I am currently running a campaign that is heavily focused on magic and magic items. I'm just wondering if anybody has some god, cool, and fun magic items for low level characters.

Personally, I like to start with Common item and add a few specific Uncommon items that fit a particular quest or NPC. 
Have you looked at the items under Game Rules / Magic Items on this site?  That is probably a good place to start.

A lot of the common items can be cool and flavorful without any real mechanical impact. Like the armor that looks like it’s smoking all the time, or the cloak that looks like it’s billowing, or the shield that can change facial expressions, the musical instrument that makes little illusions. Sorry, I don’t remember the names off the top, but just search through common items. 

Made this little homebrew item that crosses a portable hole with a coin purse.

https://www.dndbeyond.com/magic-items/2618315-coin-pouch-of-holding

The item is utilitarian and focused on helping players manage their (future) vast amounts of money individually and belay the thoughts of 'how are we carrying all this money/who has all the money/etc' stuff that can cause friction between some players.

If you plan on playing a long campaign, making magic items readily available early is going to bite you in the ass. Before level 5-6, they are getting nothing except maybe a bag of holding, unless they do something incredible, then I MIGHT award them with a +1 item. But that's a big might.

The Common items in XgtE are excellent for lower levels.  An Enduring Spellbook or Darkshard Amulet won't add much too a players power, but will definitely feel like a prize.

Bag of Holding is always appreciated by players... depending on who ends up with one, you're either going to have all your stuff efficiently stored, or you'll get someone constantly trying to come up with some creative nonsense from stuffing it full of rocks or something and turning it inside-out over someone's head.

A Pot of Awakening is one that I find fun, since it basically gives you an extra little NPC buddy to play with along with your players. It's not particularly useful, mechanically, but depending on how you play the Awakened Shrub the pot eventually creates could give your party a fun little "mascot" to travel with.

Walloping ammunition is good for a simple magic item that isn't too game breaking, but which gives additional limited options to players. An Unbreakable Arrow is similar in that it isn't immediately useful or game breaking, but could have a glorious "Ah-ha!" moment for players where it ends up saving everyone's hide. Something in a similar vein would be an immovable rod. I think everyone has at least one story of an immovable rod being used in a surprising or ridiculous fashion that completely blindsided the DM (in a good way).

Boots of False Tracks are another magical item that doesn't unbalance your players in combat or anything, but a creative player could use them in a manner that saves the party's collective butts in a dire situation. Or they could just be given to the party prankster so they can screw with the town guards or something.

Everyone carries 50 feet of rope anyway, so why not upgrade to a Rope of Mending and see what kind of use the party manages to make of it. There are some fun survival stuff that is usually not particularly useful but could add flavor to simple activities... something like an Orb of Direction or a Pole of Angling.

The Wand of Magic Missiles is a great one. It feels like a super powerful item to a low-level player since they can cast the spell without burning a spell slot. The charges limit it from being over-used. Then as the party advances in level, they'll start to use it as a Hail Mary to cast a 7th level magic missile once in combat.

Cantrips

Giving low level players attunement items that allow them to cast a cantrip that is rarely taken is a great way to make them feel magical without being game breaking.  It will encourage them to think about ways of using the cantrip in creative ways.

Probably stay away from most damage cantrips but something like giving  a rogue a dagger that casts sword burst wouldn't cause problems.
Maybe limit them a little like have the message cantrip require the other person to be holding half the the item.
Maybe the light cantrip only works on your weapon, or your teeth.

+1 on giving out utility items more than directly game-impacting items. magical weapons and armour are, to an adventurer, more useful than magical rope or fishing rods, so they should really have to do a lot more to earn them.

It really depends on the party though - if the players only want to murder things and don't roleplay so much, then giving them a magical fishing rod isn't going to mesh with their styles, and you might as well have just given them a stick. If they indulge in downtime and enjoy the roleplay, then these items will add to their game without affecting your encounter difficulties.

If they prefer combat above all other things, consider utility items and lesser-used weapons which can be used in combat - vials of darkness powder that cast magical darkness, a whip that attempts to grapple the target on a successful hit, a dagger that allows an extra attack on a successful hit (once per turn), that sort of thing.

