Summary:
Dormant Bitcoin wallets have suddenly been activated after a decade of inactivity.
Recent activations include wallets with 429 BTC worth over $41 million.
The surge in Bitcoin's price may be influencing these wallet holders to cash out.
Bitcoin is projected to post a 38% gain for November, marking a strong month.
Predictions suggest Bitcoin could reach $100,000 by the end of 2024.
In recent events, long-dormant Bitcoin wallets have suddenly come back to life, raising eyebrows across the cryptocurrency community. These wallets, some untouched for over a decade, are believed to belong to early adopters or miners who accumulated Bitcoin during its infancy.
The sudden activation of these wallets has sparked speculation about the owners' motives. Are they cashing out, reengaging with the market, or planning a strategic move amid current market conditions?
Recent Activity
In the last 24 hours, on-chain data has revealed the activation of two wallets that had been dormant for over 10 years. Whale Alert reported:
- A dormant address containing 429 BTC worth $41,707,628 has just been activated after 10.9 years.
- Another dormant address containing 404 BTC worth $39,330,452 has also been activated after 10.9 years.
This trend isn't limited to just a couple of wallets; similar patterns have emerged from other dormant wallets, indicating a noticeable increase in activity in recent months. For instance, on November 29, Whale Alert reported the activation of a wallet containing 16 BTC worth $1,558,440 after 11 years.
Bitcoin's Price Surge
The meteoric surge in Bitcoin's price may be prompting these wallet holders to move their assets. With Bitcoin prices reaching new highs, long-term holders are reassessing their positions and potentially taking profits.
Bitcoin is on course for one of its best months of the year, following an impressive surge that has sent the cryptocurrency to fresh highs throughout November. According to TradingView data, Bitcoin is set to post a 38% gain for the month, marking the strongest performance since February.
As of now, Bitcoin is trading at $96,284, having reached a high of $97,509 recently, with bulls predicting that Bitcoin's price might hit $100,000 by the end of 2024 and could even double by the end of 2025.
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