Bitcoin approaches $26,500; Ethereum reaches $1,600; altcoins trade as a mixed bag

Bitcoin managed to show some gains, adding nearly half a percent and hovering around $26,500, while Ethereum rose about a percent to top $1,600.

Bitcoin and other cryptocurrency tokens traded mixed on Thursday as rising interest rates and macroeconomic concerns shook market mood. In congressional testimony on Wednesday, US Securities and Exchange Commission (SEC) Chair Gary Gensler maintained his confrontational stance against cryptocurrency.

Bitcoin managed to show modest gains, adding roughly a half-percentage point but remaining in the $26,500 range. However, its largest peer, Ethereum, gained approximately 1% to reclaim the $1,600 level. The price behaviour in altcoins remained erratic.

Bitcoin is currently worth more than $26,300. This spike comes as the US dollar index reaches a new 10-month high of 106.48. In the meantime, Ethereum has been hovering around the $1,600 mark. In other news, Ethereum has surpassed $10 billion in revenue within seven years, a fantastic achievement.

On Thursday, the top crypto tokens were trading in a mixed bag. Toncoin and Solana gained more than 2% each, while the others gained less than 1%. Litecoin, XRP, and Polygon, on the other hand, each lost roughly 1%, while BNB and Dogecoin each lost half a percent.

The worldwide cryptocurrency market cap was trading slightly higher, at $1.05 trillion, after rising approximately 0.5 percent in the previous 24 hours. However, total trade volumes increased by more than 48% to $28.87 billion.

Bitcoin experienced a brief rally in the last 24-hours before encountering resistance at the 50-DEMA. BTC is expected to reach $30,000 in the near future, according to the markets. However, a support level of $26,000 must be maintained in order to expect a short-term upward advance.