January 18 - January 24 market watch: Frax Share goes up by 17% as buying pressure persists.
The upward movement of the Frax Share price last week indicates the chosen market is bullish. The volatility of FXS has been medium throughout the reviewed period in correspondence with the price action. Last week’s market conditions reflected on the market capitalization of the asset, which was rising. The past week’s price movement of the crypto coin was accompanied by the growing trading volume on the corresponding market.
The situation on the Frax Share market allows us to characterise its volatility as mild. The average volatility of 11% was the reason why the price of FXS didn't put up any significant gains. The volatility of the coin reached its highest point at 12.75% during the observed period. On January 22, the volatility of the asset was at its minimum at 0.28%. Since the volatility of 11% can be deemed as mild, the crypto coin's market can be characterised as composed.
On January 18, the first trading session of the reviewed time period, the market participants saw FXS moving down by 6%. The price action of the coin remained bullish on January 19 as the bulls pushed the price up by 7%. The bulls dominated the price action during the following trading period as the price drifted 6% to the upside, having established the low for the reviewed time frame at $9.85, while the high was recorded at $10.7. On January 22, FXS market moved by 4% in the bearish direction in concert with the trading volume. Frax Share finalized the trading day of January 22 at $10.51 after opening it at $10.74, though the price broke through that corridor to hit the 24H high at $10.87 and the 24H low at $10.13. No changes were observed on the crypto coin's market on January 23. The coin found the deepest trough (24H low) at $10.23 on January 24 and then exploded to the ceiling (24H high) at $11.04; the price range for that day was between $10.23 and $10.34. $8.36 was the bottom of price action for the week, though the price went to the high extreme at $11.31 over the same time period. The difference between the lowest and the highest price points for the week was 17%, as the price moved in the $1.52 wide corridor.
In the period January 18 - January 24, the trading volume of Frax Share went from $49 763 182 on the first day of the reviewed period to $37 485 028 on the closing day. A more comprehensive analysis of FXS price action requires the comparison of the trading volume between January 18 and January 24 with that from the preceding week that demonstrated how the trading volume fluctuated between $3 025 449 and $90 040 049. The average trading volume of the asset fluctuated by 61% by comparison with the previous period, whereas the price change of 17% took place over the same period of time.
The total capitalization of Bitcoin at the start of the analyzed time period (January 18) amounted to $659 613 399; by the end of that period (January 24), the capitalization went to $759 807 455. FXS experienced a 15% change in total market capitalization throughout the past seven days. When compared to the price fluctuations during the observed period of time, the 15% market capitalization movement was accompanied by a 17% change in the price of the coin. The comparison with the Frax Share market capitalization seen during the time period January 11 - January 17 that occurred before the observed one, which changed by 66%, from $395 189 182 to $657 284 176, allows us to get a clearer understanding of current market conditions.