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 (CRYPTO: ETH) accelerated significantly over a 90-minute period on Jan. 12.
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 (CRYPTO: BTC) 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 (CRYPTO: FTM) was up by 26.77% while The Sandbox (CRYPTO: SAND) was up by 18%.
Avalanche (CRYPTO: AVAX), Polkadot (CRYPTO: DOT), and Terra (CRYPTO: LUNA) all gained more than 13% over the same period.
Dogecoin (CRYPTO: DOGE) surged by 5.5% and rival meme coin Shiba Inu (CRYPTO: SHIB) was up by 10.93%.
Photo by DrawKit Illustrations on Unsplash.