On November 1, 2024, Bitcoin (BTC) was priced at $69,284 per coin. Since then, its value has rallied.
As the price has has gone up, a number of long-dormant wallets from its early years have been reactivated.
Bitcoin’s bull run has reached new heights. Its price pushed above $90,000 and cementing its place among the world’s top assets.
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On November 14, the price hit a historic $1.805 trillion market cap. It surpassed the likes of Saudi Aramco and moving closer to tech giants like Alphabet.
But it’s not just the price that’s catching attention. Long-dormant wallets are suddenly stirring. Over $58.9 million in BTC moved from wallets untouched for more than a decade.
Bitcoin Reaches $1.8 Trillion Market Cap
Bitcoin’s recent surge has placed it firmly in the global financial spotlight. As of November 14, market cap reached $1.805 trillion.
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This makes it the seventh-largest asset globally briefly before retracing back to eighth, according to data from CoinMarketCap.
This milestone comes after Bitcoin flipped silver on November 12. It briefly surpassed Saudi Aramco’s market capitalization two days later, underscoring its growing dominance in the financial landscape.
Bitcoin’s rise has not just captured the crypto community’s attention. The entire crypto market cap is now valued at $3.02 trillion.
This makes it the eighth-largest economy worldwide, just behind the United Kingdom. With tech giants like Alphabet (Google’s parent) boasting a $2.2 trillion market cap, it is now knocking on the door of the biggest players in the global economy.
Dormant Wallets Reactivated by Rising Prices
Along with Bitcoin’s price surge, a wave of dormant Bitcoin wallets from the early Satoshi era has been reactivated.
Between November 6 and November 14, over $58.9 million worth of BTC was moved from long-dormant addresses dating back to the early 2010s. Among the largest transfers were:
- A 13.3-year-old wallet moved 426 BTC, valued at $36.6 million.
- An 11.7-year-old wallet transferred 235 BTC, worth $17.4 million.
- A 10.6-year-old wallet sent 25 BTC, valued at $1.9 million.
- Other transactions from wallets dating back to 2011 and 2012 added a further $2.2 million.
The largest transaction—a 426 BTC move from a wallet dormant for over 13 years—demonstrates just how much the value has appreciated since its early days.
These transactions are indicative of a larger trend: early Bitcoin holders, some of whom may have held their coins through years of market uncertainty, are now capitalizing on the record-breaking price surge.
Bitcoin’s Growing Market Influence
As Bitcoin continues to rise in price, the movement of these dormant coins signals a shift in investor sentiment.
The fact that long-term holders are now bringing their coins back into circulation is a sign of renewed confidence in Bitcoin’s future.
With its market cap surpassing $1.8 trillion, Bitcoin is proving it’s not just a speculative asset—it’s becoming a key player in global finance.
