The last year has been a real roller coaster for the crypto market, and the main protagonist, as expected, has been Bitcoin. After surpassing $60,000 in March and November 2021, and spending almost three years below that level, the world's most important cryptocurrency not only recovered but just broke a new all-time high.
On May 22, 2025, BTC reached $111,000, marking its highest price of all time (ATH). This historic mark not only generates enthusiasm among Bitcoin investors but also rekindles interest in other relevant cryptos that usually move alongside it. Thus, an inevitable question arises: where were Ethereum (ETH), Solana (SOL), and XRP at this new Bitcoin peak?
ETH, SOL, and XRP at the new BTC peak: how were they?
Let's look at the prices of these altcoins by the end of May 2025:
Ethereum (ETH): its all-time high remains at $4,878, reached on November 10, 2021, the same day as the previous ATH of BTC. At Bitcoin's new peak, ETH was trading near $2,600, representing a drop of approximately 47% from its ATH.
Solana (SOL): this altcoin did come quite close to its own record. On January 19, 2025, it surpassed $270, driven by its growing use in gaming, memecoins, and DePINs. At the new BTC mark, its price hovers around $160, which is about 40% below its peak.
XRP (Ripple): although it managed to approach its peak in January (when it reached $3.31), its true ATH remains at $3.36, recorded on July 1, 2018. Today, XRP is trading around $2.40, representing a drop of more than 25% compared to its most recent peak.
What drove prices during each ATH?
We can divide the factors into two categories: those that affect the market in general and those specific to each project:
High global liquidity: after the pandemic, many governments implemented expansionary monetary policies, increasing liquidity and benefiting risk assets like cryptocurrencies.
Strong narratives:
Ethereum was leading the NFT and decentralized finance (DeFi) boom.
Solana was positioning itself as a high-performance, low-cost blockchain.
XRP sought to remain relevant as a solution for cross-border payments, despite its legal battle with the SEC.
Institutional entry: investment funds and companies began to include cryptocurrencies in their portfolios, increasing the legitimacy of the market.
Network effect and viralization:online communities, celebrities, and influencers played a key role in accelerating general interest.
In 2024, the market environment made a leap in maturity, with important milestones such as the approval of Bitcoin and Ethereum ETFs in Hong Kong, and even the possibility of a Solana ETF being discussed in the United States.
And now what?
With the new ATH of $111,000 for BTC, the crypto market is experiencing a moment of enthusiasm, but also of greater rationality:
Ethereum has undergone significant technological evolution with the 'Pectra' update. Despite being far from its peak, its DeFi ecosystem continues to expand, with proposals like digital identity gaining traction. In Latin America, especially in Argentina and Mexico, its use in decentralized financial solutions continues to grow.
Solana managed to rise again after the blow from the FTX case. Today it attracts gaming, memecoins, and real-time decentralized finance projects. Its focus on speed and low costs makes it attractive to developers, even in emerging markets like Colombia and Peru.
XRP, for its part, closed its litigation with the SEC and launched its own stablecoin. This move clearly targets the institutional market, with a proposal less oriented towards retail investors and more focused on banks and international payments.
What to expect from the next cycle?
If Bitcoin continues to break records in 2025 or 2026, we are likely to see a familiar pattern: first, BTC skyrockets, and then altcoins gain prominence. However, there are significant differences compared to previous cycles:
Ethereum could benefit from future updates like sharding.
Solana is positioning itself in key niches, with developers constantly innovating.
XRP largely depends on the success of its institutional strategy.
In this new scenario, investors are more informed and demanding. It is no longer just about riding the wave, but about understanding which projects have true technological foundations and long-term potential.
Conclusion: will history repeat itself?
Analyzing how altcoins behaved during previous BTC peaks gives us clues about what could come. Each cycle has its own character, but one constant remains: when BTC shines, the entire crypto market lights up with it.
And you, which altcoin do you think will take off on its own in this new cycle?
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Image available on Freepik
