Bitcoin fell 2% and Ethereum fell 1.5%, while Solana and Polkadot saw minor gains.
Cryptocurrency markets traded lower on Monday after Federal Reserve Chairman Jerome Powell said the U.S. central bank was not yet ready to cut interest rates.
Bitcoin fell 2% to $61,850, while Ethereum fell by 1.5%. Meanwhile, Solana and Polkadot are trading unchanged on the day.
โBitcoin dominance has fallen by more than 5% over the past few days, from 52.8% on June 25 to around 50% today. This drop typically encourages market diversification, prompting investors to explore other digital assets,โ said Tristan Frizza, founder of Zeta Markets.
Among the top 100 digital assets by market cap, Solana memecoin BONK (BONK) and gaming blockchain Beam (BEAM) were the biggest gainers over the past 24 hours, up 7% and 6% respectively.
โWe have made good progress in bringing inflation down to our objective,โ Powell told a forum of central bankers in Europe. โWe want to be more confident that inflation is coming down sustainably toward 2% before we begin the process of tapering or easing monetary policy.โ
On July 1, Bitcoin exchange-traded funds (ETFs) attracted inflows of $129.5 million, the highest figure since June 7, according to Farside data.
Leading the way, Fidelityโs FBTC received $65.0 million in inflows. Bitwiseโs BITB attracted $41.4 million and ARKโs ARKB gained $12.7 million. In total, Bitcoin ETFs have accumulated $14.7 billion in assets since their launch in January.
According to a research report published Monday by cryptocurrency exchange Gemini, Ether spot ETFs, once approved for trading in the US, could attract net inflows of up to $5 billion in the first six months.
U.S. stocks were unchanged. The Dow Jones Industrial Average rose 0.1%, while the S&P 500 gained 0.2% and the Nasdaq Composite rose 0.5%.
