The market crumbled last week (November 6 - November 12) as ICON lost 33%.
ICON has been bearish last week as its price has been predominantly falling. ICX has been going through a period of high volatility, which fell in line with the occurred price changes. There has been a fall in the market capitalization of the asset during the period under review. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
We have established that the average volatility of ICON was at 24.43% in concert with its rapid price change. November 6 was the day when the asset was the most volatile, with the volatility going as high as 24.43%. The coin saw its volatility drop to a minimum at 0.73% on November 12. The high volatility of 24.43% points to the possibility of unpredictable and violent price action.
The losses of ICX after the weekly open on November 6 amounted to 2%. The market sentiment on November 7 stayed as the coin obtained another 2%. During the following trading period on November 8, the price of ICON oscillated between the low at $0.2 and the high at $0.23, while the price moved down by 13%. The ICX market was down as the price shifted by 19% on November 9, against the backdrop of the sufficient trading volume. After the open at $0.16, ICON moved during November 10 in the range between the said open and the close at $0.17, having posted the 24H low at $0.15 and the 24H high at $0.17. The price action on November 11 saw the crypto coin moving along the following route: starting point at $0.17 and closing point at $0.16, while it also deviated to establish the high of the day at $0.17 and the low of the day at $0.16. Between the 24H high at $0.16 and the 24H low at $0.16, the coin was traded in the $0.16 - $0.16 price corridor. The highest point of the price action over the week was at $0.24 - the weekly low during the same period was established at $0.15. Traders saw ICON covering the $0.08 distance between the weekly low and the weekly high, which constituted for a 33% move.
ICON ’s average trading volume on the opening day of the observed time period, November 6, stood at $8 494 413, while on the closing day of the same period, it moved to $5 686 824. In order to have a better grasp of the ICX 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 $4 195 423 to $11 495 815. The 49% 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 33%.
The total market capitalization of ICON during the past 7-day oscillated between $213 945 193, the starting point that was established on November 6, and $145 291 478 on November 12, the end date of the reviewed period. 32% was the calculated percentage change for the ICX market over the past week. The 32% change in the coin's market capitalization affected the price rate that saw a 33% shift in the same time period. The comparison with the ICON market capitalization seen during the time period October 30 - November 5 that occurred before the observed one, which changed by 1%, from $210 713 146 to $213 189 338, allows us to get a clearer understanding of current market conditions.