Activities have been spotted on another long-dormant Bitcoin address which holds almost 149 Bitcoin (BTC).
Huge Gains on Dormant Bitcoin Addresses
Whale Alert reported the reactivation of a Bitcoin address that has laid dormant for approximately 10.6 years.
💤 A dormant address containing 149 #BTC (8,590,673 USD) has just been activated after 10.6 years (worth 81,667 USD in 2013)!https://t.co/oL0l1mbVlr
— Whale Alert (@whale_alert) July 9, 2024
This address with 149 Bitcoin was worth only $81,667 in 2013 when it suddenly went silent. However, Bitcoin has seen significant growth in the last ten years even though there has also been some fluctuations. It even went as far as hitting an All-Time High (ATH) of more than $73,000. At the time of this writing, 1 unit of BTC has a market value of $57,819.04 with a 2.85% increase within the last 24 hours, according to CoinMarketCap data.
Therefore, the 149 Bitcoin is now worth over $8.6 million, corresponding to about 10,419% profit in a decade. Noteworthy, this ranks as one of the highest gains that a dormant Bitcoin wallet has recorded.
In the last couple of weeks, there have been several BTC dormant addresses that suddenly began to show signs of activity. A few days back, Whale Alert spotted the reactivation of a Bitcoin address that has been dormant for approximately 11.1 years. This wallet held 20 BTC which was valued at $1.13 million based on the market price of Bitcoin at the time. Currently, that same holding is worth $1.15 million.
Two days earlier, another wallet which held 43 Bitcoin was also activated with its holding equivalent to about $2.5 million. These addresses suddenly began to exit their Bitcoin position recently, amidst a price plunge. Unfortunately, the trend bothers the broad crypto industry, especially as the market is generally facing intense selling pressure.
Crypto Industry Experience Renewed Hope
However, today has been better than every other day this past two weeks. Even the German government which has been on a BTC dump spree, reaccumulated more than 3,000 units of the firstborn digital currency. Bitcoin, Ethereum and other digital currencies saw a positive flip in their sentiment. A majority of them registered price increase between 2% to 13%, suggesting recovery of the market.
To a large extent, the sudden bullish course is linked to Jerome Powell’s Tuesday testimony. As reported earlier, the Federal Reserve Chairman spoke to the Senate Banking Committee about inflation and interest rate cut. Till this time, it is still not certain whether inflation is heading back to the 2% target.
Read More: Golem Shifts 4,600 ETH to Binance and Bitfinex Amid Price Recovery
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
