Not in one step.
You can select the photos in the first album, then use the Share icon to add them to the second album, then select them again and use the trash icon to remove them from the current album.
You can also drag the photos into the album in the side bar (if you are using iPadOS 14). This will not delete them from the original album. You still have to manually delete them from the original.
You can probably create shortcut to do it all in one go, but unless it is something you do a lot, more work than itās worth.
Other apps that can access your photos might be able to do it. I tried using Documents by Readdle, but itās move function only allows moving photo to and from the Photo Library, not between albums.
Side Notes:
As long as you donāt choose to delete the photo it will still be in the photo library.
Also, having a photo in multiple albums does not mean you have multiple copies of the photo. Albums are just lists. A photo can be in as many albums as you want with no duplication of files. That means he picture of my niece and her dog lives nicely in both the family and the pet albums.