Bitcoin’s performance in June has been much worse than expected. Bitcoin’s price has been falling for the past few months. declined throughout the monthInvestors are leaving the industry in droves especially short-term holders, disappointed.
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But despite this, data from the on-chain suggests that Bitcoin adoption is growing. The number of Bitcoin addresses created in recent months has risen to its highest level since two months. This indicates that Bitcoin’s long-term prospects remain positive.
Two-Month Surge in New BTC Addresses
The network, despite the recent price drop, is showing a positive trend which signals upcoming growth of the largest cryptocurrency in the world. Glassnode charts data originally shared on social platform X (by crypto analyst Ali Martinez) show that the number of new BTC wallets has steadily increased over the past seven days to 352,124. It is now at its highest since April.
Intriguingly, the graph shows that the recent increase in new addresses is in contrast to a greater decrease in creating new addresses from November 2023. The new rise in addresses is a sign of a new influx into the crypto world. The demand for Bitcoin will grow as more people use it, leading to a price increase in the near future.
Martinez also suggested that retail investors are making a return, as the increase in addresses. Although institutional investors drive the market, it is retail investor interest that will help Bitcoin become mainstream.
Shoppers can find a variety of products at discounted prices. #Bitcoin Investors are on the rise! Number of new investors is increasing! $BTC Addresses on the network jumped to 352,124. This is the highest number since April. pic.twitter.com/GFOHnsokz0
— Ali (@ali_charts) June 29, 2024
The recent growth in Brazilian adoption is a major factor in this increase. Nubank, Brazil’s largest neobank announced recently plans to incorporate Bitcoin’s Lightning Network into their services. Nubank, the largest fintech institution in Latin America announced plans to integrate Bitcoin’s lightning network into its services.
What Next For Bitcoin
Bitcoin’s price at the time this was written was $61,446. In the last 30 days, Bitcoin has lost more than 10% of its value. Bulls struggle to push above $61,000. It is possible that the downtrend was caused by a selling off of mining equipment and other cryptocurrency. long-term holders. Specifically, around 40,000 BTC Long-term owners sold their shares in June.
Bull markets will return. Bull runs will come back. The question is not whether, but when. The second half of this year is fast approaching and only time will tell what happens to the Bitcoin price. New wallet addresses do not directly affect price but are an indicator of increasing Bitcoin adoption.
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The adoption of Bitcoins and the demand for them, combined with the recent drop in new Bitcoins on the market have led to a decrease. points to an increase Bitcoin’s price in July was up by a significant amount.
Chart from TradingView, Featured Image from CNBC
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Source: www.newsbtc.com