Digital currencies on Thursday
The cryptocurrency market is developing for the last several years. There are more than 1,000 digital currencies around the world. It is not surprising that because not only private but governmental organizations are also working on such projects. Nevertheless, only several major digital currencies are famous in different parts of the world.
One of them is Bitcoin, which came into existence when the global economic crisis was destroying companies one by one. This crisis as well as what happened after shuttered the trust in traditional financial institutions.
Bitcoin experienced problems in August especially during the half of the August. However, during the last several day’s situations more or less stabilized. The Bitcoin’s price remains above $10,000, which is an essential level for this cryptocurrency.
On September 4, Bitcoin was able to overcome the resistance area as its price rose above $10,500. Bitcoin’s rise to the top continued as its price reached $10,800. Yesterday, the price of number one digital currency even reached $10,888. It is important to mention this because it is the highest point since the beginning of the month.
At the moment the price is above $10,500 more precisely the price is $10,528. This trend might continue as there is a chance to surpass $11,000.
Another cryptocurrency, Ethereum, is not in the same position. It failed to overcome the problems. It was unable to surpass the $180 level. Ethereum’s price at the moment is $171.
The importance of digital currencies is growing it means that crypto money can compete with traditional currencies. Several countries are working on national cryptocurrency projects.
The People’s Bank of China is working to develop national digital currency. Bank assembled a team from the employees to work on this task. Specialists from the Central bank’s Digital Currency Research Lab is working behind the closed doors. Another interesting fact that they are not working from the bank’s headquarters.
It is too early to say when a central bank will launch this cryptocurrency. There are several versions, and according to one of them, this will happen in November.
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