Altcoins
Bitcoin Dominance Continues to Rise as Altcoins Plunge
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Major altcoins take a severe beatinglosing more than 5% of their value in the last 24 hours.
Solana (SOL) is down more than 5% in the past 24 hours, according to CoinGecko data, becoming the top laggard among the top 10 cryptocurrencies.
Dogecoin (DOGE) is down 4.6% while Cardano (ADA) and Shiba Inu (SHIB) are up 3.2% and 4%, respectively.
XRP, the Ripple-affiliated token, is also down 3% over the same period. According to the 100eyesCrypto indicator, the token is now approaching horizontal support.
Bitcoin dominance exceeds 55%
Bitcoin is currently trading below the $61,000 level, but its decline is only 0.1%.
At the same time, Bitcoin’s dominance has once again surpassed the 55% level, having peaked at almost 57% in April.
Ethereum (ETH) is currently underperforming Bitcoin (BTC), down more than 1%.
All eyes on CPI data
So far, the cryptocurrency market remains in the doldrums as there is no obvious bullish catalyst that could push prices higher.
However, upcoming CPI data, scheduled for release on Wednesday, could provide much-needed bullish momentum, setting volatility for the week ahead.
Lower-than-expected inflation is expected to push prices higher, encouraging the U.S. Federal Reserve to cut interest rates. However, a disappointing CPI reading will negatively affect the market.