The market crumbled last week (November 11 - November 17) as JET lost 23%.
The bearish behavior of JET last week was characterized by the occurrence of downswings. JET was caught in a period of medium volatility, which was reflected in its price action. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. There has been a decline in trading volume on the crypto coin's market in conjunction with the price movement.
JET has been moving reservedly on the backdrop of average volatility. The average volatility of 10% was the reason why the price of JET didn't put up any significant gains. The highest point of the coin's volatility reached 12.04% in the analyzed time frame. The price of the asset had fluctuated the least on November 15, when the volatility plummeted to 1.28%. The mild volatility registered on the crypto coin's market over the said period allows us to expect moderate price movements in both directions without significant breakouts.
The price of JET took a 2% down downswing at the open of the weekly trading period. November 12 saw the coin going another 2% since the open, supported by the corresponding trading volume. During the next trading day, the rate of change in the price of JET stood at 5% having reached the low at $0.073 and the high at $0.077 as the advantage remained on the side of sellers. On November 15, JET market moved by 7% in the bearish direction in concert with the trading volume. JET finalized the trading day of November 15 at $0.07 after opening it at $0.07, though the price broke through that corridor to hit the 24H high at $0.068 and the 24H low at $0.067. The crypto coin opened the trading session on November 16 at $0.07 and finalized it at $0.06; the highest point of price action was at $0.07, the lowest was detected at $0.06. The coin found the deepest trough (24H low) at $0.058 on November 17 and then exploded to the ceiling (24H high) at $0.059; the price range for that day was between $0.06 and $0.06. The highest point of the price action over the week was at $0.08 - the weekly low during the same period was established at $0.06. Traders saw JET covering the $0.02 distance between the weekly low and the weekly high, which constituted for a 23% move.
JET ’s average trading volume on the opening day of the observed time period, November 11, stood at $37 086, while on the closing day of the same period, it moved to $124 960. In order to have a better grasp of the JET 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 $108 157 to $133 396. The 11% 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 23%.
The total capitalization of Bitcoin at the start of the analyzed time period (November 11) amounted to $11 936 431; by the end of that period (November 17), the capitalization went to $9 151 123. 23% was the calculated percentage change for the JET market over the past week. When compared to the price fluctuations during the observed period of time, the 23% market capitalization movement was accompanied by a 23% change in the price of the coin. A more precise analysis of the JET market also requires a comparison with the change in market capitalization from the week before, which amounted to 18% on the back of the move from $12 260 639 to $10 049 950.