A long-dormant Bitcoin address has been reactivated after 11 years, revealing a stunning 26,147% gain. Blockchain data tracker Whale Alert reported that a wallet containing 67 BTC, which was valued at just $21,050 in 2013, has now been unlocked, with the coins worth approximately $5.5 million at current prices.
The address, which had been inactive for over a decade, saw its 67 BTC reactivated as Bitcoin continues its relentless rally. The reactivation of such a significant amount of Bitcoin has raised eyebrows in the crypto community, sparking speculation about the motivations behind the move. Some believe it could be an early investor cashing out on substantial profits, while others speculate that it signals a broader trend of long-term Bitcoin holders beginning to liquidate their assets—an observation that has been noted with several other reactivations in recent weeks.
Bitcoin’s price surge to new all-time highs this week has only intensified such speculation. On Tuesday, the cryptocurrency surpassed $89,000 for the first time, reflecting a 30% increase in just one week and continuing its upward trajectory. The reactivation of the dormant address, combined with Bitcoin’s rapid price appreciation, highlights the increasing momentum of the cryptocurrency market.
Bitcoin’s Record-Breaking Surge and $100,000 Predictions
Bitcoin’s meteoric rise in 2024 has fueled expectations that the digital asset could soon cross the $100,000 mark. The cryptocurrency has more than doubled in value this year, driven by strong institutional demand, particularly from U.S. exchange-traded funds (ETFs), as well as a reduction in Federal Reserve interest rates. Bitcoin reached a high of $89,993 on Tuesday, further fueling predictions that it could hit $100,000 by the end of the year and potentially $150,000 by 2025.
According to Bloomberg, options traders are already betting on Bitcoin reaching $100,000 by December 27, with open interest on Bitcoin options contracts targeting the $100,000 milestone reaching 9,635 BTC, worth approximately $780 million. Despite the bullish outlook, Deribit data shows that the trade has an 18.6% chance of paying off, indicating that while optimism remains high, the market remains volatile.
As Bitcoin continues its climb, the reactivation of dormant wallets and the increasing interest in Bitcoin options highlight the growing excitement around the cryptocurrency, with many investors eagerly awaiting what could be the next major milestone in its historic rally.
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