Market analysis February 12 - February 18 : Hempcoin posts a 41% rally.
The analysis of last week’s price action shows that the Hempcoin market is in the bullish phase since the price has been moving upward. THC was caught in a period of high volatility, which was reflected in its 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.
Due to the active price action, the average volatility of Hempcoin jumped to 41.62%. The volatility of the asset has reached the extreme after going as high as 41.62% - it happened on February 12. On February 18, the coin's volatility was at its minimum level of 0.41%. The present volatility of 41.62% renders the THC market unstable with the possibility of violent price swings.
There were no gains or losses to the THC market on February 12, it remained flat. The price action of the coin remained bullish on February 13 as the bulls pushed the price up by 32%. Hempcoin posted the interim low at $0.0022 on February 14 and then moved down by 24% and peaked at $0.0029. THC ’s performance during February 15 was the following: the price increased by 1% in conjunction with the acceptable trading volume. On February 16, Hempcoin finished the trading day with no changes to the flatlined market. The crypto coin opened the trading session on February 17 at $0.002 and finalized it at $0.002; the highest point of price action was at $0.006, the lowest was detected at $0.002. Between the 24H high at $0.003 and the 24H low at $0.003, the coin was traded in the $0.003 - $0.003 price corridor. During the reviewed time period, the asset was able to achieve the weekly high at $0.006, though at a certain point, the bear pressurized the price down to the weekly low at $0.002. As a result of price action within the designated time period, the price movement range on the Hempcoin market was established at $0.0009 or 41% between the weekly low and the weekly high.
The trading activity on the Hempcoin market over the past week - February 12 to February 18 - generated the average trading volume that went from $219 to $623. We can draw the comparison with the period of 7 days that preceded the reviewed one when THC ’s trading volume varied from $7.3 to $1 206. The average trading volume of the asset fluctuated by 36% by comparison with the previous period, whereas the price change of 41% took place over the same period of time.
The total capitalization of Bitcoin at the start of the analyzed time period (February 12) amounted to $585 806; by the end of that period (February 18), the capitalization went to $762 487. Percentage-wise, the market capitalization of THC has shifted by 30% in the past week. When compared to the price fluctuations during the observed period of time, the 30% market capitalization movement was accompanied by a 41% change in the price of the coin. A better understanding of the lay of the land on the Hempcoin market requires a comparison with the preceding week when the total market capitalization of Hempcoin changed by 9% as it went from $637 215 to $585 806.