Bitcoin (BTC) will undergo its fourth halving cycle in April this year. The event will reduce rewards for miners by 50% and amount to 3,125 BTC. Many analysts are expecting a bull run in the cryptocurrency market due to the upcoming BTC halving and the recent approval of 11 spot BTC exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC).
Follow the live countdown to the Bitcoin halving.
As we enter a BTC-fueled bull market, we may see other major cryptocurrencies following BTC's steps. The larger crypto market often reflects BTC's movements, as was the case during the 2021 bull market.
The Three Biggest Cryptocurrencies That Could Surge After Bitcoin Halving
Ethereum (ETH):
Ethereum (ETH) is the second largest cryptocurrency by market capitalization, surpassed only by Bitcoin (BTC). If BTC starts rising, there is a high probability that ETH will follow. During the previous bull market, both assets reached all-time highs on the same day, November 10, 2021.
Also read: Top three cryptocurrencies that could turn $10 into $1,000
Although ETH price has struggled to gain momentum in 2023, there is a high possibility that it could rise after the BTC halving as we enter a bull market.
Solana (SOL):
Source – Asset Control
Solana (SOL) was among the best-performing cryptocurrencies in 2023. Over the past year, SOL's movements mirrored those of BTC, but saw many percent higher growth. While BTC is up around 87% since January last year, SOL is up over 300%.
Also Read: Solana (SOL) Falls 5% After First Network Outage in 350 Days.
If BTC starts to rally, SOL could follow suit. Furthermore, SOL reached its all-time high on November 6, 2021, just before BTC and ETH.
XRP:
Source – Bitcoin.com
XRP is one of the few cryptocurrencies that did not reach an all-time high during the 2021 bull market. XRP’s lack of movement was likely due to the legal battle between the SEC and Ripple. However, there is a possibility that XRP will surge during the next bull market if Ripple receives a positive ruling in the lawsuit now pending at the Supreme Court. Last year, a US district court ruled partially in favor of Ripple, finding that selling XRP to retail customers did not violate securities laws. If the Supreme Court takes a similar stance, XRP could rise to new highs in the next bull market.
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