Bridge Mutual slid down by 2% last week (January 18 - January 24) as the sellers pushed back.
Bridge Mutual has been last week as its price has been predominantly falling. The price swings of BMI pointed to the presence of medium volatility. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The crypto coin's market experienced a falling trading volume during the observed time period, which fell in line with the price action.
Bridge Mutual has been moving reservedly on the backdrop of average volatility. We established that BMI didn't showcase any significant price action due to the market's mild average volatility of 6%. The volatility of the coin reached its highest point at 7.66% during the observed period. The asset saw its volatility drop to the lowest level for the given period on January 22 as it shrank to 0.21%. Since the volatility of 6% can be deemed as mild, the crypto coin's market can be characterised as composed.
The 3% move in the downward direction took place on the second day after the weekly open. During the next trading day, the rate of change in the price of Bridge Mutual stood at 2% having reached the low at $0.013 and the high at $0.013 as the advantage remained on the side of sellers. Over the next trading period (on January 21), BMI was moving up by 6% on the back of a congruous trading volume. The price range of Bridge Mutual on January 22 formed between $0.01 and $0.01, whereas the daily price extremities were $0.0131 and $0.0138. While the 24H high and low on January 23 were at $0.013 and $0.013, respectively, the crypto coin had been traded in the area between the open at $0.01 and the close at $0.01. January 24 presented us with the following price action data: the coin opened the period at $0.01 and went on to establish the low at $0.013 and the high of the day at $0.013 before closing the day at $0.01. The price action on the asset's market during the period between January 18 and January 24 topped at $0.014, while the bottom of the price range was established at $0.013. Bridge Mutual bounced 2% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.0003.
Bridge Mutual ’s average trading volume on the opening day of the observed time period, January 18, stood at $62 609, while on the closing day of the same period, it moved to $60 102. During the week before January 18, the trading volume of BMI flowed from $54 640 to $76 893. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 3%, and the 2% price shift.
The total market capitalization of Bridge Mutual during the past 7-day oscillated between $864 373, the starting point that was established on January 18, and $859 120 on January 24, the end date of the reviewed period. 1% was the calculated percentage change for the BMI market over the past week. When compared to the price fluctuations during the observed period of time, the 1% market capitalization movement was accompanied by a 2% change in the price of the coin. A more precise analysis of the Bridge Mutual market also requires a comparison with the change in market capitalization from the week before, which amounted to 14% on the back of the move from $781 697 to $893 233.