Data shows Ethereum whales snatched up more than 21,000 units of Ether (ETH) as the crypto market recovers.
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.