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

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

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

Go to Source
Author: Scott Matherson

Recommended Crypto Services, Products and Strategies: