Dormant Bitcoin Wallet Awakens With 8,844% Gains: Details

According to onchain data, a long-dormant Bitcoin wallet has returned to life, boasting an impressive 8844% 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.

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 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, the crowd sentiment has been flipping more bullish for most top caps since the August 5 price bottom, and BTC is up over 19% since that fear-causing crash.

Bitcoin 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 6 weeks. As price uncertainty has shaken many traders out of the crypto market, major stakeholders are stocking up.