Bitcoin faced a challenging month in June, with a continuous decline in its price that left many investors, particularly short-term holders, disappointed. Despite this, on-chain data indicates a growing adoption of Bitcoin, as the number of new addresses created surged to a two-month high. This growth suggests a promising future for the cryptocurrency.
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The recent increase in new BTC wallet addresses, reaching 352,124, signals a positive trend even amidst a price slump. This rise in new users entering the crypto space is a strong indicator of future demand and potential price surges. Retail investors, in particular, are making a comeback, contributing to the growth in new addresses.
A significant part of the rise in new addresses is attributed to adoption in the Brazilian market, with Nubank integrating Bitcoin’s lightning network into its services. This move could expose a large portion of its 100 million customers to the digital asset.
What’s Next For Bitcoin?
As of now, Bitcoin is trading at $61,446, facing a downtrend with a 10% decrease in market cap over 30 days. The struggle to break above $61,000 could be due to a selloff by miners and long-term holders, with around 40,000 BTC sold by long-term holders in June.
While bear markets are temporary, bull runs are expected to return. With the second half of the year approaching, the future price of Bitcoin remains uncertain. The increase in new wallet addresses signifies growing adoption, which could impact the price positively.
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The rising adoption and demand for Bitcoin, coupled with a decrease in new Bitcoins entering the market, suggest a potential price increase in July.
Featured image from CNBC, chart from TradingView