After several days of stillness, the crypto markets today started to move a bit again: we analyze in particular the recent price movements of DOGE (Dogecoin), LTC (Litecoin), and SAND (The Sandbox).
Summary
Crypto analysis: comparing Dogecoin, Litecoin, and The Sandbox
Among the major cryptocurrencies, the most interesting price movements today are those of DOGE (Dogecoin).
In fact, Elon Musk put a symbol on his Twitter profile that looks like that of Dogecoin.
Today is the day of Twitter’s transition to the new Brand, X, and in fact Elon Musk has changed his profile. In the section that stands for location he has had the new logo of X put up, and a character that looks very much like the one referring to DOGE.
He neither said nor wrote anything about it, but that was enough to drive the price up.
It has to be said that the other major cryptocurrencies are down today, so one could not expect a real takeoff in the price of Dogecoin for so little.
Be that as it may, it went from $0.071 to $0.077 in a matter of minutes, although it fell a bit afterwards. In the following hours it continued to fluctuate between $0.073 and $0.076, so within a relatively narrow range.
The gain over yesterday is 5%, on a day when BTC is losing 2% and ETH 1%.
It is worth noting that compared to seven days ago the price of DOGE is up 9%, and compared to 30 days ago 11%. Thus it is in a period of slight growth, although still far from the $0.096 of April.
2023 had started well for Dogecoin, but from late April to mid-June it had then lost everything it had gained. It is now at +7% since the beginning of the year, compared to +76% for Bitcoin and +56% for Ethereum.
It confirms itself as a cryptocurrency whose price varies mostly in relation to what Elon Musk says and does, although he has shown in the past that he often jokes when he talks about such things.
However, it is important not to exclude the possibility that in the future, in his new X, Dogecoin may play some role.
Analysis of Litecoin (LTC)
The price of LTC (Litecoin) is not doing so well today, but its performance since the beginning of the year remains better than that of DOGE.
Litecoin’s halving is only about nine days away, but its price since the beginning of July has done nothing but fall.
Analyzing 2023 shows an initial strong rise in January, taking it from $64 in mid-December 2022 to $100 in early February.
Thereafter it fluctuated between $69 and $101, with the exception of early July when it exceeded $113.
It might seem therefore that the halving has already been priced in, first with the sharp rise in January, and then with the annual peak on 3 July.
At that point it is not all that surprising that it has already begun to fall, despite the fact that the halving has not yet occurred. The current price hovers just below $90.
It is worth noting that in the past, after previous halvings, no bull runs have been triggered on the price of LTC. In other words, bull runs on the Litecoin price have occurred only in conjunction with those of Bitcoin, whose halving generally occurs the following year.
Moreover, if one takes the 2022 bear-market bottom of $50 as a reference, the current price already looks decidedly high.
The 2021 all-time high of $410 is still a long way off, but the peak reached just before the previous halving was $136, which is significantly higher than July’s $113.
The price of The Sandbox (SAND)
SAND (The Sandbox) seems to be somewhere between Litecoin and Dogecoin in 2023.
It loses 5% today, undoing almost all of July’s gains, but remains well above its late June values.
The problem for SAND is the long term.
Indeed, after surpassing $8.4 in November 2021, it has practically done nothing but fall throughout 2022, reaching as low as $0.38.
The current price of $0.43 is not that much higher than last year’s bear-market low, so much so that it has practically burned through all the gains made by the January rebound.
Indeed, by January it was back to $0.80, with the 2023 annual high made in early February at over $0.90.
But starting in late February it began a long downward path, albeit non-linear, that took it first to $0.53, then to $0.50. It hit its annual low in mid-June, at $0.37, which is slightly lower than even the 2022 low.
Indeed right now it is at +10% since the beginning of the year, but still -95% from the highs.
