Why Avalanche, Fantom, and Polygon All Jumped Today

The value of cryptocurrencies jumped on Thursday starting when the Federal Reserve said it would start to "taper," or reduce, bond buying in 2022 and likely allow interest rates to rise in order to combat inflation. The market has worried for months that the economy was getting too hot, which could lead to inflation, but the central bank is moving to ease those fears.

Most cryptocurrencies rose, but in the altcoin space there were some notable moves. Avalanche (CRYPTO: AVAX) jumped as much as 10.8% over the last 24 hours, Fantom (CRYPTO: FTM) popped 12.4%, and Polygon (CRYPTO: MATIC) was up as much as 7.6%. The cryptocurrencies are up 3.4%, 2.6%, and 3.7% as of 2:40 p.m. ET.

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Source Fool.com