The Bitcoin Effect: How Top Cryptos Like Ethereum, Litecoin, and Bitcoin Cash Are Riding the 2024 Bull Wave
Cryptocurrencies directly impacted by Bitcoin tend to follow its price movements due to their correlation in market trends and investor sentiment. Some of the top cryptos influenced by Bitcoin include Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP). Historically, when Bitcoin rises, it brings along many altcoins, especially during "bull runs."
In 2024, Ethereum stands out with its own innovations, such as the upcoming Dencun upgrade, which aims to make the network even more scalable. However, ETH often trails Bitcoin initially before surging in later phases of the market cycleâ(KuCoin Trading)â(markets.businessinsider.com).
Similarly, Litecoin and Bitcoin Cash, both derivatives of Bitcoin's code, exhibit similar price movements. Litecoin, known as the "silver to Bitcoinâs gold," usually mirrors Bitcoin, with lower volatility. As for Bitcoin Cash, its transaction speed and lower fees keep it closely tied to Bitcoin, yet distinct in its use cases.
Whether these altcoins will go bullish or bearish long-term depends heavily on Bitcoinâs trajectory. Given the current 2024 market sentiment, Bitcoin's resurgence during this potential bull market could elevate these assets over the next several monthsâ(markets.businessinsider.com). However, macroeconomic factors like interest rates and regulatory changes remain critical influences on the entire crypto market.
These assets are set to rally if Bitcoin maintains its current bullish momentum, but as always, market corrections can quickly affect their performance. Hence, the long-term potential remains optimistic, though it will likely mirror Bitcoin's success in this increasingly volatile space.
