The market crumbled last week (November 3 - November 9) as ICON lost 32%.
Between November 3 - November 9, ICON has been mostly bearish as its price has been in the falling mode. The volatility of ICX has been high throughout the reviewed period in correspondence with the price action. There has been a fall in the market capitalization of the asset during the period under review. There has been a decline in trading volume on the crypto coin's market in conjunction with the price movement.
We have established that the average volatility of ICON was at 24.43% in concert with its rapid price change. The asset was the most volatile on November 3 when the registered volatility shot up to 24.43%. The quietest period on the coin's market happened on November 9 as the volatility failed to surpass the 0.68% mark. The increased volatility of 24.43% on the ICX market suggests large price swings in either direction, which is indicative of market instability.
On November 3, the first trading session of the reviewed time period, the market participants saw ICX moving up by 3%. The market sentiment on November 4 stayed as the coin obtained another 4%. On November 5, the market was moving to the upside as ICON went 3% up from the low at $0.24 to the high at $0.25. On November 7, ICX market moved by 2% in the bearish direction in concert with the trading volume. The developments on the ICON market on November 7 started with the price opening at $0.24 and subsequently moving to $0.23, the close of the day, while dropping to the 24H low at $0.23 and spiking to the 24H high at $0.23. The activity on the crypto coin's market on November 8 resulted in the asset being traded between $0.23, the open of the day, and $0.2, the close of the day; at some point, the price spiked to the daily high at $0.23 and briefly dropped to the daily low at $0.2. Most trading activity on November 9 occurred in the space between $0.19 and $0.15; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $0.15, though the bulls had also staged the rally to the 24H high at $0.19. The highest point of the price action over the week was at $0.25 - the weekly low during the same period was established at $0.15. ICON shaped the $0.07 price range over the week of price action, which constituted the 32% gap between the weekly low and the weekly high.
ICON ’s average trading volume on the opening day of the observed time period, November 3, stood at $11 495 152, while on the closing day of the same period, it moved to $23 554 720. A more comprehensive analysis of ICX price action requires the comparison of the trading volume between November 3 and November 9 with that from the preceding week that demonstrated how the trading volume fluctuated between $4 195 423 and $11 495 815. The 48% 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 32%.
ICON had its total market capitalization change from $195 879 282 on November 3 to $173 392 473 on November 9, the end of the examined time frame. When translated to percentage rate, the market capitalization of ICX over the past week adjusted by 11%. The price of the coin changed by 32% on the back of the 11% shift in its total market capitalization. In order to get a better grasp of the current state of affairs on the market, it’s important to draw the comparison between the reviewed period and the preceding seven days when the market capitalization ranged between $205 446 873 on October 27 and $203 519 557 on November 2, which translates to a 1% change.