Ethereum’s ether (ETH) raced ahead on Wednesday, leading the crypto market higher after a modest dip earlier this week.

ETH broke above the $3,200 level for the first time since early February, gaining 6.5% over the past 24 hours, CoinDesk data shows. It’s now ahead a full 22% over the past seven days.

Bitcoin

also bounced back above $119,000 during the early hours of the U.S. session, climbing 2.6%. The CoinDesk 20 index, a broad-based benchmark focusing on majors, was up 4.5%.

BTC investors bought this week’s dip to $116,000 from record highs hand over fist, analytics firm Glassnode noted. According to the firm’s data, market participants “stepped in aggressively,” scooping up around 196,600 BTC ($23 billion) between the $116,000 and…