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In the past seven days, many leading altcoins have seen significant declines, with some dropping over 5%. As Bitcoin (BTC) climbs back above the $63,000 threshold today, it sends signals of recovery to the market, helping the shaken altcoins to begin stabilizing.
Current State of Bitcoin and Altcoins
According to data provided by the crypto data and price platform CoinGecko, Solana (SOL) stands out as the altcoin that lost the most value among the top 10 cryptocurrencies, with a drop of over 5% in the last seven days. Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB) also indicate notable declines with losses ranging between 3% to 5%. XRP, linked to Ripple, has also seen a 3% decline over the past week and is approaching horizontal support levels as indicated by the 100eyesCrypto indicator.
The king of altcoins, Ethereum (ETH), has traded with a performance well below Bitcoin, experiencing a drop of over 6% in the last seven days.
Bitcoin has remained relatively stable over the past week, experiencing a modest decline of 3.12%, trading just above $63,000 at $63,040. While the price of the largest cryptocurrency continues to consolidate between $60,000 and $64,000, its dominance in the market is increasing.
Investors Eye Consumer Price Index Data Due on May 15
The cryptocurrency market currently lacks a clear bullish catalyst to drive prices higher, leading to suppressed sentiment among investors. However, all eyes are on the Consumer Price Index (CPI) data to be announced on May 15, which could potentially increase volatility in the cryptocurrency market in the days and weeks following its release.
The CPI data is of great importance as it could be a decisive factor in shaping the market’s direction. If inflation data comes in lower than expected, it could prompt the U.S. Federal Reserve (Fed) to consider interest rate cuts, boosting optimism and potentially leading to an increase in economic activity, which could help raise Bitcoin and altcoin prices.
A disappointing CPI result, on the other hand, could have negative effects on market sentiment and lead to a decline in the prices of Bitcoin and altcoins. Therefore, investors are eagerly awaiting the CPI data to gain insights into future Fed monetary policy decisions and their potential impact on the markets.
