In a shocking move, a dormant wallet address holding $10 million worth of Bitcoin has awoken after 11 years of inactivity. Crypto analytic platform Whale Alert took to X (formerly Twitter) to report the awoken wallet. It remains an interesting development for crypto holders, as it first came to be when the industry was still in its infancy.
The wallet resurfaces as Bitcoin has struggled in recent weeks. However, it is far ahead of where the price for BTC was a decade ago. In 2014, the price surpassed the $1,000 mark for the first time. Yet, it ended the year just above the $732 price point. A far cry from its current standing.
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Bitcoin Wallet Awakens After 11 Years With $10M BTC Stash
2024 has been the biggest year yet for Bitcoin. Although the price has struggled, it has still set new records. The leading digital asset became the first crypto-based ETF in the United States. Arriving in January, it took just three months for the token to reach an all-time high price of $73,000.
Things have not reached those heights since, however. In the last 30 days, the token is down 3%, according to CoinMarketCap. Its recent 1% increase Wednesday has the crypto trading above the $57,700 mark. Although it hasn’t approached its yearly highs, it is still far ahead of where it was just ten years ago.
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That difference has been clearly seen in the recent emergence of one address. Indeed, a previously dormant Bitcoin wallet address has awakened, holding more than $10 million in BTC after being inactive for 11 years. The identity of the wallet or its holder is currently unknown. Yet, they certainly have quite the fortune on their hands now.
It is likely that the BTC was purchased when the crypto was trading for around $100. The asset has taken a massive leap this year, representing a likely $57,000 value for the holder relative to their initial acquisition price. Moreover, the price should only increase throughout this year. But wherever the value goes, this holder will undoubtedly have a massive profit from their initial investment.