Rise in New Bitcoin Addresses Suggests Renewed Interest from Retail
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Retail investors may be making a comeback in the cryptocurrency market, as evidenced by a recent uptick in the number of new Bitcoin addresses being created daily.
In a recent post on X, market intelligence platform IntoTheBlock highlighted this trend, suggesting that the increasing number of new addresses indicates growing interest from retail participants.
Since November 2023, the number of daily new Bitcoin addresses had been on a decline, which many analysts viewed as a bearish signal, pointing to a drop in new participants, particularly retail investors.
However, this downward trend seems to be reversing, with recent data showing an upward trajectory in new address creation over the past few weeks.
Bitcoin's New Addresses Show Renewed Interest
Since November 2023, The number of daily new addresses has trended downward, a bearish signal indicating fewer new participants, particularly on the retail side.
However, the trend seems to be shifting, with the number of new… pic.twitter.com/EpAjaqpcZG
Crypto analysis platform Glassnode reported that the number of new Bitcoin addresses in 2024 reached its lowest point of 203,536 on June 7.
Since the beginning of August, however, this number has risen, fluctuating between a low of 286,000 and a high of 337,000.
The rebound is seen as a positive indicator, potentially leading to a more balanced market and laying a stronger foundation for future growth.
Amidst these developments, Bitcoin’s price has also shown signs of volatility.
On August 5, the cryptocurrency experienced a sharp decline,
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