As per the crypto news site Coindesk, the popular crytocurrencies were last trading down by up to 8 percent in case of Ethereum, which is now estimated to surpass bitcoin in popularity. Of late, the volatility in cryptocurrencies or digital tokens is the result of uncertainty around them as to when the prices shall again pick up.
On Friday, the sell-off was primarily led by continuing bearish news in the crypto market stemming from environmental concerns pertaining to bitcoin mining as well as bitcoin's aptness as the inflation hedge after the US administration proposed a budget plan of $6 trillion.
"The mid-May sell-off left some technical scars that may need time to heal. Bitcoin is under $40,000 and dragging on the space", said David Russell, vice president of market intelligence at brokerage TradeStation Group.
In the past week, bitcoin and other cryptos dived upto 30 percent on a single day with Bitcoin managing to hold just above $30000. On the crash, some of the experts pointed that the recovery from the price crash in bitcoin and other cryptocurrencies shall be hard to come by anytime soon.
Volume in Ether continue to be higher for third straight day
Second crypto by market capitalization ether also eroded in value and last traded at $2507, with a 24 hour change of over 6 percent. But an interesting fact to note is that trading volume in Ether continues to be higher for the third straight day in comparison to Bitcoin.
As per the CoinDesk data, volume in Ethereum was last at $49.45 billion, wherein Bitcoin saw an only marginal gain at $49.99 billion. This is an indication that traders are able to find a highly liquid cryptocurrency other than Bitcoin.