Altcoin prices shoot up

📌Prices of smaller cryptocurrencies are growing! Decentraland, Sandbox, Algorand 📈

Bitcoin and Ethereum are rebounding today dragging the market of other, smaller cryptocurrencies with them. With sentiment improving, so-called 'altcoins' tend to be highly volatile by exaggeratedly mimicking the behavior of major cryptocurrencies:

• Crypto industry sentiment is improving as investors' appetite for risk increases. Although the US corporate earnings season so far can be described as bland, markets are clearly turning on the 'risk on' button and lowering expectations for the size of future Fed hikes;
• BTC's dominance over smaller cryptocurrencies so-called 'altcoins' is declining, which may provide a rationale for their further increases. The role of the Ethereum network on which the vast majority of modern technologies and new projects in the crypto world are built is also growing. Ethereum, for the first time in history, may become the flywheel for the growth of Bitcoin itself and the industry as a whole;
• Ethereum has already gained nearly 30% from last week's levels. The second-largest cryptocurrency is climbing amid positive news about the upcoming transition to version 2.0, which developers have set for September 19. 

Metaverse projects back in play?

Some cryptocurrencies are positioning themselves to get a piece of the virtual world pie known as Metaverse. Developers are declaring growing opportunities to build a digital reality within gaming platforms like Decentraland and Sandbox. Tokens are expected to become digital money in virtual world economies. Today we are watching their prices soar. Part of the crypto market may treat rising altcoins as a springboard for making up market losses, which could fuel demand:

Decentralnd

• Decentraland co-creating the world of VR is at the forefront of so-called Meta-coins, powerfully gained popularity thanks to the growing popularity of NFT technology and purchases of virtual plots. Tokens entitle digital reality members to, among other things, purchase real estate, one of which was purchased for a record $2.4 million;
• Decentraland token gained nearly 600% in the space of just a few days in the fall of 2021 amid Facebook's name change to 'Meta Platforms' and the rise in popularity of digital worlds. The cryptocurrency has managed to completely erase the gains so far and is once again trading below $1 per token.Today's bullish rally on the Decentraland project tested the 61.8% Fibo retracement zone and is now looking for support near the 50% retracement. Source: xStation 5

Sandbox

• The cryptocurrency similarly to Decentaland is benefiting from the popularity of the Metaverse trend; it has managed to enter into partnerships with companies like Adidas and athletes and artists like Snoop Dogg and Tony Hawk. Recently, the company's creators announced a partnership with Playboy, which intends to open a virtual 'Meta Mansion' salon in the Sandbox world. The interest of large companies confirms the potential of digital worlds and their growing popularity especially among the younger generation;
• JP Morgan analysts, in a special report, pointed to the 'asymmetrical risks' taken by companies that are not interested in building business models in the Metaverse and the prospects of digital economies. According to the bank's analysts, such businesses may find themselves on the losing end in the future.Sandbox today attacked the local peak at $1.3445, then retreated below this level. Source: xStation 5

Algorand

• Algorand is a supply-limited cryptocurrency created by researchers at MIT, based on the revolutionary Pure Proof of Stake (PPoS) transaction validation method. The method is supposed to secure the network from attacks and democratize it. By creating a public blockchain, Algorand intends to revolutionize the financial world and accelerate the adoption of the technology;
• The cryptocurrency is partnered with Circle, the fintech company using it, which has extensive connections on Wall Street and declares the USDC stablecoin secured by the physical dollar, which is treading on the heels of the still largest Tether. It was Circle's stablecoin builder that Fidelity funds or giant BlackRock invested in this spring. With the growing popularity of USDC against other stablecoins, Algorand may encounter a demand wave;
• Algorand is an official sponsor of the 2022 soccer World Cup to be held in Qatar and an official partner of the FIFA organization. The future will tell if the new blockchain with Circle's support will be able to threaten rival Ethereum in the future.Algorand chart, H1 interval. Today's bullish rebound strengthened the valuation of the project, which approached the records of June 26. Source: xStation 5