Algorand market stayed flat from September 2 - September 8.
Algorand portrayed neutral behavior last week, with no changes in the price. The price swings of ALGO pointed to the presence of low volatility. The asset saw its market capitalization growing over the reviewed period together with its price. The crypto coin's market experienced a growing trading volume during the observed time period, which fell in line with the price action.
The analysis of events on the Algorand market shows that the cryptocurrency under review is experiencing a period of low volatility. The average volatility of ALGO was as low as 0.48%, causing the dull price action. The peak of the coin's volatility for the given time period was reached on September 6 when this parameter went as low as 5.03%. On September 7, the asset didn't make any noticeable price movements as its volatility dropped to the lowest level at 0.48%. The crypto coin's low volatility of 0.48% points to the weakness of all market participants.
The opening price of Algorand was at $0.29 on September 2, with having a more visible presence on the market. The price of ALGO took a 5% up upswing at the open of the weekly trading period. The market sentiment on September 3 stayed as the coin obtained another 1%. Algorand posted the interim low at $0.3 on September 4 and then moved up by 2% and peaked at $0.32. The next trading session was characterized by more price action (as ALGO made a 3% move) on the back of the consistent trading volume. The price range of Algorand on September 6 formed between $0.3 and $0.29, whereas the daily price extremities were $0.29 and $0.31. The price action on September 7 saw the crypto coin moving along the following route: starting point at $0.29 and closing point at $0.3, while it also deviated to establish the high of the day at $0.3 and the low of the day at $0.28. As for the occurrences on September 8, 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. Throughout the reviewed time period, no changes were observed on the asset's market. There was no difference between the lowest and highest price points for the observed week, with the Algorand market flatlining.
The trading activity on the Algorand market over the past week - September 2 to September 8 - generated the average trading volume that went from $41 257 783 to $75 338 347. In order to have a better grasp of the ALGO market, it’s necessary to compare the stats from the analyzed period with those from the week before, when the trading volume had gone from $47 158 208 to $95 753 193. The asset demonstrated an 1% change in trading volume, when compared against its performance in the past 7 days, while its price fluctuated by 0%.
Bitcoin began the observed period September 2 - September 8, with the market capitalization of $2 028 901 377 and finalized it at the market capitalization level of $2 074 629 642. 2% was the calculated percentage change for the ALGO market over the past week. The said 2% percentage change in market capitalization of the coin was accompanied by the 0% fluctuation in the price of the underlying asset. In the preceding week, August 26 - September 1, the market capitalization of Algorand got a 6% adjustment ($2 128 242 969 to $1 996 961 183) in comparison to a 2% change last week; this allows getting a deeper insight into the market structure.