Bitcoin Dominance Keeps Surging as Altcoins Plunge

Cover image via U.Today

Major altcoins are enduring a significant decline, losing over 5% of their value within the past 24 hours.

Solana (SOL) has experienced a drop of more than 5% in the last 24 hours, according to CoinGecko data, becoming the most affected among the top 10 cryptocurrencies. Dogecoin (DOGE) has decreased by 4.6%, while Cardano (ADA) and Shiba Inu (SHIB) have witnessed declines of 3.2% and 4%, respectively.

XRP, the token affiliated with Ripple, has also fallen by 3% during the same period. As per the 100eyesCrypto indicator, the token is currently approaching horizontal support.

Bitcoin Dominance Surpasses 55%

Bitcoin is currently trading below the $61,000 mark, with a decline of only 0.1%. Simultaneously, Bitcoin dominance has risen above the 55% level once more, after reaching a peak of nearly 57% in April.

Ethereum (ETH) is underperforming Bitcoin (BTC), with a drop of over 1%.

Focus on CPI Data

The cryptocurrency market remains in a state of stagnation due to the absence of a clear bullish catalyst to drive prices higher. However, the upcoming CPI data, scheduled for release on Wednesday, could potentially provide the necessary impetus, setting the stage for volatility in the week ahead.

Lower-than-expected inflation is likely to stimulate price increases, encouraging the U.S. Federal Reserve to consider interest rate cuts. Conversely, a disappointing CPI reading could negatively impact the market.