Bitcoin Dominance Keeps Surging as Altcoins Plunge
Release: 2024/05/13 13:56 Reading: 886
Cryptocurrency Market Suffers Steep Decline
Major altcoins have experienced a significant setback, losing over 5% of their value in the past 24 hours, according to CoinGecko data.
- Solana (SOL): Down over 5%, leading the losses among the top 10 cryptocurrencies.
- Dogecoin (DOGE): Down 4.6%.
- Cardano (ADA): Down 3.2%.
- Shiba Inu (SHIB): Down 4%.
- XRP: Down 3% and approaching horizontal support, as indicated by the 100eyesCrypto indicator.
Bitcoin Dominance Surges
Despite trading below $61,000, Bitcoin has only lost a marginal 0.1%. However, its dominance has risen above 55%, close to its April peak of nearly 57%.
Ethereum Underperforms
Ethereum (ETH) has underperformed Bitcoin, falling by over 1%.
CPI Data in Focus
The cryptocurrency market remains subdued due to the absence of bullish catalysts. However, the upcoming CPI data, scheduled for release on Wednesday, could provide much-needed momentum.
- A lower-than-expected inflation reading could boost prices and encourage the U.S. Federal Reserve to cut interest rates.
- A disappointing CPI report, however, could have a negative impact on the market.
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