Down by 5% : The Skycoin market saw some bearish action last week (March 1 - March 7).
The price of Skycoin was falling last from March 1 until March 7, giving enough reason to conclude that the market is. The volatility associated with the SKY market was low, as were its price fluctuations. The price action on the coin's market translated to the decline of market capitalization. The trading volume on the crypto coin's market has been decreasing throughout the reviewed period along with its price.
The price action of Skycoin is in a stalemate due to low volatility during the observed period. The data derived from our credible sources shows that the average volatility of SKY didn't exceed 0.62%, which is indicative of weak price action. The peak of the coin's volatility for the given time period was reached on March 5 when this parameter went as low as 5.24%. On March 6, the asset didn't make any noticeable price movements as its volatility dropped to the lowest level at 0.62%. The unimpressive volatility of 0.62% showcases the overall weakness of the crypto coin.
The opening price of Skycoin was at $0.12 on March 1, with having a more visible presence on the market. The gains of SKY after the weekly open on March 1 amounted to 2%. On March 2 the coin market stayed neutral, with no changes in the price. During the next trading day, the rate of change in the price of Skycoin stood at 6% having reached the low at $0.112 and the high at $0.119 as the advantage remained on the side of sellers. SKY ’s performance during March 4 was the following: the price declined by 1% in conjunction with the acceptable trading volume. Skycoin finalized the trading day of March 5 at $0.11 after opening it at $0.11, though the price broke through that corridor to hit the 24H high at $0.116 and the 24H low at $0.111. On March 6, the crypto coin showcased the following price fluctuations: the trading session began at $0.11 and then traveled from the low of the day at $0.113 to the high of the day at $0.115, closing at $0.11. On the last day of the reviewed period, the coin was locked between $0.11 and $0.11, though the price managed to puncture these levels to reach the 24H high at $0.115 and the 24H low at $0.113. Over the course of all trading sessions, the asset established the weekly low at $0.111 while buyers managed to push the price up to the weekly high at $0.12. Skycoin bounced 5% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.006.
Over the period of the last 7 days, March 1 to March 7, Skycoin saw its average trading volume fluctuate between $1 751 and $1 858. In order to have a better grasp of the SKY 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 $1 532 to $1 805. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 10%, and the 5% price shift.
Bitcoin began the observed period March 1 - March 7, with the market capitalization of $2 521 587 and finalized it at the market capitalization level of $2 507 802. 1% was the calculated percentage change for the SKY market over the past week. While the market capitalization of the coin was altered by 1%, its price has made a 5% 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 $2 613 976 on February 22 and $2 582 217 on February 28, which translates to a 1% change.