We will also take a look at how they are performing in the market and whether they are performing better or worse than King Bitcoin. Are we at the right time to position ourselves on altcoins?
Let’s look at all the details together.
The latest news for the crypto assets Dogecoin (DOGE), Cardano (ADA) and The Sandbox (SAND)
Let’s start with the latest major news regarding the 3 cryptocurrencies Dogecoin (DOGE), Cardano (ADA) and The Sandbox (SAND).
Regarding Cardano, of note are the comments by Mel McCann, vice president of engineering at the Cardano Foundation, during the “World Token Summit” event held in Dubai.
In particular, McCann offered his insight into the potential of blockchain technology and the various use cases that companies can implement to improve their business operations.
The most interesting thing about his talk, however, concerns the fact that one should stop deciding which chain is better than the other, as there are different infrastructures based on the intended use.
Rather, it is much better to focus on the ways in which this set of innovations can get as quickly as possible to mass adoption.
These are his exact words:
“We’re not looking to change people’s business models. What we’re looking to do is: How can they better improve their business models by leveraging Web3 capabilities?”
Speaking instead of The Sandbox, the “Infinite Pulse” initiative is worth mentioning: this is a lottery in which a series of winners will be drawn to participate in the purchase of new lands created by The Sandbox team,
Many famous artists have already launched their own gaming experiences within The Sandbox: among them we can find Snoop Dogg, Steve Aoki, Deadmau5 and Blondish.
Now with Infinite Pulse, one will have the opportunity to attend live jam sessions and concerts sponsored by some world-renowned artists.
Registration to participate in the LAND sale ended today, and results will be drawn tomorrow at 11 AM.
The first sale session will start tomorrow at 12 noon and end on 18 July at 12 noon, while the sale through the auction mechanism (open to all) will start on 18 July at 3 PM and end on 20 July at 3 PM
Finally, in reference to Dogecoin, the cryptocurrency favored by multibillionaire Elon Musk, there is no news to report except for updates on the price front, which we will discuss in the next section.
Price analysis of the 3 crypto assets: is it the ideal time to be positioned in altcoins?
Let’s now try to analyze the overall situation in the altcoin market, specifically the 3 crypto assets Dogecoin (DOGE), Cardano (ADA) and The Sandbox (SAND).
Starting from the general considerations, we can observe how since the beginning of 2023 (leaving out the last 3 weeks), Bitcoin has been moving upward much more vehemently than the altcoin sector.
Market interest at the moment is predominantly focused on the price action of digital gold while much of the rest of the cryptocurrencies is ignored, excluding Ethereum, which follows Bitcoin’s rises faithfully.
If we take a look at BTC’s “Dominance” indicator we realize how more than half of the market capitalization of the crypto sector, belongs to the king, while the minority is divided among the thousands of cryptocurrencies that have been created since 2008 until today.
Precisely, dominance marks a current level of 51.44%: such high values have not been recorded since April 2021.
As long as the positive trend of dominance does not stop, we can only imagine a scenario in which the altcoin sector overall performs worse than Bitcoin.
Even the chart of the Altcoin Season Index, which shows the periods when investors are most likely to invest in Bitcoin and those when they prefer to adopt more risk to bet on coin alternatives, indicates that they are now in the midst of Bitcoin Season.
In any case, the best time to position on the alts is not when the chart shows a value above 75, but in the transition phase when we begin to see the first glimmers of a bullish market for the small digital coins.
In such an environment, Dogecoin (DOGE), Cardano (ADA), and The Sandbox (SAND) crypto are looking unattractive to speculators and are posting disappointing price performances.
All 3 crypto assets are going through long downward phases in their value, almost tending toward lateralization.
This is probably not the best time to take advantage of the volatility in the crypto sector, but on the other hand it might be the most appropriate time to START positioning on the most valuable projects.
Without getting into a discussion about the fundamentals of DOGE, ADA, and SAND, let’s end the discussion by saying that if you believe in the future of any of these coins, the most appropriate time to accumulate tokens to sell in the next bull run is between now and the next 6-12 months.
As usual, a DCA plan can help overcome fears of an uncertain market, where macroeconomic conditions, matters related to an approval of a spot Bitcoin ETF, and general low liquidity, can pose a momentary danger to our crypto portfolio.
In the meantime, it is always advisable to take a look at King Bitcoin, which is prone to playing tricks and could continue its bullish trend ahead in the coming weeks.