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According to on-chain data, a long-dormant Bitcoin wallet has returned to life, boasting an impressive 8,844% gain. The wallet had been inactive for a staggering 10.7 years, thus, its sudden activation drew attention from the cryptocurrency community.
Blockchain data tracker Whale Alert states, "A dormant address containing 19 BTC worth $1,185,944 has just been activated after 10.7 years worth $13,259 in 2013."
The Bitcoin wallet was previously worth $13,259 when it last saw activity in 2013. Fast forward to 2024, and the wallet has seen its Bitcoin value increase to a whopping $1,185,944, an 8,844% increase. This demonstrates Bitcoin's enormous price growth over the last decade.
Tomiwabold OlajideThe activation of dormant wallets can have varied explanations: it may indicate that the owner has decided to take advantage of the market, owing to an impressive surge in the wallet value or a long-lost wallet might have just been recovered.
Bitcoin surpasses $61,000
The crypto market is showing signs of recovery, with Bitcoin reaching as high as $61,457 in today's trading session. According to Santiment, crowd sentiment has been flipping more bullish for most top caps since the Aug. 5 price bottom, and BTC is up over 19% since that fear-causing crash.
Bitcoin's price formed a base near the $56,000 level and started a fresh increase above the $58,000 resistance. At the time of writing, BTC was up 4.03% in the last 24 hours to $60,990 and up 3.05% weekly.
Bitcoin's immediate resistance level is $61,407, which coincides with the daily SMA 50, ahead of the daily SMA 200 at $62,844. On the other hand, Immediate support lies near the $59,500 level, while the next key support is $58,500.
According to Santiment, Bitcoin's whales, specifically wallets that hold between 100-1000 BTC, have accumulated 94,700 more coins in the last six weeks. As price uncertainty has shaken many traders out of the crypto market, major stakeholders are stocking up.
Godfrey Benjamin
Alex Dovbnya
Dan Burgin