According to analytics platform Santiment, the number of Ethereum (ETH) holders continues to increase even though the price of the leading altcoin is falling.
Santiment noted that the number of wallets containing ETH is increasing while the number of wallets containing Bitcoin (BTC) has decreased since mid-March.
“Bitcoin holders just had the sharpest three-day drop in empty wallets since before its all-time high on March 14. Unlike then, BTC has slipped, causing traders to sell off for fear of further declines. Meanwhile, the number of Ethereum wallets continues to grow.” Santiment wrote on X.
Source: Santiment/X
Ethereum is currently trading at $3,540 at the time of writing, up 0.3% over the past 24 hours.
Major altcoins are bottoming
Santiment also noted that mentions of XRP, Dogecoin (DOGE) and Shiba Inu (SHIB) on social media are decreasing, suggesting a market bottom may be forming for these digital assets.
“Crowd sentiment has dropped significantly on XRP, DOGE and SHIB after their prices dropped. Traders patiently waiting for the crowd to abandon these large-cap altcoins may finally have the opportunity to buy while fear of missing out (FOMO) is at its 2024 low.”
Source: Santiment/X
XRP is currently trading at $0.4924 at the time of writing, down 0.6% over the past 24 hours. Meanwhile, DOGE is trading at $0.122, down 2.8% over the past 24 hours, and SHIB is trading at $0.00001818, down 3.1% on the day.
Finally, Santiment said that the decrease in mentions of altcoin season appearing on social media platforms suggests that the broader altcoin market may also be nearing a bottom.
“There is a notable trend between mentions of altcoin season in crypto and market peaks. As traders become greedy, their interest in altcoins increases. After the recent March peak, this FOMO has decreased significantly. The fear of the masses brings us closer to a bottom.”
See ETH price here.
Thach Sanh
According to Dailyhodl
