Data shows Ethereum whales snatched up more than 21,000 units of Ether (ETH) as the crypto market recovers.
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The new year has not been kind to cryptocurrencies, which rose on Wednesday following a shift in market sentiment after weeks of sell-offs that briefly drove Bitcoin below $40,000.
According to data from research firm IntoTheBlock, Ethereum traders have purchased over 21,000 ETH in the last six hours as the cryptocurrency market recovers.
The surge in buying activity was a long-awaited event for the market, which had been in a steep slump since December of last year.
Before the recent recovery, Bitcoin had lost roughly 15% of its value, Etheruem had lost as much as 20%, and other big altcoins had lost even more since the start of the new year.
Ether is currently trading at $3,359.75, down 31% from all-time highs, with a 24-hour trading volume of $18,611,122,683. In the previous 24 hours, the second-largest cryptocurrency by market capitalization has gained 7.70 percent.