What happened
Starting at 3:30 p.m. ET, The sandpit (CRYPTO: SAND), Speckle (CRYPTO: POINT), and Cardano (CRYPTO: NO) everyone has seen impressive moves in the past 24 hours. These large-cap cryptocurrencies gained 10.3%, 6.5% and 8.6%, respectively.
The Sandbox has again seen a surge in Metaverse-related interest and leads the group among these top tokens. Expectations that ether-based metaverse games like The Sandbox could have seen exponential growth and added momentum to this token. Last year, The Sandbox rose more than 100x, making it one of the top performing tokens of 2021.
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Polkadot’s Layer 1 independent parachain scaling solution has recently come into focus for many investors. This surge in interest has catapulted Polkadot into a top 10 position in terms of market cap. Interest in Parachain’s recent launches, including Moonbeam’s, has got investors interested in this network
Cardano has continued to rise as investors look for tokens based on stable proof-of-stake networks. The latest news that Cardano has surpassed 1 million trees to become a carbon-negative blockchain has wowed many environmentally conscious investors. In addition, network delays have been touted as bullish by key Cardano insiders as they indicate the growth of the entire ecosystem over time.
so what
Each of these top tokens has a number of idiosyncratic catalysts propelling them up today. Investors interested in the growth of blockchain technologies and the cryptocurrencies that power them should consider these tokens for their own advantages.
However, today was a positive day for investors in most risky assets. New inflation data courtesy of today’s CPI report suggests inflation is around 7%. That’s what the market expected, and if the news wasn’t terrible and the market was pricing in disappointing numbers, there can be some calm.
This has boosted most risk assets, with the crypto market up 3.5% on this news alongside the broader stock markets.
What now
What is noteworthy is that these three tokens slightly outperformed the market today, even taking into account the optimistic outlook of investors. Crypto investors are increasingly focusing on tokens with growth potential that extends beyond the broader market. In that regard, these three tokens should stay on investors’ watchlists.
Despite today’s upward movements in the major alt-coins, more volatility is likely to be expected on the horizon. The crypto sector has been extremely volatile in its short existence. The crypto market is also one that hasn’t had to go through a significant tightening cycle. Accordingly, it is always a good idea to approach the crypto sector with some caution.
This article represents the opinion of the author who may disagree with the “official” referral position of a premium advisory service from the Motley Fool. We are colorful! Questioning an investment thesis – even one of our own – helps us all think critically about investing and make decisions that will help us get smarter, happier, and richer.
