The market crumbled last week (September 3 - September 9) as Shibaverse lost 25%.
The downward movement of the Shibaverse price last week indicates the chosen market is. The volatility of VERSE has been high throughout the reviewed period in correspondence with the price action. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The price action of the crypto coin last week took place on the back of decreased trading volume.
During the reported period, Shibaverse has been swinging for the fences, which resulted in an average volatility of 25.11% for the given period. The volatility of the asset has reached the extreme after going as high as 25.11% - it happened on September 3. The lowest volatility for the given period was spotted on September 9 and reached 4.58%. The increased volatility of 25.11% on the VERSE market suggests large price swings in either direction, which is indicative of market instability.
The opening price of Shibaverse was at $0.006 on September 3, with having a more visible presence on the market. VERSE made a 27% step in an upward direction during the first daily trading session that took place on September 3. September 4 saw the coin going another 8% since the open, supported by the corresponding trading volume. During the next trading day, the rate of change in the price of Shibaverse stood at 15% having reached the low at $0.007 and the high at $0.008 as the advantage remained on the side of sellers. VERSE ’s performance during September 6 was the following: the price declined by 21% in conjunction with the acceptable trading volume. Shibaverse finalized the trading day of September 7 at $0.006 after opening it at $0.005, though the price broke through that corridor to hit the 24H high at $0.0056 and the 24H low at $0.0051. The activity on the crypto coin's market on September 8 resulted in the asset being traded between $0.005, the open of the day, and $0.005, the close of the day; at some point, the price spiked to the daily high at $0.007 and briefly dropped to the daily low at $0.005. The coin found the deepest trough (24H low) at $0.0051 on September 9 and then exploded to the ceiling (24H high) at $0.006; the price range for that day was between $0.005 and $0.006. The asset posted the weekly low at $0.005, while the top of the weekly trading session was registered at $0.009. Shibaverse bounced 25% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.002.
Over the period of the last 7 days, September 3 to September 9, Shibaverse saw its average trading volume fluctuate between $1 529 630 and $95 040. In order to have a better grasp of the VERSE 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 $5 742 to $408 581. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 360%, and the 25% price shift.
The past week saw the market capitalization of Shibaverse making a shift from $6 444 786 on September 3 to $4 353 487 on September 9, the peak for the analyzed period. Percentage-wise, the market capitalization of VERSE has shifted by 32% in the past week. As a consequence of the 32% fluctuation in its market capitalization, the price of the coin changed by 25%. Shibaverse ’s market capitalization from the week before changed by 125%, as the result of fluctuation between $2 392 682 and $6 444 786, to give a clearer vision of the current state of the market.