Bitcoin fell 2% and Ethereum dropped 1.5%, while Solana and Polkadot only saw small gains.
Crypto markets fell on Monday after Federal Reserve Chairman Jerome Powell said the U.S. central bank is not yet ready to cut interest rates.
Bitcoin fell 2% to $61,850 and Ethereum fell 1.5%, while Solana and Polkadot were trading flat on the day.
“Bitcoin's dominance has fallen by more than 5% in recent days, from 52.8% on June 25 to around 50% currently. This drop generally encourages market diversification and encourages investors to explore other digital assets,” said Tristan Frizza, founder of Zeta Markets.
Among the top 100 digital assets by market cap, Solana’s meme coin BONK (BONK) and gaming blockchain Beam (BEAM) were the biggest gainers in the past 24 hours, up 7% and 6%, respectively.
“We have made substantial progress in bringing inflation down to our objective,” Powell said at a forum of European central bankers. “We want to have greater confidence that inflation is declining sustainably toward 2 percent before we begin the process of tapering or easing policy.”
According to data from Farside, Bitcoin exchange-traded funds (ETFs) saw inflows of $129.5 million on July 1, the highest amount since June 7.
Leading the way, Fidelity's FBTC saw inflows of $65 million, Bitwise's BITB saw inflows of $41.4 million, and ARK's ARKB saw inflows of $12.7 million. The Bitcoin ETFs have collectively amassed $14.7 billion in assets since their launch in January.
A spot Ethereum ETF could attract net inflows of up to $5 billion within the first six months if approved for trading in the United States, according to a research report published by cryptocurrency exchange Gemini on Monday.
U.S. stocks were flat: The Dow Jones Industrial Average rose 0.1%, the S&P 500 rose 0.2% and the Nasdaq Composite rose 0.5%.
