Bitcoin is set for its best January since 2013 on bets that monetary tightening and the crypto-sector crisis are both ebbing.
The largest token is up over 40% since the turn of the year, a first-month gain bettered only twice before when crypto was in its infancy. Smaller coins like Solana, Axie Infinity and Decentraland have doubled in value, part of a $280 billion January climb in digital assets overall, CoinGecko figures show.
The rebound from last year’s deep rout is part of a wider revival in risk appetite on expectations that central banks will slow interest-rate hikes and perhaps even cut borrowing costs later this year as high inflation moderates.
The rally in virtual coins has weathered ongoing fallout from the collapse of Sam Bankman-Fried’s FTX exchange — such as the bankruptcy of crypto lender Genesis…