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The Bitcoin (BTC) price has witnessed a massive surge today. Consequently, a dormant BTC wallet was activated almost an hour ago. Crypto tracking service Whale Alert reported that this Bitcoin wallet was activated after 11.8 years.
The wallet has 37 BTC, and it was worth around $476 in 2012. Based on the current Bitcoin price, it is estimated to be $2.57 million in value today. The BTC whale holding these coins has managed to net a profit of 541,265.76% in 11.8 years.
💤 A dormant address containing 37 #BTC (2,576,901 USD) has just been activated after 11.8 years (worth 476 USD in 2012)!https://t.co/vmeFYQ9xr9
— Whale Alert (@whale_alert) July 29, 2024
This huge gain shows the profitability of Bitcoin. Long-term holders in particular have been witnessing significant gains over the years. Back in December 2012, Bitcoin was trading around the $13 price level. But as of now, it is trading at $69,486. This is a price jump of roughly around 534,407.69% in almost 12 years.
These figures show the success of BTC as an investment over the years. While it is renowned for its high volatility, Bitcoin has still managed to become one of the most profitable assets in the financial world. The resurgence of this Satoshi-era wallet reflects the benefits of being a long-term holder of a cryptocurrency.
Bitcoin heading toward $70,000
Amid the return of this BTC holder, the current price dynamics of the coin have shifted. The BTC price has soared 3.04% in the last 24 hours, and it is now eyeing to reclaim the $70,000 level. Bitcoin is inching closer to its all-time high of $73,757, which was claimed back in March of this year.
It needs to jump around 5% from here to hit a new all-time high. Seeing the current market sentiment and developments, it is likely that the market may witness a huge rally from the leading cryptocurrency on the market. This bullish sentiment appears to be prevailing for the near future.