Bitcoin Jumps in Crypto Rally After Fed Chair Powell Inflation Remarks

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.