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Crypto rally: Bitcoin hits highest level in over a month

Yahoo Finance's Brian Cheung discusses how cryptocurrencies are trading on Wednesday.

Video transcript

[MUSIC PLAYING]

BRIAN CHEUNG: Welcome back to Yahoo Finance Live. Let's take a look at the moves in crypto as we get a little bit closer to the noon hour here on the East Coast. You could see Bitcoin getting a rip higher, up about 6% to 24,000. Not long ago that we saw Bitcoin below 20,000. Of course, people might say, well, zoom out, bro. Zoom out, bro.

Well, again, still down about 50% year to date. But we've seen the rise in Bitcoin also spill over to other cryptocurrencies as well, when you take a look at Ethereum up 5% today, although down 57.5% year to date. So of course, the natural question being, well, are we starting to see a rebound in the crypto industry?