quora Digital currencies: Bitcoin & other cryptocurrencies on Wednesday

Bitcoin and other digital currencies on Wednesday

The major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, all of them are in a difficult situation. The digital currency market is developing very fast for the last several years. Some people are still skeptical about the future of digital currencies. However, cryptocurrencies such as Bitcoin and others offer many benefits which outweigh the problems.

It is no secret that after so many scandals connected with financial institutions, people are looking for alternative options. The digital currencies won’t replace the traditional currencies in the nearest future. However, they are one of the best alternatives on the market.

For example, citizens who are satisfied with the central bank’s policies can switch to Bitcoin. The digital currencies are not under the control of the central bank or any other governmental organizations. All of the reason mentioned above make them more attractive for the investors.

Cryptocurrencies on September 11Digital currencies on September 11

The price of the biggest digital in terms of the market capitalization fell on Wednesday. The Bitcoin’s price fell below $9,950. This is a serious issue. Whenever the price is lower than $10,000, it creates additional pressure on Bitcoin. It is worth mentioning that this level is considered as a key support level for this cryptocurrency.

On September 11, Bitcoin’s price declined against the U.S. dollar. The price of Bitcoin changed multiple times. It reached $10,528, but it couldn’t hold the momentum and price even fell to $9,938.

At the moment, the Bitcoin’s remains below $10,000. Right now, the price is $9,950. Bitcoin is under pressure, and its price might decrease to $9,950.

Ethereum is also struggling to deal with the problems. In the last two days, Ethereum tried twice to break the resistance level above $185. However, the attempts proved unsuccessful. Right now, Ethereum’s price is $178.9.

The Litecoin is also under pressure as its price fell to $70. This digital currency has to overcome the resistance at $77-80. This is important as if Litecoin is going to reach that level, the price might move towards $100.

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