Why did HEX USD's price surge today? Risk-on day for cryptos

The price of HEX ( HEX-USD ) spiked 22.7% in Wednesday afternoon trading as cryptocurrencies extended their rallies amid easing fears of a regulatory crackdown . The altcoin changed hands at nine cents as of 4:25 p.m. ET, but remained down from the $0.125 reached on March 23 and from around $0.15 a year before. It's unclear if idiosyncratic factors contributed to HEX's ( HEX-USD ) intraday move. Meantime, it has shot up 395% since the start of 2023 thanks to a broader year-to-date upswing in the crypto market. HEX ( HEX-USD ), an ERC20 token rolled out on the ethereum ( ETH-USD ) network, now has a market value of $15.4M, CoinMarketCap data showed, making it the 201st largest token. Take a look at the most recent outlooks on the crypto market .