According to data shared by the Whale Alert blockchain service, a Bitcoin wallet was activated on September 22 after being dormant for 8.8 years.
Another Satoshi-era wallet has been activated.
There are 400 Bitcoins in the wallet. This amount of BTC was worth $4,335 in 2012. The fiat equivalent of this crypto amount has now increased 4,020 times to $17,427,633 at the current Bitcoin exchange rate.
Whale Alert is a cryptocurrency tracking service that tracks large amounts of cryptocurrency transferred between blockchain addresses.
Another dormant Bitcoin address was activated earlier this week after being dormant for 8.8 years. That Bitcoin wallet held 616 BTC, which was worth $29,470,042 at Monday’s BTC exchange rate. Those 616 Bitcoins cost $6,667 in 2012.
— Whale Alert (@whale_alert) September 22, 2021
2021 has been a good year for Bitcoin; will it reach $100,000 by the end of the year?
The year 2021 has seen a surge in the activation of dormant Bitcoin wallets. Previously, ULTCOIN365 reported that three more wallets were “unsealed” in the first half of the year by their owners. They held 791 BTC ($26,147,621), 5,000 BTC ($280,814,423), and 2,289.53 BTC (roughly $110 million).
After three years of inactivity, the flagship cryptocurrency began to grow in 2021. It has risen from its 2017 low of $20,000 to a new all-time high of nearly $65,000. Overall, Bitcoin has increased by nearly 70% year to date.
Bloomberg’s chief commodity strategist, Mike McGlone, believes that the asset could reach $100,000 per coin by the end of the year due to shrinking supply and growing demand, as well as adoption. Furthermore, he stated that he had underestimated the number of investors who are shifting their funds from gold to Bitcoin.
Bitcoin is regaining ground following a bloody Chinese correction.
The leading cryptocurrency has begun to recover from a massive price correction caused largely by the liquidity issues of China’s Evergrande Group—the country’s second-largest construction developer, with approximately two trillion yuan in debt.
By now, the situation has improved, and Bitcoin has recovered some of its recent losses, thanks in part to the news that the United States Federal Reserve has kept interest rates unchanged.