According to analytics platform Santiment, the number of Ethereum (ETH) holders continues to increase despite the price decline of top altcoins.
Santiment points out that since mid-March, the number of wallets for ETH has been increasing as Bitcoin (BTC) wallets have been falling.
“Bitcoin holders have seen the largest drop in non-empty wallets over a three-day period since just before the all-time high on March 14th. Unlike then, BTC showed a downward trend, causing traders to liquidate due to concerns about further decline. Meanwhile, the number of Ethereum wallets continues to grow.”
Ethereum is trading at $3,400 at the time of this writing and is down more than 4% in the last 24 hours.
Santiment also noted that social media mentions of XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) are decreasing, indicating that a market bottom may be forming for these digital assets.
“Public sentiment towards XRP, Dogecoin and Shiba Inu has fallen significantly following their respective price declines. Patient traders who have been waiting for the crowd to abandon these large altcoins may finally have a FOMO (Fear of Missing Out) buying opportunity at the 2024 lows.”
XRP is trading at $0.47 at the time of this writing and is down more than 7% in the last 24 hours. Meanwhile, DOGE is trading at $0.11 as of this writing, down 9.5% in the last 24 hours, while SHIB is trading at $0.0000177, down more than 10% on the day.
Lastly, Santiment says the decline in mentions on social media platforms of the advent of alt season in the cryptocurrency market suggests that the broader altcoin market may also be close to forming a bottom.
“There is a notable trend between mentions of cryptocurrency alt season and markets hitting new highs. As traders become greedier, interest in altcoins increases. Since the recent March high, this FOMO has calmed down considerably. The fear of the crowd brings us closer to the bottom.”
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