A 18% price appreciation seen on the Compound market between September 5 and September 11.
The analysis of last week’s price action shows that the Compound market is in the phase since the price has been moving upward. The volatility associated with the COMP market was low, 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 price action of the crypto coin last week took place on the back of increased trading volume.
The price action of Compound is in a stalemate due to low volatility during the observed period. The average volatility of COMP was capped at 1.41%, leading to weak fluctuations in the price of Compound. 5.91% was the maximum volatility that the coin managed to showcase on September 9. The asset experienced the period of lowest volatility on September 10 when it fell to 1.41%. Since the current volatility of the crypto coin is low, we expect the price fluctuations of the digital asset at hand to be insignificant.
The first day of price action was marked by the 2% move to the downside from the point where the trading session opened. The 4% move in the downward direction took place on the second day after the weekly open. During the following trading period on September 7, the price of Compound oscillated between the low at $44.2 and the high at $46.68, while the price moved up by 2%. The trading volume on September 8 rendered support to the 3% bullish move of COMP. September 9 kicked off with Compound trading opening at $48.66 and then closing the session at $51.23, establishing the 24H low at $48.5 and 24H high at $51.51 in the process. The activity on the crypto coin's market on September 10 resulted in the asset being traded between $51.75, the open of the day, and $53.28, the close of the day; at some point, the price spiked to the daily high at $53.99 and briefly dropped to the daily low at $51.75. As for the occurrences on September 11, the price of the coin bottomed at $53.22 and peaked at $57, while its daily range formed between $53.22 and $56.43. $44.2 was the bottom of price action for the week, though the price went to the high extreme at $57 over the same time period. The price action on the weekly time frame made Compound within the 18% range from its weekly low to the weekly high, while the oscillation amplitude between these price points amounted to $8.77.
As for the average trading volume in the time slot between September 5 and September 11, the Compound market registered the change from $19 005 798 to $34 429 646. During the week before September 5, the trading volume of COMP flowed from $25 980 894 to $125 893 147. The 59% 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 18%.
The total capitalization of Bitcoin at the start of the analyzed time period (September 5) amounted to $332 538 426; by the end of that period (September 11), the capitalization went to $372 559 630. The percentage change in the total market capitalization of COMP amounted to 12%. The 12% change in the coin's market capitalization affected the price rate that saw a 18% shift in the same time period. Compound ’s market capitalization from the week before changed by 8%, as the result of fluctuation between $303 825 535 and $332 538 426, to give a clearer vision of the current state of the market.