Santiment, an analytics platform, reports that the number of Ethereum (ETH) holders is increasing despite the decline in the price of the top altcoin. This growth in ETH wallets coincides with a decrease in Bitcoin (BTC) wallets since mid-March.

At the time of writing, Ethereum is trading at $3,400, reflecting a drop of more than 4% in the last 24 hours. Meanwhile, 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.

XRP is trading at $0.47, down over 7% in the last 24 hours, while DOGE is trading at $0.11, reflecting a 9.5% decrease, and SHIB is trading at $0.0000177, down more than 10% on the day.

Additionally, Santiment notes a decline in mentions on social media platforms of an “altseason” in the crypto market, indicating that the broader altcoin market may also be nearing a bottom.

The platform states, “There is a notable trend between the mentions of crypto being an alt season and markets hitting a top. When traders become greedy, their interests in altcoins rise. After the latest March top, this FOMO has calmed considerably. Crowd fear brings us closer to a bottom.”

The analytics platform’s insights suggest that patient traders may have a buy opportunity with these altcoins, as fear of missing out (FOMO) reaches a 2024 low.

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