Down by 1% : The Convex Finance market saw some bearish action last week (September 16 - September 22).
Between September 16 - September 22, Convex Finance has been mostly bearish as its price has been in the falling mode. CVX has been going through a period of low volatility, which fell in line with the occurred price changes. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
The price action of Convex Finance 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 CVX didn't exceed 0.84%, which is indicative of weak price action. 4.16% was the maximum volatility that the coin managed to showcase on September 20. On September 21, the asset didn't make any noticeable price movements as its volatility dropped to the lowest level at 0.84%. The unimpressive volatility of 0.84% showcases the overall weakness of the crypto coin.
Convex Finance began the day on September 16 at $4.95, while the broad background was bearish. The price action of the coin remained on September 17 as the pushed the price up by 1%. On September 18, the market was moving to the downside as Convex Finance went 4% down from the low at $4.61 to the high at $4.86. The trading volume on September 19 rendered support to the 3% bullish move of CVX. September 20 kicked off with Convex Finance trading opening at $4.83 and then closing the session at $4.79, establishing the 24H low at $4.68 and 24H high at $4.88 in the process. The activity on the crypto coin's market on September 21 resulted in the asset being traded between $4.82, the open of the day, and $4.91, the close of the day; at some point, the price spiked to the daily high at $4.91 and briefly dropped to the daily low at $4.64. Between the 24H high at $4.74 and the 24H low at $4.47, the coin was traded in the $4.74 - $4.71 price corridor. The asset posted the weekly low at $4.47, while the top of the weekly trading session was registered at $4.95. Convex Finance bounced 1% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.03.
The trading activity on the Convex Finance market over the past week - September 16 to September 22 - generated the average trading volume that went from $8 639 456 to $12 878 079. During the week before September 16, the trading volume of CVX flowed from $5 359 171 to $13 256 934. Percentage-wise, the trading volume of the asset changed by 11%, in comparison to the previous period, while its price experienced a 1% adjustment.
The total capitalization of Bitcoin at the start of the analyzed time period (September 16) amounted to $328 703 539; by the end of that period (September 22), the capitalization went to $308 745 167. The percentage change in the total market capitalization of CVX amounted to 6%. The price of the coin changed by 1% on the back of the 6% shift in its total market capitalization. The comparison with the Convex Finance market capitalization seen during the time period September 9 - September 15 that occurred before the observed one, which changed by 6%, from $357 070 540 to $335 515 041, allows us to get a clearer understanding of current market conditions.