June was a more difficult month for Bitcoin than many expected at the beginning of the month. This is because the price of Bitcoin was higher than its real price by about 1.5%. Decreased throughout the monthleaving many investors, Especially short term holdersDisappointed.
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However, despite the price decline, on-chain data suggests so Bitcoin adoption is on the rise. New data shows that the number of new Bitcoin addresses being created has risen to the highest level in two months. This growth indicates that the long-term prospects for Bitcoin remain strong.
Bitcoin price hits new 2-month high
Despite the price decline, the network is showing a promising trend that points to 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 been steadily rising over the past week to reach 352,124, the highest level since April.
Interestingly, the chart shows that the recent surge in new addresses contrasts with a larger decline in new address creation since November 2023. This new surge indicates an influx of new users entering the crypto space. As more people adopt Bitcoin, demand will inevitably grow, which is a catalyst for future price increases.
Furthermore, Martinez suggested that the surge in new addresses is due to the return of retail investors. While institutional investors often drive major market moves, retail interest is crucial to Bitcoin’s widespread adoption.
selling by pieces #Bitcoin Investors are back! New number Bitcoin Network addresses rose to 352,124, the highest level since April. pic.twitter.com/GFOHnsokz0
– Ali (@ali_charts) June 29, 2024
Much of the increase in new titles can be attributed to recent adoption in the Brazilian market. Nubank, Brazil’s largest neobank, recently announced plans to integrate Bitcoin’s Lightning Network into its services. As the largest fintech bank in Latin America, this integration could expose a significant portion of its 100 million customers to digital assets.
What’s next for Bitcoin?
At the time of writing, Bitcoin is trading at $61,446. The leading digital asset lost more than 10% of its market value in a 30-day time frame and bulls are struggling to break the $61,000 level. This downward trend can be attributed to selling by miners and many investors. Long term owners. especially, About 40,000 bitcoins It was sold by its long-term holders in June.
Bear markets are temporary. The rising waves will return. It’s just a question of when, not if, she’ll come back. As the second half of the year approaches, only time will tell how the price of Bitcoin will develop. Of course, new wallet addresses do not directly affect the price, but they are a major indicator of growing Bitcoin adoption.
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This adoption and demand, coupled with the recent decline in the number of new bitcoins entering the market, indicates an increase In the price of Bitcoin in July.
Featured image from CNBC, chart from TradingView