June was much rougher for Bitcoin than many expected at first of the month. It’s because the value of Bitcoin virtually declined throughout the month, leaving many investors, especially short-term holders, upset.
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Nonetheless, despite the value decline, on-chain data suggests that Bitcoin adoption is growing. Latest data shows the number of latest Bitcoin addresses being created has surged to the very best level in two months. This growth suggests the long-term prospects for Bitcoin remain strong.
Latest BTC Addresses Surge To 2-Month High
Despite the value slump, the network is exhibiting a promising trend that signals future growth for the world’s largest cryptocurrency. In response to Glassnode chart data initially shared on social media platform X by crypto analyst Ali Martinez, recent BTC wallet addresses have risen steadily over the past week to succeed in 352,124, their highest level since April.
Interestingly, the chart shows that the recent uptick in recent addresses contrasts with a bigger decrease within the creation of latest addresses since November 2023. This recent increase points to an influx of latest users entering the crypto space. As more people adopt Bitcoin, demand will inevitably grow, which is a catalyst for price surges down the road.
Moreover, Martinez suggested that the uptick in recent 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 latest $BTC addresses on the network surged to 352,124, marking the very best level since April. pic.twitter.com/GFOHnsokz0
— Ali (@ali_charts) June 29, 2024
A serious a part of the rise in recent addresses may be attributed to recent adoption within the Brazilian market. Nubank, Brazil’s biggest neobank, recently announced plans to integrate Bitcoin’s lightning network into its services. As the most important fintech bank in Latin America, this integration could potentially expose a good portion of its 100 million customers to the digital asset.
Bitcoin is currently trading at $61,446. Chart: TradingView
What’s Next For Bitcoin?
On 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 interrupt above $61,000. This downtrend might be attributed to a selloff by miners and lots of 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 only a matter of when, not if. With the second half of the 12 months now approaching, time can only tell how the value of Bitcoin unfolds. In fact, recent wallet addresses don’t directly impact price, but they’re a number one indicator of growing Bitcoin adoption.
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This adoption and demand, coupled with a recent decrease within the number of latest Bitcoins entering the market, points to a rise in the value of Bitcoin in July.
Featured image from CNBC, chart from TradingView