Since last week, Paxos Standard’s price went down by -0.99%. It is below its 20 day moving average by 1.96%, so it’s fairly close. Paxos Standard’s bullish momentum, if assessed by its distance from its 20 day moving average, is pretty far negative compared to the other coins we’re covering, and thus may be due for a correction upwards or some kind of a period of low volatility. Regarding volatility, Paxos Standard is more volatile than roughly 3% of coins in our index, so this coin might not move much — something traders and investors will certainly want to keep in mind. Looking ahead, if the upcoming week mirrors the volatility of three past three weeks, the price range for Paxos Standard in US dollars is expected to be between $0.9816328 and $1.058377.
In the span of the preceding 7 days, Paxos Standard Token’s daily volume, in terms of its own unit of currency, has fluctuated between 24,385.73 and 283,567.8. In the three weeks prior, the trend in volume does not have a clear direction, while the price trend is clearly down. Over the past week, Paxos Standard Token saw its trading turnover — which we define as average daily trading volume divided by circulating supply — register at 0.07%. This turnover rate is higher than approximately 7.14% of the cryptocurrencies we monitor, which means it’s well below average; this coin may be hard to get into and out of, and thus is suitable only for those interested in holding and exiting slowly and patiently.
Paxos Standard saw the number of wallets holding its coin go from 6,920 to 8,012 over the past week — a change of 15.78%. In terms of blockchain-recorded transactions made by these wallets since their inception, that number changed from 72,838 to 78,676, which translates to growth of 8.02% for the week. Paxos Standard’s combined growth rate — meaning the sum of its growth rate in holders and transactions — is 23.80% which puts it ahead of 97.22% of the coins in our index. One interpretation of this may be that the coin may be on track to getting and sustaining actual usage.
Technology Development Status
Paxos Standard Token currently has 30 public repos on GitHub, with the oldest one clocking in at 2.41 years young. Its last public update to any of its repositories was within the past week which is not bad, as the coin is still being updated routinely. Paxos Standard Token’s public repos now have 66 which is very bad on a relative basis; it bests only 12 % of the 100 similar coins in our index. The coin has 3 outstanding issues in the backlog awaiting to be addressed by the core development team. In comparison to the number of watchers it has, though, its open issues count seems to be in good shape. To elaborate: the ratio of open issues to developers who are watching Paxos Standard Token’s GitHub repos is more favorable than 77% of similar coins in our index.
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Article by SixJupiter