Ethereum Holders Keep Growing in Numbers and Showing No Signs of Capitulation Despite Price Drop: Santiment
The quantity of Ethereum (ETH) holders continues to rise regardless of the highest altcoin’s declining value, in keeping with the analytics platform Santiment.
Santiment notes that ETH’s rising quantity of wallets comes as Bitcoin (BTC) wallets have been dropping since mid-March.
“Bitcoin holders have just had their biggest three-day drop in non-empty wallets since just prior to the March 14th all-time high. Unlike then, BTC has been sliding, provoking traders to liquidate for fear of further drops. Meanwhile, Ethereum wallets keep growing in number.”
Ethereum is buying and selling for $3,400 at time of writing, down greater than 4% in the final 24 hours.
Santiment additionally notes that the social media mentions for XRP, Dogecoin (DOGE) and Shiba Inu (SHIB) are declining, indicating a market backside for these digital property could also be forming.
“Crowd sentiment has dropped significantly for XRP, Dogecoin and Shiba Inu after their respective price drops. Patient traders who have been waiting for the crowd to give up on these large cap altcoins may finally have their buy opportunity with fear of missing out (FOMO) at a 2024 low.”
XRP is buying and selling for $0.47 at time of writing, down greater than 7% in the final 24 hours. In the meantime, DOGE is buying and selling for $0.11 at time of writing, down 9.5% in the final 24 hours, and SHIB is buying and selling for $0.0000177, down greater than 10% on the day.
Lastly, Santiment says that the declining mentions on social media platforms of an altseason having arrived in the crypto market means that the broader altcoin market might also be near forming a backside.
“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.”
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