Avoid giving them their current weapons with extra bonuses - if someone's swinging a greatsword because they want to use 2-handed weapons and a greatsword has the best average damage, give them a magical warhammer - they then have to choose between the magic weapon or the average dice rolls.

I love giving low level characters single use items such as potions and scrolls and items that can only be used once or twice per long rest. A Circlet of Blasting is a great item to give to low level PCs for example. It lets them cast a second level spell once per day, which is nice but isn’t very over powering. Compare that to a Wand of Magic Missiles that can be used to cast a very powerful first level spell 6 times a day. 

I give them the feeling that they’re getting lots of magic, but it’s all so limited that they tend to use it very carefully. 

I think one shot items like potions and low level scrolls are good items for low level characters. Give them items they can use on a daily basis, but not necessarily combat useful. A self heating cook pot isn't much use a combat situation, but it gives them something unusual and useful, particularly if they need to travel in the wilderness without lighting fires (or during the rainy season).

Also, consider your world: are the magical collages like the colleges of today?  Will every graduate of Tobin's Enchanted College have to prove their worth by creating magical items that the professor's will be grading?  They aren't going to be producing high powered swords of doom.  They may have to create one particular item (a bag of holding maybe), or they may be assigned to create a ring that casts one low level spell.

Your adventurers could always find an item made by the class dunce.  A bag of holding that "leaks" small items (fine for storing a spell book, a tent, and the cook set; but gems, coins, and anything else tiny) slowly disappear into the same void where clothes dryers send socks.

Another idea is to give characters an item that makes up for deficiencies in the party.  If the party is without a cleric or some type of healer, a hip flask that turns clean water into two of three doses of potion of healing each day would be well received.  If the team is small, it should be easy enough to figure out where they need a boost.  A scroll of find familiar would be useful to a party if the spell casters don't have a furry (or feathery) friend.

Giving low level characters magic items for the sake of them having magic items isn't a good idea, unless it simply makes sense in your campaign.  

Quote from Satansblade81 >>

If you plan on playing a long campaign, making magic items readily available early is going to bite you in the ass. Before level 5-6, they are getting nothing except maybe a bag of holding, unless they do something incredible, then I MIGHT award them with a +1 item. But that's a big might.

You can give spell scrolls in the form of consumable items  ( which prevents wizards saving them to copy)  they can also be targeted at different characters. Things like 

•  A dagger that casts  inflict wounds on a hit once before disintegrating.  
• A javelin that casts ensnaring strike 
• A charm that when tied to a shield casts sleep the next time some one attacks it. 
• faerie fire bombs 

These are all effectively 1st level spell scrolls so fair game for a first level party. If you have a wizard its also worth giving a scroll or two for them to learn spells and they can generally be up to a level ahead.  You can often be very generous with consumables as long as you are equally stingy with buying them off players so it doesn't just become extra gold.

It can also be worth giving items with effects players often don't pick 

• a sword of dueling which casts compelled duel once per day
• Gloves that cast friends when you shake some ones hand. 
• A rope of snare that casts snare once a day ( this one you can use as a trap to catch players as well)
• a ring that casts color spray once a day

Final set would be items that grant appropriate level rituals. 

• For example a tattoo that lets you cast beast sense as a ritual
• a holy time that lets you cast unseen servant as a ritual to mimic calling a spirit. 

I like to give utility items to low-level characters/parties.  Although a combat-heavy campaign might not be amiss with a +1 weapon or shield.  Also, depending on the campaign, good NORMAL armor could be a godDM-send for the right party.  For example, in a combat-intensive campaign with one real fighter in the party, a suit of plate armor is going to be better than a suit or +1 scale armor.  A Robe of Useful Items is an excellent consumable item.  Although consider the party before you decide on what the robe contains.  Giving a robe with a dozen bullseye lanterns won't do much for an entire party of elves.

I created a figurine (2 inch tall) that becomes a spectral unseen servant by speaking it's command word.  It's usefulness is really dependent to whoever carries it.

You could also give a party a magical item that requires a certain ability or spell to use it, one that none of the party yet possesses.  They could sell it, or hold on to it for later. 

That is the best idea in the world thx you sooo moch