Traders Buy 16K Ethereum Worth $52M In 60 Minutes

After a volatile week, momentum returned to crypto markets on Wednesday after CPI data revealed U.S. inflation hit 7% in December 2021.

What Happened: According to data from IntoTheBlock, buying activity for Ethereum ETH/USD accelerated significantly over a 90-minute period on Jan. 12.

Hopium.

Analyzing $ETH Trades per Side indicator, buying activity has accelerated significantly over the past 90 minutes, coinciding with the price of #Ethereum reaching $3,300 again.

More than 16,000 ETH has been bought over the last 60 minutes.https://t.co/j32OLj1VLK pic.twitter.com/cpJTH8TwGD

— IntoTheBlock (@intotheblock) January 12, 2022

In analyzing the Trades per Side indicator, The Block found that more than 16,000 ETH was purchased over a period of 60 minutes. At current prices, this equates to $52.8 million in Ethereum.

At the time of publication, ETH was trading at $3,352 and had gained 5.41% in the last 24 hours.

The leading altcoin wasn’t the only cryptocurrency to witness a sudden uptick in price as sentiment began to turn bullish market-wide.

The apex crypto Bitcoin BTC/USD was also up by more than 5% over the same period and was trading at a price of $43,750.

The crypto market recovery saw select altcoins post double-digit gains over a short time frame. Fantom FTM/USD was up by 26.77% while The Sandbox SAND/USD was up by 18%.

Avalanche AVAX/USD, Polkadot DOT/USD, and Terra LUNA/USD all gained more than 13% over the same period.

Dogecoin DOGE/USD surged by 5.5% and rival meme coin Shiba Inu SHIB/USD was up by 10.93%.

Photo by DrawKit Illustrations on Unsplash.