Major altcoins are taking a severe beating, losing more than 5% of their value over the past 24 hours. Solana (SOL) is down more than 5% over the last 24 hours, according to CoinGecko data, becoming the top laggard among the 10 biggest cryptocurrencies. Dogecoin (DOGE) is down 4.6% while Cardano (ADA) and Shiba Inu (SHIB) have 3.2% and 4%, respectively. 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. RelatedDo Traditional Investors See Bitcoin as Risk Asset?Ethereum (ETH) is currently underperforming Bitcoin (BTC), slipping by more than 1%. 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. RelatedShiba Inu (SHIB) Reaches Important Level, Solana (SOL) Reaches Crucial Support, Bitcoin (BTC) Downtrend Is Too Strong, But There’s CatchLower-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.
