trades at $103,000
It is also possible that Shiba Inu (SHIB) will continue its upward momentum. There are many bullish developments in the cryptocurrency sector that could lead to a sustained rally. BTC has reached never before seen price levels.
There is a pro-crypto president in the United States. And many financial institutions are calling for more crypto-based ETFs. These developments could lead to a prolonged bullish period this cycle. SHIB could reach a new all-time high if the positive market environment persists.