#ShibaInu: which currently sees less than 1% of the Bitcoin valuation, could reach a new all-time high if it grows to capture only 10% of this market.
The crypto market has grown considerably since the launch of Bitcoin ($BTC
), the pioneering crypto asset, in 2009. Over the past decade and a half, #Bitcoin❗ has grown to become a trillion-dollar asset, cementing its position among the largest financial assets in the world.
SHIB’s Position in Relation to Bitcoin
Altcoins like Shiba Inu, despite having ambitious visions, can only dream to capture a share of Bitcoin’s market cap. While Cardano founder Charles Hoskinson has repeatedly argued that $ADA
could surpass Bitcoin in valuation, these commentaries have often faced skepticism.
Notably, Shiba Inu, being the 13th-largest cryptocurrency by market cap, currently boasts only 0.8% of Bitcoin’s total market valuation. For context, $SHIB
has a market cap of $10.9 billion at the reporting time, as opposed to Bitcoin’s valuation of $1.335 trillion.
Interestingly, the closest Shiba Inu has been to gaining on Bitcoin’s market cap was when it recorded its historic 2021 rally during the bull run at the time. Within this period, SHIB’s market cap spiked to $41.35 billion, representing 3.4% of Bitcoin’s $1.13 trillion valuation at that time.
Following a series of downtrends and recoveries, Bitcoin’s market cap has now surpassed its 2021 levels, now at $1.335 trillion. In contrast, Shiba Inu has failed to recapture the previous peaks of $41.35 billion. This is largely due to the fact that the altcoin season for this bull cycle has not yet materialized.
