Despite a decrease in the price of the top altcoin, Ethereum (
ETH
) holders are on the rise, as reported by the analytics platform Santiment.
The platform points out that the number of ETH wallets is increasing, while Bitcoin (
BTC
) wallets have been declining since mid-March.
“Bitcoin holders have experienced a significant drop in non-empty wallets over the past three days, the biggest since just before the all-time high on March 14th. Unlike then, BTC has been sliding, causing traders to liquidate due to fear of further declines. Meanwhile, the number of Ethereum wallets continues to grow.”


Source: Santiment/X
At the time of writing, Ethereum is trading at $3,400, a decrease of more than 4% in the last 24 hours.
Santiment also points out that the social media mentions for
XRP
, Dogecoin (
DOGE
), and Shiba Inu (
SHIB
) are declining, indicating a potential market bottom for these digital assets.
“The crowd sentiment for XRP, Dogecoin, and Shiba Inu has significantly decreased following their price drops. Patient traders who have been waiting for the crowd to lose interest in these large-cap altcoins may finally have a buying opportunity, with the fear of missing out (FOMO) at a 2024 low.”


Source: Santiment/X
XRP is currently trading at $0.47, down more than 7% in the last 24 hours. Meanwhile, DOGE is trading at $0.11, down 9.5% in the last 24 hours, and SHIB is trading at $0.0000177, down more than 10% for the day.
Lastly, Santiment suggests that the decreasing mentions of an altseason on social media platforms in the crypto market indicate that the broader altcoin market may be close to forming a bottom.
“There is a clear trend between the mentions of a crypto alt season and the market hitting a peak. When traders become greedy, their interest in altcoins increases. After the recent March peak, FOMO has decreased significantly. The crowd’s fear brings us closer to a bottom.”


Source: Santiment/X
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