U.Today – According to blockchain data, a long-dormant wallet has come back to life, gaining an impressive 8,844%. The wallet had been dormant for a staggering 10.7 years, so its sudden activation attracted the attention of the cryptocurrency community.
Blockchain data tracker Whale Alert claims: “A dormant address holding 19 BTC worth $1,185,944 has just gone live after 10.7 years worth $13,259 in 2013.”
The Bitcoin wallet was worth $13,259 when it last saw activity in 2013. Fast forward to 2024 and the wallet’s Bitcoin value has increased to a whopping $1,185,944, an increase of 8,844%. This demonstrates the massive growth in the price of Bitcoin over the past decade.
The activation of dormant wallets can have various explanations: it may indicate that the owner has decided to take advantage of the market, due to an impressive increase in the wallet's value, or that a long-lost wallet could have been recovered.
Bitcoin Surpasses $61,000
The cryptocurrency market is showing signs of recovery, with the Bitcoin price hitting $61,457 in today’s trading session. According to Santiment, crowd sentiment has turned more bullish for most top-cap cryptocurrencies since the low on August 5, with BTC up more than 19% since that fear-inducing drop.
Bitcoin price formed a base near the $56,000 level and started a fresh rise above the $58,000 resistance. At the time of writing, BTC was up 4.03% over the past 24 hours to $60,990 and 3.05% on a weekly basis.
Bitcoin’s immediate resistance level is at $61,407, which coincides with the daily 50 Simple Moving Average (SMA), ahead of the daily 200 Simple Moving Average (SMA) at $62,844. On the other hand, immediate support lies near the $59,500 level, while the next key support is at $58,500.
According to Santiment, Bitcoin whales, specifically wallets holding between 100 and 1,000 BTC, have accumulated an additional 94,700 coins over the past six weeks. As price uncertainty has driven many traders out of the cryptocurrency market, major stakeholders are stockpiling them.
This article was originally published on U.Today
