Key Takeaways
- New Bitcoin addresses show an increase, hinting at retail interest.
- The number of new addresses ranged from 286,000 to 337,000 in early August.
- Analysts are divided on the impact of a potential 'death cross' in Bitcoin's price.
Recent data suggests a resurgence of retail interest in Bitcoin, as indicated by a rise in the number of new Bitcoin addresses.
According to IntoTheBlock, a market intelligence platform, the trend in daily new addresses had been declining since November 2023, signaling fewer new participants in the market.
However, this downward trend appears to be reversing, with new addresses trending upward in recent weeks.
Glassnode, a crypto analysis platform, reported that new Bitcoin addresses reached a low of 203,536 on June 7, 2024.
Since the start of August, this number has consistently ranged between 286,000 and 337,000 daily. IntoTheBlock interprets this uptick as a sign of renewed interest from retail investors, which could lead to a more balanced market and a stronger foundation for future growth.
Price fluctuations
The positive trend in new addresses comes amid price fluctuations in Bitcoin.
On August 5, Bitcoin prices dropped significantly to $49,221, before recovering to over $62,000 by August 8.
While some analysts, like ITC Crypto founder Benjamin Cowen, warn of a potential “death cross,” others, such as Timothy Peterson, argue that this pattern might not be as damaging as feared, citing historical data where Bitcoin often rallied after such events.
