Bloomberg Tax
Feb. 2, 2023, 6:38 PM

Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases

Suvashree Ghosh
Suvashree Ghosh
Bloomberg News

Smaller coins led gains among cryptocurrencies Thursday on the back of investor optimism that central banks in the US and Europe will finally ease their aggressive interest-rate hiking.

Altcoins, including Ether and Cardano, are climbing north of 2% as of 12:47 p.m. in New York Thursday, while Bitcoin pared back its strong advance. Still, the largest token by market value rose as much as 2.4% Thursday before moderating its gains to trade at $23,786. A gauge of the top 100 coins is up 37% so far in 2023.

Investors are “moving out the risk spectrum towards more speculative plays ...