Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs

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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.

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.

— 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.

Bitcoin is currently trading at $61,446. Chart: TradingView

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.

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

Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

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