The market crumbled last week (March 3 - March 9) as Synthetix Network Token lost 12%.

The bearish behavior of Synthetix Network Token last week was characterized by the occurrence of downswings. SNX was caught in a period of medium volatility, which was reflected in its price action. There has been a fall in the market capitalization of the asset during the period under review. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.

While the volatility remains restrained, Synthetix Network Token isn't making any explosive moves. Our comprehensive data indicates that the price change of SNX has been moderate on the back of the average volatility of 8% for the given time period. The coin has hit the highest point of volatility on March 3. The asset's volatility was at its lowest on March 7 when it dropped to 0.64%. The bulls and the bears appear to be remaining in deadlock as the average volatility of the crypto coin was no higher than 8%.

On March 3, the first trading session of the reviewed time period, the market participants saw SNX moving down by 3%. The coin market was up by 5% on March 4, the second day of the reviewed time period. During the following trading period on March 5, the price of Synthetix Network Token oscillated between the low at $2.79 and the high at $3.23, while the price moved up by 8%. SNX ’s performance during March 6 was the following: the price increased by 1% in conjunction with the acceptable trading volume. March 7 kicked off with Synthetix Network Token trading opening at $3.15 and then closing the session at $2.94, establishing the 24H low at $2.92 and 24H high at $3.15 in the process. While the 24H high and low on March 8 were at $2.95 and $2.64, respectively, the crypto coin had been traded in the area between the open at $2.95 and the close at $2.64. March 9 presented us with the following price action data: the coin opened the period at $2.64 and went on to establish the low at $2.49 and the high of the day at $2.66 before closing the day at $2.49. Over the course of all trading sessions, the asset established the weekly low at $2.49 while buyers managed to push the price up to the weekly high at $3.24. Synthetix Network Token shaped the $0.33 price range over the week of price action, which constituted the 12% gap between the weekly low and the weekly high.

The past 7 days were marked by a change in average daily trading volume from $91 120 214 on March 3 to $91 257 133 on March 9. Over the week that came before the analyzed time span, the average trading volume of SNX ranged between $58 017 001 and $128 954 006. The average trading volume of the asset fluctuated by 19% by comparison with the previous period, whereas the price change of 12% took place over the same period of time.

The total capitalization of Bitcoin at the start of the analyzed time period (March 3) amounted to $908 974 926; by the end of that period (March 9), the capitalization went to $820 897 114. When translated to percentage rate, the market capitalization of SNX over the past week adjusted by 10%. While the market capitalization of the coin was altered by 10%, its price has made a 12% change. In order to get a better grasp of the current state of affairs on the market, it’s important to draw the comparison between the reviewed period and the preceding seven days when the market capitalization ranged between $824 865 928 on February 24 and $948 868 974 on March 2, which translates to a 15% change.

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Article date: March 9 | March 3 - 9

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