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Ethereum (ETH) also surged on Wednesday, with the cryptocurrency reentering the $1,600 region.
ETH/USD peaked at $1,626.65 earlier in the day, which comes less than 24 hours after falling to a low of $1,580.17.
Wednesday’s gain comes as ETH climbed higher for a third straight day, breaking out of a resistance level of $1,620 in the process.
Traders will now likely be targeting a higher point of resistance at $1,670, however there are first some obstacles to overcome.
A ceiling of 51.00 on the RSI indicator will be the first hurdle, with price strength currently hovering just below this point.
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