As an experienced cryptocurrency analyst, I’ve seen my fair share of market volatility and price swings. The current downturn in major altcoins, with Solana (SOL) being the biggest loser among the top 10 cryptocurrencies, is a cause for concern. However, it’s important to put things into perspective and remember that markets experience ups and downs as part of their natural cycle.
Significant losses have befallen major alternative cryptocurrencies within the last day, with each coin shedding over 5% of its worth.
According to CoinGecko’s latest figures, Solana (SOL) has experienced a decline of over 5% within the past 24 hours, making it the leading underperformer among the ten largest cryptocurrencies.
Dogecoin (DOGE) is down 4.6% while Cardano (ADA) and Shiba Inu (SHIB) have 3.2% and 4%, respectively.
As a crypto investor, I’ve noticed that XRP, the token linked to Ripple, has taken a hit and decreased by around 3% in the same timeframe. Based on the analysis of the 100eyesCrypto indicator, it seems that this digital asset is approaching horizontal support lines.
Bitcoin dominance tops 55%
Bitcoin is currently trading below the $61,000 level, but it is down only a mere 0.1%.
Bitcoin’s dominance has surpassed 55% once more, reaching levels last seen in April when it almost hit 57%.
Ethereum (ETH) is currently underperforming Bitcoin (BTC), slipping by more than 1%.
All eyes on the CPI data
From my perspective as a crypto investor, the market has been lackluster so far due to the absence of a clear bullish factor capable of pushing prices upward.
The forthcoming Consumer Price Index (CPI) figures, due out on Wednesday, may serve as a significant source of optimism, potentially sparking market volatility during the upcoming week.
As a researcher examining economic trends, I can share that unexpectedly low inflation might lead to an increase in prices due to various reasons. Consequently, this situation could prompt the U.S. Federal Reserve to decrease interest rates as a response. However, it is essential to note that a disappointing Consumer Price Index (CPI) reading would negatively impact market performance.
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2024-05-13 09:10