Bitcoin (BTC) will undergo its fourth halving cycle in April of this year. The event will reduce rewards for miners by 50%, bringing it to 3.125 BTC. Many analysts anticipate a cryptocurrency market bull run due to BTC’s upcoming halving event and the SEC’s (Securities and Exchange Commission) recent approval of 11 spot BTC ETFs (Exchange Traded Funds).
Follow the live countdown to Bitcoin’s halving.
If we enter a BTC-fuelled bull run, we may see other significant cryptocurrencies following BTC’s steps. The larger crypto market often mirrors BTC’s movements, as had happened in the 2021 bull run.
Top 3 cryptocurrencies that could surge after Bitcoin’s halving
Ethereum (ETH):
Ethereum (ETH) is the second largest cryptocurrency by market cap, bested only by Bitcoin (BTC). If BTC begins to rally, there is a high likelihood that ETH will follow. During the previous bull run, both assets reached all-time highs on the same day, Nov. 10, 2021.
Also Read: Top 3 Cryptocurrencies That Could Turn $10 Into $1000
Although ETH’s price struggled to gain momentum in 2023, there is a high chance it could surge after BTC’s halving, given we enter a bull run.
Solana (SOL):
Solana (SOL) was among the best-performing cryptocurrencies of 2023. Last year, SOL’s movements mirrored BTC’s but had growth of many percent more. While BTC is up by around 87% since January last year, SOL is up by over 300%.
Also Read: Solana (SOL) Falls 5% After Its First Network Outage In 350 Days.
If BTC begins to rally, SOL may follow suit. Moreover, SOL also had its all-time high just before BTC and ETH did, on Nov. 6, 2021.
XRP:
XRP is one of the few cryptocurrencies that did not hit an all-time high during the 2021bull run. The lack of movement for XRP was likely due to the legal lawsuit between the SEC and Ripple. However, there is a chance that XRP could surge during the next bull run if Ripple receives a favorable verdict in the suit, which is now in the high court. Last year, a US district court partially ruled in favor of Ripple, stating that selling XRP to retail clients did not breach securities laws. If the high court takes a similar stance, XRP may rise to new highs in the next bull run.