Here’s How Much 1K, 5K, and 10K XRP Would Be Worth If Bitcoin Hits $1M
The article discusses the potential rise of altcoins, specifically XRP, if Bitcoin reaches the teased $1 million price target by several industry leaders. Despite recent market turbulence causing Bitcoin to drop below $100,000 and altcoins struggling due to their correlation with Bitcoin, experts like the Winklevoss twins, Coinbase CEO Brian Armstrong, and author Robert Kiyosaki have predicted Bitcoin's significant future growth. If Bitcoin attains a $1 million price and maintains its current market dominance, the crypto market cap could reach $33.3 trillion, potentially increasing XRP's value from $0.49 to $23 per token based on its correlation with Bitcoin. This price surge would substantially amplify the value of XRP holdings.
Layer-1
Centralized Payments
The Impact of Bitcoin's $1 Million Target on Altcoins
Altcoins like XRP could benefit tremendously if Bitcoin ever claims the $1 million price target teased by multiple industry leaders. The crypto market has faced a turbulent period over the past few weeks, with prices tumbling to new lows. Bitcoin (BTC), the original cryptocurrency, has been at the center of this downtrend, occasionally slumping below the $100,000 psychological mark to retest lows at $98,000.
Altcoins Correlation with Bitcoin
Following this downtrend, altcoins have also struggled. Notably, this is due to the close correlation between the altcoin market and Bitcoin. With BTC facing a turbulent period, altcoins like XRP have failed to perform optimally, with only a few outliers.
Predictions for Bitcoin's $1 Million Milestone
Industry leaders have made bold predictions about Bitcoin's future:
- In September, the Winklevoss twins, founders of the Gemini exchange, predicted that Bitcoin could “easily” claim $1 million from its current position, citing historical data.
- A month prior, Coinbase CEO Brian Armstrong stated during the Cheeky Pint podcast that Bitcoin may reach $1 million by 2030, citing clearer regulations.
- In July, Robert Kiyosaki, author of Rich Dad Poor Dad, also hinted at a possible Bitcoin rise to $1 million, emphasizing that he wouldn’t want to miss the opportunity.
XRP's Potential Growth Tied to Bitcoin
Should Bitcoin achieve the $1 million price, XRP could also experience a significant price increase due to its price correlation with Bitcoin. Data from Macroaxis indicates that XRP and Bitcoin have a 78% correlation coefficient, revealing a lack of diversification between the two assets. This correlation suggests that XRP’s growth is heavily influenced by Bitcoin's market movements.
Projected Market Trends for Bitcoin and XRP
If Bitcoin reaches a market cap of $19.94 trillion with its current 59.85% dominance, the total crypto market cap would soar to $33.3 trillion. Meanwhile, XRP, with its current 4.19% market dominance, would see its market cap increase from $148 billion to approximately $1.4 trillion. With XRP’s circulating supply of approximately 60 billion tokens, this would translate to about $23 per XRP token.
Investor Gains at XRP's Potential Prices
At the projected $23 per XRP token:
- 1,000 XRP tokens, currently worth $2,460, would rise to about $23,000.
- Investors holding 5,000 XRP, currently worth $12,300, would see their holdings grow to $115,000.
- Those with 10,000 XRP, valued at $24,600 today, would have assets worth $230,000, highlighting the tremendous potential gains for XRP holders.