The number of Ethereum (ETH) holders continues to rise despite the top altcoin’s declining price, according to the analytics platform Santiment.
Santiment notes that ETH’s growing number of wallets comes as Bitcoin (BTC) wallets have been dropping since mid-March.
“Bitcoin holders have just had their biggest three-day drop in non-empty wallets since just prior to the March 14th all-time high. Unlike then, BTC has been sliding, provoking traders to liquidate for fear of further drops. Meanwhile, Ethereum wallets keep growing in number.”
Ethereum is trading for $3,400 at time of writing, down more than 4% in the last 24 hours.
Santiment also notes that the social media mentions for XRP, Dogecoin (DOGE) and Shiba Inu (SHIB) are declining, indicating a market bottom for these digital assets may be forming.
“Crowd sentiment has dropped significantly for XRP, Dogecoin and Shiba Inu after their respective price drops. Patient traders who have been waiting for the crowd to give up on these large cap altcoins may finally have their buy opportunity with fear of missing out (FOMO) at a 2024 low.”
XRP is trading for $0.47 at time of writing, down more than 7% in the last 24 hours. Meanwhile, DOGE is trading for $0.11 at time of writing, down 9.5% in the last 24 hours, and SHIB is trading for $0.0000177, down more than 10% on the day.
Lastly, Santiment says that the declining mentions on social media platforms of an altseason having arrived in the crypto market suggests that the broader altcoin market may also be close to forming a bottom.
“There is a notable trend between the mentions of crypto being an alt season, and markets hitting a top. When traders become greedy, their interests in altcoins rise. After the latest March top, this FOMO has calmed considerably. Crowd fear brings us closer to a bottom.”
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Generated Image: Midjourney