Digital currencies on Monday

The price of cryptocurrencies, such as Bitcoin and Ethereum increased on Monday, August 19. It is worth mentioning that due to the ongoing global economic problems the cryptocurrency market is under pressure from various sides. During last week the price of Bitcoin fell to less than $10,000, which is a big issue for this cryptocurrency. Hopefully, the price of Bitcoin rose to more than $10,000. At the moment, Bitcoin’s price is $10,672, which once more shows that Bitcoin has the potential to strengthen its position on the market.

Another cryptocurrency which gained from this situation is Ethereum. The price of the second-biggest digital currency in terms of market capitalization at the moment is $200.70. It is a crucial moment for Ethereum as during last week the price of this digital currency fell to $174.

It means that the price fell to the lowest level since the beginning of the month. However, the price of Bitcoin, as well as Ethereum, rose on Monday. This shows that significant cryptocurrencies managed to overcome the resistance. There is a chance that Ethereum’s price might reach $210-215 level if it is going to break the resistance at $200-$202 level.

The Litecoin is also one of the largest cryptocurrencies on the market. During the last 24 hours, the price of Litecoin increased by more than 6% and surpassed the $75 level. At the moment, the price of Litecoin is $78.17. There is a possibility that this positive trend will continue and Litecoin’s price will surpass $80.

Cryptocurrency market news

Governmental organizations little-by-little start to realize the importance of cryptocurrencies for the economy. For example, the government of the second-biggest Indian state of Maharashtra is working to introduce the blockchain technology. It is a serious decision as the state’s population is more than 114 million people. According to the sources, citizens will be able to use the blockchain technology for vehicle registration, documents, etc.  

The price of digital currencies increased on August 19. Traders and investors are waiting for how the situation will unfold for the next several days.