Bitcoin Hits New All-Time High

The price of the leading cryptocurrency, Bitcoin (BTC), reached a new all-time high during today's trading session. Surging over 2% from the opening price, it set a new record at $108,353 according to Binance. Although the price has since retraced below this mark, dismissing the potential for further gains would be premature, considering Bitcoin's recent performance.

Interestingly, while Bitcoin rises, the remainder of the crypto market is experiencing losses, with several alternative cryptocurrencies suffering double-digit percentage declines throughout the day. Nonetheless, given the prevailing trends, two altcoins, XRP and Dogecoin (DOGE), are likely candidates to follow Bitcoin's lead soon.

Since November 4, when Bitcoin last traded below $70,000, its exceptional ascent to six figures has seen XRP and DOGE prices soar by 467% and 232%, respectively. This performance has positioned them as leaders in the crypto market, despite their substantial market capitalizations.

In contrast, Ethereum (ETH) and Solana (SOL) have only increased by around 70% each during the same timeframe, which is significantly less compared to DOGE and XRP.

Whether Dogecoin and XRP will continue to rise alongside Bitcoin, marking new historical highs weekly, remains uncertain. However, it is reasonable to anticipate that these altcoins may attract market participants' investment attention when Bitcoin’s rally pauses.

This article was originally published on U.Today