A 20% drop on the Cloakcoin market last week (September 12 - September 18) signals that the sellers are gaining strength.
Cloakcoin has been last week as its price has been predominantly falling. The price swings of CLOAK pointed to the presence of high volatility. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. There has been a decline in trading volume on the crypto coin's market in conjunction with the price movement.
According to our calculations, Cloakcoin experiences larger than usual price fluctuations, which translates to the average volatility percentage of 54.88% during the period under review. The asset was the most volatile on September 12 when the registered volatility shot up to 54.88%. The quietest period on the coin's market happened on September 18 as the volatility failed to surpass the 0.6% mark. The present volatility of 54.88% renders the CLOAK market unstable with the possibility of violent price swings.
On September 12, the Cloakcoin market opened at $0.27, preceded by a period of neutral action. During the opening day on September 12, CLOAK has had a 17% move to the upside. On September 13, the price of the coin has shifted by 10% from the daily open on the back of a good trading volume. During the next trading day, the rate of change in the price of Cloakcoin stood at 47% having reached the low at $0.15 and the high at $0.28 as the advantage remained on the side of sellers. The CLOAK market was down as the price shifted by 15% on September 15, against the backdrop of the sufficient trading volume. The price oscillation of Cloakcoin on September 16 was in the $0.26 - $0.24 range; at the same time, the price stretched out to reach the 24H low at $0.14 and the 24H high at $0.28. The trading period on September 17 saw the crypto coin forming the price amplitude between the open at $0.24 and the close at $0.26, also interacting with $0.21 (24H low) and $0.21 (24H high). The coin found the deepest trough (24H low) at $0.21 on September 18 and then exploded to the ceiling (24H high) at $0.26; the price range for that day was between $0.26 and $0.25. Over the course of all trading sessions, the asset established the weekly low at $0.14 while buyers managed to push the price up to the weekly high at $0.32. The difference between the lowest and the highest price points for the week was 20%, as the price moved in the $0.06 wide corridor.
In the period September 12 - September 18, the trading volume of Cloakcoin went from $2 439 on the first day of the reviewed period to $546 on the closing day. A more comprehensive analysis of CLOAK price action requires the comparison of the trading volume between September 12 and September 18 with that from the preceding week that demonstrated how the trading volume fluctuated between $107 and $1 480. The asset demonstrated an 22% change in trading volume, when compared against its performance in the past 7 days, while its price fluctuated by 20%.
The total capitalization of Bitcoin at the start of the analyzed time period (September 12) amounted to $1 853 440; by the end of that period (September 18), the capitalization went to $1 261 991. The rate of percentage change for the last week for CLOAK was 32%. The 32% change in the coin's market capitalization affected the price rate that saw a 20% shift in the same time period. During the week before the analyzed time frame, the market capitalization of Cloakcoin moved by 17% as it went from $1 217 482 to $1 429 756, and gave a better understanding of the general direction in which this market is flowing.