Down by 1% : The Huobi BTC market saw some bearish action last week (November 17 - November 23).
The downward movement of the Huobi BTC price last week indicates the chosen market is bearish. The situation on the HBTC market shows that the underlying asset is currently experiencing a period of low volatility. There has been a fall in the market capitalization of the asset during the period under review. The crypto coin's market experienced a falling trading volume during the observed time period, which fell in line with the price action.
According to our market analysis, the weak price movement of Huobi BTC was dictated by low volatility. With the average volatility being as low as 0.24%, HBTC was incapable of making any sizable price swings. The maximum volatility of the coin stood at 4.33% in the analyzed time frame. The quietest period on the asset's market was recorded on November 21, when the volatility dropped to the minimum at 0.24%. The crypto coin's low volatility of 0.24% points to the weakness of all market participants.
HBTC made a 1% step in an upward direction during the first daily trading session that took place on November 17. The coin market was down by 1% on November 18, the second day of the reviewed time period. The cautious traders dominated the price action on November 19, with the Huobi BTC market remaining flat. On November 20, the value of HBTC was in the range, with the market remaining flat. November 21 kicked off with Huobi BTC trading opening at $16 582 and then closing the session at $15 955, establishing the 24H low at $15 955 and 24H high at $16 582 in the process. The trading period on November 22 saw the crypto coin forming the price amplitude between the open at $15 599 and the close at $16 110, also interacting with $15 535 (24H low) and $15 535 (24H high). On the last day of the reviewed period, the coin was locked between $16 190 and $16 493, though the price managed to puncture these levels to reach the 24H high at $16 678 and the 24H low at $16 110. The highest point of the price action over the week was at $17 196 - the weekly low during the same period was established at $15 535. Huobi BTC bounced 1% between the low of the week and the peak price for the same time period, ultimately creating a price range of $236.
In the period November 17 - November 23, the trading volume of Huobi BTC went from $329 043 on the first day of the reviewed period to $144 406 on the closing day. In order to have a better grasp of the HBTC market, it’s necessary to compare the stats from the analyzed period with those from the week before, when the trading volume had gone from $441 946 to $5 521 058. The 94% change in trading volume in the asset's market, compared to last week, supported the price movement that allowed the cryptocurrency to alter its value by 1%.
The total capitalization of Bitcoin at the start of the analyzed time period (November 17) amounted to $215 363 840; by the end of that period (November 23), the capitalization went to $210 174 343. HBTC experienced a 2% change in total market capitalization throughout the past seven days. The said 2% percentage change in market capitalization of the coin was accompanied by the 1% fluctuation in the price of the underlying asset. Huobi BTC ’s market capitalization from the week before changed by 9%, as the result of fluctuation between $199 746 692 and $215 363 840, to give a clearer vision of the current state of the market.