February 27 - March 5 market wrap: Coin of the champions had a slight 5% drop.
The downward movement of the Coin of the champions price last week indicates the chosen market is bearish. The price swings of COC pointed to the presence of high volatility. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The crypto coin's market experienced a falling trading volume during the observed time period, which fell in line with the price action.
According to our calculations, Coin of the champions experiences larger than usual price fluctuations, which translates to the average volatility percentage of 56.52% during the period under review. The largest volatility percentage during the given time span was 56.52% - it occurred on February 27. The coin saw its volatility drop to a minimum at 2.02% on March 5. The high volatility of 56.52% points to the possibility of unpredictable and violent price action.
While the overall situation on the Coin of the champions market was bearish, the trading session on February 27 kicked off at the $0.00000001 price level. The losses of COC after the weekly open on February 27 amounted to 3%. The 15% move in the downward direction took place on the second day after the weekly open. The price range of Coin of the champions formed between $0.000000009 and $0.00000001 on March 1 as the price traveled 6% up. The next trading session was characterized by more price action (as COC made a 6% move) on the back of the consistent trading volume. Coin of the champions finalized the trading day of March 3 at $0.000000009 after opening it at $0.000000009, though the price broke through that corridor to hit the 24H high at $0.000000009 and the 24H low at $0.000000009. The trading period on March 4 saw the crypto coin forming the price amplitude between the open at $0.000000008 and the close at $0.000000007, also interacting with $0.000000006 (24H low) and $0.000000006 (24H high). Between the 24H high at $0.00000001 and the 24H low at $0.000000006, the coin was traded in the $0.000000007 - $0.00000001 price corridor. $0.000000006 was the bottom of price action for the week, though the price went to the high extreme at $0.00000001 over the same time period. Coin of the champions shaped the $0.0000000005 price range over the week of price action, which constituted the 5% gap between the weekly low and the weekly high.
The past 7 days were marked by a change in average daily trading volume from $132 781 on February 27 to $40 975 on March 5. In order to have a better grasp of the COC 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 $77 788 to $159 757. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 22%, and the 5% price shift.
The change in the total market capitalization of Coin of the champions from February 27 to March 5 was as follows: on February 27, the capitalization was at $1 700 956, while on March 5, it reached the level of $1 008 877. Percentage-wise, the market capitalization of COC has shifted by 41% in the past week. The said 41% percentage change in market capitalization of the coin was accompanied by the 5% fluctuation in the price of the underlying asset. A more precise analysis of the Coin of the champions market also requires a comparison with the change in market capitalization from the week before, which amounted to 0% on the back of the move from $1 973 144 to $1 973 524.