Bitcoin Dominance Keeps Surging as Altcoins Plunge

Solana is down more than 5% over the last 24 hours, according to CoinGecko data, becoming the top laggard among the 10 biggest cryptocurrencies. 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 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. 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. Shiba Inu Reaches Important Level, Solana Reaches Crucial Support, Bitcoin Downtrend Is Too Strong, But There's Catch

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. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

Shiba Inu Reaches Important Level, Solana Reaches Crucial Support, Bitcoin Downtrend Is Too Strong, But There's CatchSolana Meme Coin Penguiana Raises 800 SOL In The First 7 Days Of Presale, Set To Release P2E Game Demo Next MonthShiba Inu Reaches Important Level, Solana Reaches Crucial Support, Bitcoin Downtrend Is Too Strong, But There's Catch

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