Major altcoins are taking a severe beatinglosing more than 5% of its value in the last 24 hours.
Major altcoins are taking a severe beatinglosing more than 5% of its value in the last 24 hours.
Solana (SOL) is down more than 5% in the last 24 hours, according to CoinGecko data, becoming the biggest laggard among the 10 largest cryptocurrencies.
Dogecoin (DOGE) is down 4.6%, while Cardano (ADA) and Shiba Inu (SHIB) are down 3.2% and 4%, respectively.
XRP, the Ripple-affiliated token, was also down 3% during the same time 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 is down only 0.1%.
At the same time, Bitcoin dominance has climbed back above the 55% level after peaking at nearly 57% in April.
Ethereum (ETH) is currently underperforming Bitcoin (BTC), falling more than 1%.
All eyes on CPI data
So far, the cryptocurrency market remains stagnant as there is no obvious bullish catalyst that can drive prices higher.
However, upcoming CPI data, scheduled for release on Wednesday, could provide that much-needed bullish push and set volatility for next week.
Lower-than-expected inflation is likely to push up prices, encouraging the US Federal Reserve to cut interest rates. However, a disappointing CPI reading will negatively impact the market.
