While the BTC and other major cryptocurrencies are continuing to rise, the altcoin markets are starting to rally. Some leading altcoins are XRP, Ethereum (ETH) and The Sandbox (SAND). But all are still far off from their all-time highs. The following article will discuss the current trends in the altcoin markets.
Ethereum (ETH) and The Sandbox (SAND) are leading the charge
After falling by more than 25% during mid-December, SAND token prices have rebounded. The cryptocurrency is now trading at levels close to October 2021, and it has increased by 0.57% in the past 24 hours. However, selling pressure has weighed down on this altcoin.
Although it is difficult to forecast when financial assets will bottom or reach their bottom, investors can try to minimize their risk by buying small amounts and spreading their purchases over time. This can lower your cost basis and minimize the risk of getting caught in a falling knife.
XRP is another leading altcoin that is currently rallying
XRP is a digital currency launched in March of 2013, but it has only recently begun to rally. After reaching a low of $0.01 in early May, XRP quickly shot up to nearly $1 per coin. Its price then retraced some of the gains from the previous months as it continued to rise. In early March of 2018, XRP was trading at $0.55, a record high for the currency. This rally was caused by Ripple's recent grant of one billion XRP to a company called Coil. XRP's price has since stabilized at about $0.55.
Ethereum is still far from its all-time high
Ethereum is still far from its all-time record, but it is gaining in market value after it passed the $1,600 mark on Monday. The second-largest cryptocurrency by market cap has surged over 40 percent over the past seven days. The coin last hit a high of $4,800 in November. However, it has yet to surpass this level since June 13.