Major altcoins are falling severe beatinghas lost more than 5% of its value in the past 24 hours.
According to CoinGecko data, Solana (SOL) has fallen more than 5% in the past 24 hours, making it the worst laggard among the 10 largest cryptocurrencies.
Dogecoin (DOGE) fell 4.6%, while Cardano (ADA) and Shiba Inu (SHIB) fell 3.2% and 4%, respectively.
Ripple-related token XRP also fell by 3% during the same period. According to the 100eyesCrypto indicator, the token is currently approaching horizontal support.
Bitcoin dominance exceeds 55%
Bitcoin is currently trading below the $61,000 level, a decline of only 0.1%.
At the same time, Bitcoin’s dominance is now above the 55% level again, after peaking at nearly 57% in April.
Ethereum (ETH) is currently underperforming Bitcoin (BTC), down more than 1%.
Focus on CPI data
So far, the crypto market remains depressed as there are no clear bullish factors driving prices higher.
However, the next CPI data, scheduled to be released on Wednesday, could provide a much-needed bullish boost and dictate volatility for the week ahead.
Lower-than-expected inflation would likely push up prices and prompt the U.S. Federal Reserve to cut interest rates. However, if the CPI value is disappointing, it will have a negative impact on the market.
https://u.today/bitcoin-dominance-keeps-surging-as-altcoins-plunge