Reserve

Cardano

Bitcoin

Dogecoin

Shiba Inu

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Major altcoins are taking&nbsp;<a href="https://www.coingecko.com/" rel="noopener noreferrer nofollow">a severe beating</a>, losing more than 5% of their value over the past 24 hours.&nbsp;&nbsp;
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.&nbsp;
Dogecoin (DOGE) is down 4.6% while Cardano (ADA) and Shiba Inu (SHIB) have 3.2% and 4%, respectively.&nbsp;&nbsp;
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.&nbsp;
<h2 id="bitcoin-dominance-tops-55">Bitcoin dominance tops 55%&nbsp;</h2>
Bitcoin is currently trading below the $61,000 level, but it is down only a mere 0.1%.&nbsp;
At the same time, Bitcoin dominance has now risen above the 55% level yet again after peaking at nearly 57% in April.&nbsp;
Ethereum (ETH) is currently underperforming Bitcoin (BTC), slipping by more than 1%.&nbsp;
<h2 id="all-eyes-on-the-cpi-data">All eyes on the CPI data</h2>
So far, the cryptocurrency market remains in the doldrums since there is no obvious bullish catalyst that could drive the prices higher.&nbsp;
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.&nbsp;
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.&nbsp;

Bitcoin Dominance Keeps Surging as Altcoins Plunge

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