The price of Bitcoin has a strong correlation with many altcoins that tend to closely follow it. These altcoins have tracked Bitcoin's price surge and experienced similar price action as the star token. Therefore, now that Bitcoin is believed to be recovering a strong upward trend soon, these cryptocurrencies are expected to closely follow and potentially increase in price, reaching new heights.
The entire market triggered a major explosion in Q4 2024, pushing BTC prices to a new ATH near $109K. This also increased the prices of altcoins such as Ethereum, XRP, Litecoin, Solana & Dogecoin. While Ethereum peaked above $4000, XRP above $3.3, Bitcoin nearly reached $150, and Dogecoin $0.5. Meanwhile, the winner in the race was Solana, which peaked and formed a new ATH above $295.
While the majority of the market faced a significant rejection, followed by a correction, these altcoins have maintained a bullish consolidation similar to Bitcoin. The prices of ETH, XRP, LTC, DOGE & SOL have consolidated since the beginning of the month but under positive influence. All of them are testing strong resistance levels and preparing for the next upward move from BTC. When this is complete, these altcoins are believed to trigger a 30% increase.
While the price of Bitcoin is ready to rise back to $100K after holding the resistance level at $95,000, the price of Ethereum is expected to rise above $2000. Additionally, the price of XRP is expected to surpass the important resistance level at $2.6. Meanwhile, the price of Solana is anticipated to reach $180, and the price of Dogecoin could rise above $0.2 and eventually reach $0.25. However, for this to happen, Bitcoin needs to close weekly trades above $95,000 and maintain resistance at $96,800 before the end of the month.
