The bulls muster more strength as RigoBlock rises by 100% from March 7 to March 13.
The price of RigoBlock was rising last from March 7 until March 13, giving enough reason to conclude that the market is bullish. The situation on the GRG market shows that the underlying asset is currently experiencing a period of high volatility. Last week’s market conditions reflected on the market capitalization of the asset, which was rising. The past week’s price movement of the crypto coin was accompanied by the growing trading volume on the corresponding market.
We have established that the average volatility of RigoBlock was at 47.23% in concert with its rapid price change. The peak of the asset's volatility fell on March 7 after it went all the way to 47.23%. The coin's market was the least volatile on March 13 when this particular metric didn’t exceed 0.02%. The high volatility of 47.23% points to the possibility of unpredictable and violent price action.
On March 7, the RigoBlock market opened at $0.61, preceded by a period of bullish action. During the opening day on March 7, GRG has had a 3% move to the upside. On March 8 the coin market stayed neutral, with no changes in the price. The cautious traders dominated the price action on March 9, with the RigoBlock market remaining flat. GRG ’s performance during March 10 was the following: the price increased by 57% in conjunction with the acceptable trading volume. The developments on the RigoBlock market on March 11 started with the price opening at $1.06 and subsequently moving to $1.08, the close of the day, while dropping to the 24H low at $1.03 and spiking to the 24H high at $1.03. The trading period on March 12 saw the crypto coin forming the price amplitude between the open at $1.08 and the close at $1.18, also interacting with $1.08 (24H low) and $1.08 (24H high). On the last day of the reviewed period, the coin was locked between $1.16 and $1.27, though the price managed to puncture these levels to reach the 24H high at $1.27 and the 24H low at $1.16. During the reviewed time period, the asset was able to achieve the weekly high at $1.27, though at a certain point, the bear pressurized the price down to the weekly low at $0.61. The difference between the lowest and the highest price points for the week was 100%, as the price moved in the $0.63 wide corridor.
Over the period of the last 7 days, March 7 to March 13, RigoBlock saw its average trading volume fluctuate between $25.67 and $58.84. During the week before March 7, the trading volume of GRG flowed from $17.88 to $359. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 58%, and the 100% price shift.
The change in the total market capitalization of RigoBlock from March 7 to March 13 was as follows: on March 7, the capitalization was at $3 382 804, while on March 13, it reached the level of $7 759 229. 129% was the calculated percentage change for the GRG market over the past week. The price of the coin changed by 100% on the back of the 129% shift in its total market capitalization. A better understanding of the lay of the land on the RigoBlock market requires a comparison with the preceding week when the total market capitalization of RigoBlock changed by 37% as it went from $2 356 641 to $3 382 804.