The year started on a bullish note which aided the world’s largest altcoin to sprint towards its pre-FTX market cap levels.

Days after struggling to overcome $1,600, Ethereum finally climbed past the resistance level on Tuesday amidst a broader market rally. Even as certain group of investors looking to pocket quick gains began offloading the token, this has not affected the growing appeal of the network.

According to the latest data by IntoTheBlock, there is a clear upward trend in addresses with balances of all sizes. Except for one cohort of Ether holders with 0.10 ETH to 1 ETH, which started decreasing in size with the start of the bear market, all the other cohorts have been on a steady rise.

With the most recent increase in Ethereum’s price, some bigger holders have resorted to offloading their assets in a bid to rake in quick gains. Despite this, ITB noted an increase in addresses with larger balances in terms of USD valuations.