Dormant Bitcoin Wallet Returns to Life, Boasting an Impressive 8,844% Gain

According to on-chain data, a long-dormant Bitcoin wallet has returned to life, boasting an impressive 8,844% gain.

An extended period of dormancy has come to an end for a Bitcoin wallet, revealing a remarkable 8,844% gain in its value. The wallet had remained inactive for an astonishing 10.7 years, prompting attention from the cryptocurrency community upon its sudden activation.

Blockchain data tracker Whale Alert highlighted the event, reporting that "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 last active in 2013, at which point it held BTC valued at $13,259. Fast-forward to 2024, and the wallet has seen its Bitcoin stash inflate to an impressive $1,185,944 — a surge of 8,844%. This serves as a vivid illustration of Bitcoin's phenomenal price growth over the past decade.

Various factors could explain the activation of a dormant wallet, such as the owner deciding to capitalize on a favorable market situation, which may have led to a substantial increase in the wallet's value. Alternatively, it could indicate the recovery of a wallet that had been lost for an extended period.

Bitcoin price surpasses $61,000

The broader crypto market displayed signs of recovery on August 11, with Bitcoin price surging to highs of $61,457 during the session. According to Santiment, crowd sentiment has turned increasingly bullish for most top caps since the August 5 price bottom, with BTC up over 19% since the fear-driven crash.

Bitcoin price recovered from support near the $56,000 level, sparking a fresh increase above the $58,000 resistance. At the time of writing, BTC was trading up 4.03% in the 24-hour period at $60,990 and up 3.05% over the week.

Bitcoin price now faces immediate resistance at $61,407, which coincides with the daily SMA 50, ahead of the daily SMA 200 at $62,844. On the downside, immediate support lies near the $59,500 level, while the next key support is $58,500.

According to Santiment, Bitcoin whales, specifically wallets that hold between 100-1000 BTC, have accumulated 94,700 more coins in the past six weeks. This comes as price uncertainty has shaken many traders out of the crypto market, while major stakeholders are stocking up.

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