Altcoins
Bitcoin Dominance Continues to Grow as Altcoins Crash
Alex Dovbnja
Major cryptocurrencies are taking a hit, some of them have fallen by more than 5% in the last 24 hours
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Major altcoins are gaining traction a severe beatinglosing more than 5% of their value in the last 24 hours.
According to data from CoinGecko, Solana (SOL) fell more than 5% in the last 24 hours, becoming the main laggard among the 10 largest cryptocurrencies.
Dogecoin (DOGE) lost 4.6%, while Cardano (ADA) and Shiba Inu (SHIB) lost 3.2% and 4% respectively.
XRP, the Ripple-affiliated token, also fell 3% over the same time period. According to the 100eyesCrypto indicator, the token is approaching horizontal support.
Bitcoin Dominance Exceeds 55%
Bitcoin is currently trading below the $61,000 level, but is down just 0.1%.
At the same time, Bitcoin dominance once again rose above the 55% level, after peaking at nearly 57% in April.
Ethereum (ETH) is currently underperforming Bitcoin (BTC), losing more than 1%.
All eyes on the CPI data
So far, the cryptocurrency market remains in the doldrums as there is no obvious bullish catalyst that could push prices higher.
However, the upcoming CPI data, scheduled for release on Wednesday, could provide the much-needed bullish impulse, driving volatility for the week ahead.
Lower-than-expected inflation is likely to push prices higher, encouraging the US Federal Reserve to cut interest rates. However, a disappointing CPI reading will negatively affect the market.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.