The number of Ethereum (ETH) holders continues to increase despite the decline in the price of the top altcoin, as reported by the analytics platform Santiment. Santiment highlights that the growing number of ETH wallets contrasts with the decreasing number of Bitcoin (BTC) wallets since mid-March.
“Bitcoin holders have experienced a significant drop in non-empty wallets over the past three days, reminiscent of the period just before the all-time high on March 14th. Unlike that time, BTC has been on a downward trend, leading traders to sell off out of fear of further declines. Meanwhile, the number of Ethereum wallets continues to rise.”
Ethereum is currently trading at $3,400, down by over 4% in the last 24 hours. Santiment also points out that social media mentions for XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) are decreasing, suggesting that a market bottom for these digital assets may be forming.
“The sentiment among the crowd has significantly decreased 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 record low in 2024.”
XRP is trading at $0.47, down by more than 7% in the last 24 hours. Meanwhile, DOGE is trading at $0.11, down by 9.5% in the last 24 hours, and SHIB is trading at $0.0000177, down by 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 also be nearing a bottom.
“There is a clear correlation between mentions of an alt season in crypto and market peaks. When traders become overly optimistic, their interest in altcoins spikes. Following the recent peak in March, this FOMO has significantly subsided. The fear among the crowd brings us closer to a market bottom.”
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