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.
The 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’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.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
