Cryptocurrencies rose as part of a broad market rally Thursday, one day after the Federal Reserve delivered a half-percentage-point reduction in interest rates, the first in more than four years.

The price of bitcoin was recently higher by 5% at $63,255.00, according to Coin Metrics, building on a rally underway before the central bank decision Wednesday. Bitcoin, similar to stocks, initially jumped and then pulled back as traders absorbed the news.

“Bitcoin’s tightest correlations over time have been a positive relationship with money growth and a negative relationship with the U.S. dollar,” said Matthew Sigel, head of digital assets research at VanEck. “With this move from the Fed, we think the likelihood of strong Q4 performance from bitcoin rises.”

Ether rose 6%. Its competitor, the Solana token, jumped 10%.

Stocks tied to the price of bitcoin climbed. Bitcoin exchange operator Coinbase advanced 3%. MicroStrategy, widely used as a high beta play on the price of bitcoin, gained 9%.

Some investors are concerned that the size of the interest rate reduction, when the Fed could have eased policy by only a quarter point, shows that policymakers must be more worried about the economy than the markets would indicate. Others are more focused on easier borrowing costs spurring an uptick in liquidity that is likely to support prices.

Bitcoin behaves as both a hedge and a risk asset, and is currently more closely correlated to the Nasdaq Composite Index than it is with gold.

Bitcoin is up 6% in September, usually its worst month of the year. It is not out of the woods yet, however, said Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank. He warned about the outcome of the Bank of Japan’s policy meeting, which began Thursday.

“The BOJ will likely keep the policy rate this time around but signs of additional rate hikes could boost [the Japanese yen] and may trigger yen carry trade to rewind, which could result in a sell-off in the Japanese stock market and the risk-off sentiment could cascade into the crypto market,” he said. “Bitcoin has some time until the BOJ makes the decision and could extend its gain during Thursday’s U.S. session. The next likely short-term target is around $65,000.”