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The cryptocurrency market has seen a dramatic surge in value since November 2024, garnering significant attention from scholars and investors alike. In particular, Bitcoin has shown a remarkable rise, with its price surpassing $100,000 by January 2025. This study employs Wavelet Coherence analysis to explore the synchronization of prices among leading cryptocurrencies, including Bitcoin, and applies bubble diagnostic techniques to examine their interconnections. The findings indicate that Bitcoin has notably entered a distinct phase of a price bubble during this period, characterized by a significant decoupling in price movements from other major cryptocurrencies, especially over long-term frequencies. Furthermore, the research highlights a previously dominant trend where Bitcoin led the price movements of other cryptocurrencies. Recently, however, this influence has begun to wane, with each cryptocurrency starting to exhibit more independent price behavior. This decoupling indicates a move towards a less interconnected market structure. Ultimately, the study confirms that price bubbles in specific periods are predominantly driven by Bitcoin, the leading cryptocurrency, rather than by collective market movements. These insights are crucial for assessing the stability of the cryptocurrency market and have important implications for policy-making and future regulatory measures.