Cryptocurrency market update on Wednesday

Digital currencies such as Bitcoin, Ethereum, and others continue to attract investors. It is not surprising that number of potential investors interested in crypto investing is on the rise. Cryptocurrencies such as Bitcoin are becoming more popular; it means that any price reduction might affect significant number of crypto owners.

The price of the biggest cryptocurrency in terms of market capitalization decreased on Wednesday. Bitcoin was unable to break the resistance. It means that Bitcoin’s price failed to surpass the $11,000 level. Moreover, in several hours price decreased from $10,900 to below $10,100.

At the time of writing, Bitcoin’s price slightly increased and reached $10,112. Nevertheless, in comparison with the day before this is still a significant decline for Bitcoin. At the moment, it is hard to make the prediction, but it is essential to keep the price above $10,000 level. It is worth mentioning that Bitcoin’s price since mid-June did not fall below the $9,300 level.

Ethereum is the second biggest digital currency in terms of market capitalization. Its price also decreased on Wednesday. Ethereum’s price dropped by more than 5% in the last 24 hours. The price of the Ethereum fell below $190. Right now, the Ethereum’s price is $187.49. However, there is a chance Ethereum might be able to reverse this trend in the upcoming days.

Another cryptocurrency Litecoin is also experiencing problems. The price of Litecoin decreased by more than 2%.  Litecoin’s price fell below $75 level. Yesterday at some point price was $77, but after several hours the price decreased to less than $75 per Litecoin. At the moment, the price of Litecoin is $72.06.

Bitcoin’s price in 2020

Digital Asset Research released a new Bitcoin price prediction model. According to this model, the price of Bitcoin might reach more than $60,000. The main argument of this model is that the vast majority of Bitcoin has been mined. It means that based on this prediction, Bitcoin’s price will increase from the current price to more than $60,000 per Bitcoin.

The price of several major cryptocurrencies, including Bitcoin, decreased on August 21. Nevertheless, price might increase on Thursday or even by the end of Wednesday.