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The price of the main cryptocurrency, Bitcoin (BTC), set a new all-time high during today's trading session. Thus, having soared by more than 2% from the opening price, a new all-time high for BTC was set at $108,353, according to Binance. Now the quotes of the leading cryptocurrency have cooled down and rolled back below the new cherished mark, but to believe that this is the final stop seems rash, given how Bitcoin has performed in recent weeks.
Interestingly, while BTC is rising, the rest of the crypto market is in the red, and many of the alternative cryptocurrencies are suffering double-digit percentage declines as the day progresses. However, given the trends of this cycle, there are two altcoins that are likely to follow Bitcoin in the near future.
Gamza KhanzadaevWe are talking about XRP and Dogecoin (DOGE). Since Nov. 4, when BTC last traded below $70,000 and began its epic climb to six figures, XRP and DOGE prices have subsequently soared by 467% and 232%, respectively. This has made these alternative cryptocurrencies the market leaders, despite already "heavy" market capitalization numbers.
At the same time, Ethereum (ETH) and Solana (SOL) have seen their prices rise by around 70% each over the same period, which is a lot but is also disproportionately small compared to DOGE and XRP.
Whether Dogecoin and XRP continue to "catch up" with Bitcoin with its updates of historical highs every week and this time is an open question. However, we can assume that these will be the first options for market participants to make investment decisions when the BTC rally pauses.
Tomiwabold Olajide
Godfrey Benjamin
Dan Burgin
Alex Dovbnya
Vladislav Sopov