- Recently activated Bitcoin wallet holds 18 BTC, inactive since 2013, revealing significant appreciation in value.
- Wallet used older Bitcoin address formats for transactions, bypassing newer, more efficient Bech32 address types.
In recent months, the cryptocurrency community has observed the reactivation of several dormant Bitcoin (BTC) wallets, which had been inactive for many years. One notable wallet, identified as “1PNRpMZ,” which contained 18 BTC, has recently become active after almost 11 years of dormancy. The wallet’s owner transferred some of the Bitcoins to two new addresses, “3EgCi” and “15UaJb.”
💤 A dormant address containing 18 #BTC (1,132,682 USD) has just been activated after 10.9 years (worth 10,883 USD in 2013)!https://t.co/wsCwt15gZL
— Whale Alert (@whale_alert) October 13, 2024
As in another report by ETHNews, This transaction is unusual because it involves older address formats, whereas most current transactions utilize the newer “bc1” Bech32 addresses that optimize transaction efficiency.
Bitcoin addresses exist in three primary formats
Legacy addresses, starting with ‘1,’ represent the original format and provide basic functionality. P2SH addresses, starting with ‘3,’ support more complex arrangements like multi-signature transactions.
Bech32 addresses, which begin with ‘bc1,’ are the newest type and are designed for Segregated Witness (SegWit) transactions, which reduce transaction fees and improve scalability.
The decision by this wallet’s owner to use older types of addresses may indicate a cautious approach to moving the funds, perhaps testing the transaction mechanism before moving larger amounts.
The activation of this wallet is important not only because of the duration of its inactivity but also because of the value growth of the holdings. In November 2013, the total purchase price for the 18 BTC was approximately $10,883. Currently, the value of these holdings has increased to about $1.15 million. This reflects a return of over 10,408% or an average annual return of 946.2%.
Bitcoin (BTC) Price Analysis:
The current price of Bitcoin (BTC) is $65,830.37, reflecting a 5.66% increase as of the latest update. The day’s trading range has been between $62,470.20 and $66,178.39, with a market cap of $1.303 trillion and a 24-hour trading volume of $36.76 billion.
- Trend: Bitcoin has been exhibiting volatility around the $60,000 level, with significant resistance at $65,000 and support around $60,000. If it breaks through the $65,000 mark, we could see a move toward higher levels. However, Bitcoin has faced resistance in recent weeks due to macroeconomic factors and market sell-offs.
In the short term, Bitcoin appears to be in a consolidation phase. If it breaks above the $65,000 resistance, it could move toward the $70,000 range. However, failure to hold the $60,000 support could lead to a correction toward $55,000.
