Hey everyone, today I’m going to write about the market trends of SCORUM coin since it’s inception. Since joining this platform I’ve posted numbers of articles on the sports-related topic here on this platform. The SCORUM community have been working very very hard and improving day by day.
The main reason for how I got entered Crypto and Blockchain is because of my final year engineering project. I with my 3 classmates have work on this project called “Cryptocurrencies price prediction with Sentiment Analysis”.Which means predicting the future value of the crypto coin's price based on user’s sentiment on social media sites like Twitter, Reddit, and Facebook with the help of some machine learning algorithm like Naive Bayes, SVM, and Random Forest etc. We choose this topic because crypto is one of the hot topics in today’s world and after what we saw from last year's on cryptomarket it encourages us more to do this project. The project is still incomplete but half of the system that is front end part of the project is completed. While working on this project I found have the news about this platform and I've joined this platform. As a sports fan I've been posting my article regularly here and I'm enjoying writing on this platform.
With the help of the different Charts that I've completed to anlayze the Cryptocurrencies historical trends, I’m going to analyze the market trends of SCORUM since its inception. I’ve collected the historical data of SCROUM from coinmarketcap.com official website. They have the historical data of SCORUM form August 07, 2018 to November 07, 2018. Since I've collected the data from Coinmarketcap I tried to build a similar chart of Coinmarketcap. We have used opening day price as the price of coin on that day.
Lina and Bar Chart Analysis
Maximum Price of SCR
This is our project main chart which shows the historical trends of Market Capital, Price and the Volume using line and bar charts. The blue line is used to represent the Market Capital While Blue line is used to represent the Price of Scorum in USD. The bar chart below the line chart represents the volume of the coin. From figure, we can see that the Total Market Capital of the SCORUM and price was highest on 22 September 2018. The both Market Capital and Price chart are following the similar graph since Market Capital of the coin equal to the product of current price of the coin and the total number of coin in the market. The highest Market Capital was $10,690,181 while the highest price of the coin was $0.449267 on that day.
The price of the coin was above $0.2 for nearly two months from August 25 to October 22. On October 22 price of the coin was reduced from $0.22 to $0.165. The 24 hour volume is found to be the highest on November 29 and November 30 with a total of $244,252 coin was traded in 24 hours of November 30. The 24-hour Volume is the best way to find whether the coin is going in a positive direction or negative direction.
Lowest Price of SCR
Scorum price has reached an all-time lowest mark this week, on November 12. Its price was marked to be $0.06698 and the lowest Market Capital was found to be $2,412,030. Since then, the price of SCR is improving little by little which can be seen on the above chart.
Candle Chart Analysis
This chart is also called the Stock Market Chart. This chart uses the attributes of coin like High, Low, Open, Close price of the day to find out whether the price of the coin is increasing or decreasing.
This is the Candle chart for the last 5 days of SCORUM coin. Yesterday the price of coin started from the $0.119 and ended lower than opening price with $0.108. The coin traded maximum at $0.13 yesterday while was traded minimum at $0.092.
Other two charts are used for comparison between different coins which I've not included in this post.
Price Prediction
Our price prediction model has only tested with Bitcoin and trained our model with the only bitcoin-related sentiment data. We've only used bitcoin-related data because it is easy to find a large number of bitcoin-related sentiment data on social media than other coin's sentiment data. From the model, we still have not got the perfect result and still making some changes in the system for improving the result.
Yesterday, when I searched on similar price prediction on google, I surprisingly found one website called http://www.megacryptoprice.com/. This website has placed different coin's future price prediction data on their websites. Then I opened the website and search for SCORUM's future price it showed, the price of SCORUM will be $0.641 after one year later and will be $2.44 after 5 years. They've not told about how they've made these predictions on their website and also warned for not using these prediction data as a financial advice.
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