The buyers controlled the Algorand market between September 14 and September 20 as the price grew by 10%.
The bullish behavior of Algorand last week was characterized by the occurrence of upswings. The volatility associated with the ALGO market was medium, as were its price fluctuations. The price action of the coin has been accompanied by the increased market capitalization of the said digital asset. The past week’s price movement of the crypto coin was accompanied by the growing trading volume on the corresponding market.
The volatility has been suppressed, as the Algorand price action suggests. We established that ALGO didn't showcase any significant price action due to the market's mild average volatility of 5%. The most significant volatility occurred on September 14 and reached 4.88%. The asset's volatility was at its lowest on September 18 when it dropped to 0.27%. Since the volatility of 5% can be deemed as mild, the crypto coin's market can be characterised as composed.
There were no gains or losses to the ALGO market on September 14, it remained flat. The 2% move in the downward direction took place on the second day after the weekly open. During the next trading day, the rate of change in the price of Algorand stood at 1% having reached the low at $0.29 and the high at $0.3 as the advantage remained on the side of sellers. On September 18, ALGO market moved by 5% in the bullish direction in concert with the trading volume. The price range of Algorand on September 18 formed between $0.31 and $0.3, whereas the daily price extremities were $0.3 and $0.32. The crypto coin opened the trading session on September 19 at $0.3 and finalized it at $0.31; the highest point of price action was at $0.32, the lowest was detected at $0.29. On the last day of the reviewed period, the coin was locked between $0.32 and $0.33, though the price managed to puncture these levels to reach the 24H high at $0.35 and the 24H low at $0.32. The asset posted the weekly low at $0.29, while the top of the weekly trading session was registered at $0.35. As a result of price action within the designated time period, the price movement range on the Algorand market was established at $0.03 or 10% between the weekly low and the weekly high.
The trading activity on the Algorand market over the past week - September 14 to September 20 - generated the average trading volume that went from $100 442 911 to $218 794 224. A more comprehensive analysis of ALGO price action requires the comparison of the trading volume between September 14 and September 20 with that from the preceding week that demonstrated how the trading volume fluctuated between $70 510 409 and $99 922 801. The 13% change in trading volume in the asset's market, compared to last week, supported the price movement that allowed the cryptocurrency to alter its value by 10%.
The change in the total market capitalization of Algorand from September 14 to September 20 was as follows: on September 14, the capitalization was at $2 055 154 354, while on September 20, it reached the level of $2 206 104 642. ALGO experienced a 7% change in total market capitalization throughout the past seven days. While the market capitalization of the coin was altered by 7%, its price has made a 10% change. In the preceding week, September 7 - September 13, the market capitalization of Algorand got a 13% adjustment ($1 979 194 239 to $2 229 860 375) in comparison to a 7% change last week; this allows getting a deeper insight into the market structure.