The largest token has added more than 40% since the beginning of the year.

Bitcoin is on track to have its best January since 2013, thanks to bets that the Fed’s monetary tightening and the crypto crisis will ease.

The largest token has increased by more than 40% since the beginning of the year; growth has more than doubled in the first month; and the cryptocurrency market has increased by $280 billion, according to CoinGecko.

January is like a month of new beginnings.

The rebound from last year’s precipitous drop is part of a broader resurgence in risk appetite, driven by expectations that central banks will slow interest rate hikes and, in some cases, cut borrowing costs later this year as high inflation subsides.

“January is set to be a month of new beginnings, with clarity on bankruptcy proceedings, corporate restructuring, and market fundamentals indicating that the bottom is behind us,” the newsletter’s writer, Noel Acheson, wrote.

Many skeptics, however, doubt that the recovery in crypto and tech stocks will last. One risk of the conclusion is that the soft economic landing that markets are hoping for will be fantastic, as interest rates will remain high for longer.

Bitcoin traded in London on Monday at $23,700, while Ethereum, the second-largest token, stabilized at around $1,635.

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