Bitcoin Dominance Keeps Surging as Altcoins Plunge

Major altcoins are taking a severe beating, losing more than 5% of their value over the past 24 hours.  

Solana (SOL) is down more than 5% over the last 24 hours, according to CoinGecko data, becoming the top laggard among the 10 biggest cryptocurrencies. 

Dogecoin (DOGE) is down 4.6% while Cardano (ADA) and Shiba Inu (SHIB) have 3.2% and 4%, respectively.  

XRP, the Ripple-affiliated token, is also down 3% over the same period of time. According to the 100eyesCrypto indicator, the token is now approaching horizontal support. 

Bitcoin dominance tops 55% 

Bitcoin is currently trading below the $61,000 level, but it is down only a mere 0.1%. 

At the same time, Bitcoin dominance has now risen above the 55% level yet again after peaking at nearly 57% in April. 

Ethereum (ETH) is currently underperforming Bitcoin (BTC), slipping by more than 1%. 

All eyes on the CPI data

So far, the cryptocurrency market remains in the doldrums since there is no obvious bullish catalyst that could drive the prices higher. 

However, the upcoming CPI data, which is scheduled to be published on Wednesday, could be that much-needed bullish impetus, setting volatility for the week ahead. 

Lower-than-expected inflation is likely to push prices higher, encouraging the U.S. Federal Reserve to cut interest rates. However, a disappointing CPI reading will negatively affect the market.