Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs
June 30 2024 - 10:30AM
NEWSBTC
June was much rougher for Bitcoin than many expected at the
beginning of the month. This is because the price of Bitcoin
virtually declined throughout the month, leaving many investors,
especially short-term holders, disappointed. Related Reading: Shiba
Inu Army On The Move: 35 Billion SHIB Invade Shibarium However,
despite the price decline, on-chain data suggests that Bitcoin
adoption is growing. New data shows the number of new Bitcoin
addresses being created has surged to the highest level in two
months. This growth suggests the long-term prospects for Bitcoin
remain strong. New BTC Addresses Surge To 2-Month High Despite the
price slump, the network is exhibiting a promising trend that
signals future growth for the world’s largest cryptocurrency.
According to Glassnode chart data initially shared on social media
platform X by crypto analyst Ali Martinez, new BTC wallet addresses
have risen steadily over the past week to reach 352,124, their
highest level since April. Interestingly, the chart shows
that the recent uptick in new addresses contrasts with a larger
decrease in the creation of new addresses since November 2023. This
new increase points to an influx of new users entering the crypto
space. As more people adopt Bitcoin, demand will inevitably grow,
which is a catalyst for price surges down the line. Furthermore,
Martinez suggested that the uptick in new addresses is from retail
investors making a comeback. While institutional investors often
drive major market moves, retail interest is crucial for Bitcoin’s
mainstream adoption. Retail #Bitcoin investors are making a
comeback! The number of new $BTC addresses on the network surged to
352,124, marking the highest level since April.
pic.twitter.com/GFOHnsokz0 — Ali (@ali_charts) June 29, 2024 A
major part of the increase in new addresses can be attributed to
recent adoption in the Brazilian market. Nubank, Brazil’s biggest
neobank, recently announced plans to integrate Bitcoin’s lightning
network into its services. As the largest fintech bank in Latin
America, this integration could potentially expose a significant
portion of its 100 million customers to the digital asset. What’s
Next For Bitcoin? At the time of writing, Bitcoin was trading at
$61,446. The leading digital asset has lost over 10% of its market
cap in a 30-day time frame and the bulls are struggling to break
above $61,000. This downtrend could be attributed to a selloff by
miners and many long-term holders. Specifically, around 40,000 BTC
were sold by long-term holders in June. Bear markets are
temporary. Bull runs will return. It’s just a matter of when, not
if. With the second half of the year now approaching, time can only
tell how the price of Bitcoin unfolds. Of course, new wallet
addresses don’t directly impact price, but they are a leading
indicator of growing Bitcoin adoption. Related Reading: XRP
Year-Long Curse Broken? Analyst Bullish On Crypto’s 240% Rally This
adoption and demand, coupled with a recent decrease in the number
of new Bitcoins entering the market, points to an increase in the
price of Bitcoin in July. Featured image from CNBC, chart from
TradingView
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