The number of Ethereum (ETH) holders is on the rise, despite the decreasing price of the leading altcoin, as reported by the analytics platform Santiment. Santiment highlights that the increase in ETH wallets is occurring while Bitcoin (BTC) wallets have been decreasing since mid-March.
According to Santiment, Bitcoin holders have experienced a significant drop in non-empty wallets over the past three days, similar to the period just before the all-time high on March 14th. Unlike then, BTC has been experiencing a decline, leading traders to sell off due to fears of further drops. In contrast, the number of Ethereum wallets continues to grow.
Ethereum is currently trading at $3,400, reflecting a decrease of over 4% in the last 24 hours. Santiment also observes a decrease in social media mentions for XRP, Dogecoin (DOGE), and Shiba Inu (SHIB), suggesting that a market bottom for these digital assets may be forming.
The sentiment among the crowds has significantly declined for XRP, Dogecoin, and Shiba Inu following their respective price drops. Patient traders who have been waiting for the crowd to lose interest in these major altcoins may now have a buying opportunity, with FOMO at a 2024 low.
XRP is trading at $0.47, down more than 7% in the last 24 hours, while DOGE is trading at $0.11, reflecting a 9.5% decrease in the last 24 hours, and SHIB is trading at $0.0000177, down over 10% for the day.
Lastly, Santiment suggests that the decrease in social media mentions about an altseason in the crypto market indicates that the broader altcoin market may be nearing a bottom. The trend shows that when traders become greedy, their interest in altcoins increases, but after the recent March peak, this FOMO has subsided. As crowd fear grows, it brings us closer to a market bottom.
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