The entire globe woke up to witness the impeccable growth of Bitcoin (BTC) over the coveted $100,000 mark. This marks a notable milestone for the entire cryptocurrency community. The king coin did not have the same stature that it does today. Bitcoin is called a scam and even labeled as an asset used on the dark web. But now, cryptocurrency is highly sought after by many governments across the globe. Amidst the asset’s latest ascent, old and dormant investors were seen resurfacing.
Also Read: Ripple: AI Predicts XRP Price After SEC Chair Paul Atkins Assumes Role
Are These Whales Cashing Out?
According to Whale Alert, several whales that have been holding onto their Bitcoin for years were making headlines. The firm revealed that an address that holds about 50 BTC was activated after 13 years. This was worth about $219 back in 2011. At today’s price, this dainty number is worth $5,160,551.
This wasn’t the only wallet that was moving Bitcoin around. Earlier this week, a Bitcoin wallet with 62 BTC worth about $6,168,669 was resurrected after lying idle for 11.1 years. The activation of such an old wallet frequently generates curiosity and conjecture in the cryptocurrency community, since it may imply changes in the holder’s objectives or market strategy.
Also Read: Shiba Inu: How High Will SHIB Go When Bitcoin Hits $115,000
Bitcoin’s Current Trajectory
Over the past several weeks, Bitcoin was seen teasing the entire ecosystem. While the community eagerly waited for the asset to reach $100,000, Bitcoin took longer than ever. But earlier today, the king coin hit an all-time high of $103,900. At press time, BTC was trading at $102,673.35 after a 6% spike throughout the last 24 hours.
Several factors influenced the price growth of BTC. The halving event has been regarded as a prominent catalyst for Bitcoin’s uptick. In addition, Donald Trump’s historic win and increased interest from several industries boosted the price of the king coin.
Also Read: Bitcoin (BTC) Hits $100K: How High Can It Rise Before Christmas 2024?
