Today’s Crypto Prices: Bitcoin Approaches $26,500, Ethereum Surpasses $1,600, Altcoin Trading Shows Mixed Results
Title: Crypto Market Volatility as Interest Rates Rise: Bitcoin, Ethereum, and Altcoins Show Mixed Trading
Introduction
Bitcoin and other crypto tokens experienced mixed trading on Thursday as market sentiments became jittery due to rising interest rates and macroeconomic factors. US Securities and Exchange Commission (SEC) Chair Gary Gensler maintained a combative stance against crypto in Congressional testimony on Wednesday.
Bitcoin and Ethereum Performance
Bitcoin saw a slight gain of about half-a-per cent, hovering around the $26,500-level, while Ethereum inched up about a per cent to surpass the $1,600-mark. However, the trading action in altcoins remained mixed.
Market Overview
Top crypto tokens showed mixed trading on Thursday, with gainers like Toncoin and Solana jumping more than 2 per cent each, while Litecoin, XRP, and Polygon shed about a per cent each. The global cryptocurrency market cap rose to $1.05 trillion, with total trading volumes increasing by more than 48 per cent to $28.87 billion in the last 24 hours.
Expert Opinion
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, stated that Bitcoin showed a small pump in the last 24 hours, but the markets are calling for a $30,000 level for BTC soon. However, maintaining a support level at $26,000 is crucial for an upside movement in the short term. Additionally, Terra’s LUNA experienced significant price action due to its community passing a proposal related to the minting of new USTC stablecoins and founder Do Kwon’s legal situation in the US.
Tech View on Bitcoin Cash (BCH)
WazirX Trade Desk provided a technical view on Bitcoin Cash (BCH), highlighting its features as a decentralized cryptocurrency designed for swift transactions and increased block size. The BCH/USDT trend broke out of a consolidation phase and the daily price momentum indicator or RSI crossed 65 for the first time in nearly 3 months.
Conclusion
The crypto market is experiencing volatility due to factors such as rising interest rates and regulatory developments. Bitcoin, Ethereum, and altcoins showed mixed trading, with experts providing analysis and opinions on the market trends and specific tokens.
Overall, the crypto market remains an area of high activity and unpredictability, with traders closely monitoring the market for potential opportunities and risks.
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