Bitcoin’s (BTC) price movement has failed to excite investors as sideways trading has persisted. While the situation is not too bleak for the coin, it has failed to clear the next resistance levels and target the next highs. Amid this ongoing struggle, a major development has been seen for BTC.
In a massive move, a dormant Bitcoin wallet has awakened after more than a decade. Crypto tracking service Whale Alert revealed that the wallet remained in dormancy for 12.7 years. Notably, the wallet stored 100 BTC in 2012, valued at around $605 during that time. The Satoshi-era wallet has been dormant since then.
Whale Alert, however, revealed that the wallet has been reactivated. Interestingly, the value of these coins has surged to just over $6 million after all these years. This means that the whale has seen a massive 994,495% profit. The exact reason for coming out of dormancy after so many years is unknown.
However, it is likely that the whale may sell these coins to reap the benefits of these gains. Whether they sell it or not, this is a positive development for Bitcoin. It shows the potential for reaping astronomical profits from BTC, especially in the case of the long-term holding strategy. It also highlights the massive growth of the Bitcoin price over the years.
Bitcoin price movement
As of writing this article, Bitcoin is trading at $61,016, after a decrease of 0.14% in the last 24 hours. While it has stuck around this level for some time, the BTC price crashed to $58,930 a few hours ago. Since then, it has recovered to the current support level and avoided any further meltdown.
Surprisingly, the trading volume of BTC has surged 9.38% during this time. It is currently standing at $30.64 billion. The rising trading activity suggests that traders played a key role in mitigating the losses from the brief crash. As BTC is back above its support zone, traders can now push the price toward the next highs.