According to U.Today, major altcoins have suffered significant losses, with their value decreasing by more than 5% in the last 24 hours. Solana (SOL) has seen a decrease of over 5%, making it the most affected among the top ten cryptocurrencies. Other cryptocurrencies such as Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), and XRP have also experienced losses ranging from 3% to 4.6%.
Bitcoin, on the other hand, is currently trading below the $61,000 mark, with a slight decrease of 0.1%. However, Bitcoin's dominance in the market has risen above 55%, a level it had previously reached in April when it peaked at nearly 57%. Ethereum (ETH) is currently underperforming Bitcoin (BTC), with a decrease of more than 1%.
The cryptocurrency market is currently in a state of uncertainty, with no clear bullish catalyst that could drive prices higher. The upcoming Consumer Price Index (CPI) data, scheduled for release on Wednesday, could potentially provide the necessary bullish impetus, setting the stage for volatility in the week ahead. If the inflation rate is lower than expected, it could push prices higher and prompt the U.S. Federal Reserve to cut interest rates. However, a disappointing CPI reading could have a negative impact on the market.