Crypto Markets Show Recovery Signs with 5% Weekly Gain, Total Market Cap Hits $2.31 Trillion

Crypto Markets Show Recovery Signs with 5% Weekly Gain, Total Market Cap Hits $2.31 Trillion

The cryptocurrency markets are showing signs of recovery, starting the week with a nearly 5% increase in total market capitalization, reaching $2.31 trillion. Bitcoin continues to dominate, holding a 53.9% share of the market.

Dormant Bitcoin Wallet from 2012 Activates, Moves 1,000 BTC

Blockchain analysis and tracking platform Whale Alert reported on Sunday that a long-dormant Bitcoin wallet, containing 1,000 BTC, has been activated for the first time since 2012. At the time of dormancy, the Bitcoin held in this wallet was valued at $11,908.

With Bitcoin currently trading above $60,000, this wallet holder stands to gain over 500,000% on their initial investment. The wallet owner spent 0.00019107 BTC on transaction fees (approximately $11.46) to transfer the Bitcoin to two unknown addresses.

A dormant Bitcoin wallet is defined as one that hasn’t recorded any transactions over an extended period. The reactivation of such wallets often draws significant attention from traders, as it can signal potential market movements, especially when large amounts are involved. Analysts frequently view these movements as bearish indicators, suggesting a potential increase in supply.

However, this particular transaction occurs amidst a market recovery, with Bitcoin prices rebounding to over $62,000. Over the past 24 hours, the 5% market gain resulted in $115.64 million in total crypto liquidations, according to Coinglass liquidation data. The majority of these liquidations involved futures traders who had short positions on Bitcoin.

Majority of Bitcoin Holders Sit on Unrealized Profits

As the market continues to recover, data from IntoTheBlock reveals that 85.47% of active Bitcoin addresses are currently holding unrealized profits. The real-time on-chain analytics and market intelligence platform indicates that only 14.53% of active addresses are experiencing losses.

This data points to a positive sentiment among Bitcoin holders and investors, potentially leading to increased holding behavior as they anticipate further price rises.