Last week’s (August 28 - September 3) irresolute Algorand : the price moved up no more than 3%.
Algorand has been last week as its price has been predominantly rising. The volatility associated with the ALGO market was low, as were its price fluctuations. Last week’s market conditions reflected on the market capitalization of the asset, which was rising. The past week’s price movement of the crypto coin was accompanied by the growing trading volume on the corresponding market.
The analysis of events on the Algorand market shows that the cryptocurrency under review is experiencing a period of low volatility. With the average volatility being as low as 0.48%, ALGO was incapable of making any sizable price swings. The most significant price swings occurred on September 1, when the volatility of the coin was at its highest for the given period at 5.03%. The asset experienced the period of lowest volatility on September 2 when it fell to 0.48%. The volatility of 0.48% is too low for the crypto coin to engage in any attention-worthy price action.
The first day of price action was marked by the 2% move to the upside from the point where the trading session opened. August 29 saw the coin going another 1% since the open, supported by the corresponding trading volume. Algorand posted the interim low at $0.29 on August 30 and then moved down by 2% and peaked at $0.3. On August 31, the value of ALGO was in the range, with the market remaining flat. After the open at $0.29, Algorand moved during September 1 in the range between the said open and the close at $0.29, having posted the 24H low at $0.29 and the 24H high at $0.29. The crypto coin opened the trading session on September 2 at $0.29 and finalized it at $0.3; the highest point of price action was at $0.31, the lowest was detected at $0.29. As for the occurrences on September 3, the price of the coin bottomed at $0.3 and peaked at $0.3, while its daily range formed between $0.3 and $0.3. $0.28 was the bottom of price action for the week, though the price went to the high extreme at $0.31 over the same time period. The difference between the lowest and the highest price points for the week was 3%, as the price moved in the $0.009 wide corridor.
In the period August 28 - September 3, the trading volume of Algorand went from $60 691 863 on the first day of the reviewed period to $63 901 519 on the closing day. During the week before August 28, the trading volume of ALGO flowed from $59 478 859 to $95 753 193. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 26%, and the 3% price shift.
The total market capitalization of Algorand during the past 7-day oscillated between $2 004 697 462, the starting point that was established on August 28, and $2 082 910 880 on September 3, the end date of the reviewed period. The rate of percentage change for the last week for ALGO was 4%. When compared to the price fluctuations during the observed period of time, the 4% market capitalization movement was accompanied by a 3% change in the price of the coin. The comparison with the Algorand market capitalization seen during the time period August 21 - August 27 that occurred before the observed one, which changed by 6%, from $2 075 537 315 to $1 947 441 203, allows us to get a clearer understanding of current market conditions.