The November 15 - 21 market report: JET plunges by 54% as sellers apply more pressure.
The price of JET was falling last from November 15 until November 21, giving enough reason to conclude that the market is bearish. JET was caught in a period of high volatility, which was reflected in its price action. The asset saw its market capitalization falling over the reviewed period together with its price. The price action of the crypto coin last week took place on the back of decreased trading volume.
We have established that the average volatility of JET was at 39.17% in concert with its rapid price change. The volatility of the asset has reached the extreme after going as high as 39.17% - it happened on November 15. The coin saw its volatility drop to a minimum at 0.31% on November 21. The increased volatility of 39.17% on the JET market suggests large price swings in either direction, which is indicative of market instability.
The trading session on November 15 started with JET opening at $0.07 on the backdrop of bearish sentiment throughout the market. The first day of price action was marked by the 1% move to the downside from the point where the trading session opened. The price action of the coin remained bearish on November 16 as the bears pushed the price down by 12%. During the next trading day, the rate of change in the price of JET stood at 1% having reached the low at $0.058 and the high at $0.059 as the advantage remained on the side of sellers. The trading volume on November 18 rendered support to the 39% bearish move of JET. After the open at $0.04, JET moved during November 19 in the range between the said open and the close at $0.03, having posted the 24H low at $0.034 and the 24H high at $0.035. No changes were observed on the crypto coin's market on November 20. Between the 24H high at $0.034 and the 24H low at $0.031, the coin was traded in the $0.03 - $0.03 price corridor. The highest point of the price action over the week was at $0.07 - the weekly low during the same period was established at $0.01. The difference between the lowest and the highest price points for the week was 54%, as the price moved in the $0.04 wide corridor.
JET ’s average trading volume on the opening day of the observed time period, November 15, stood at $115 540, while on the closing day of the same period, it moved to $81 183. To understand a bigger picture, we need to match the numbers from last week with the week before that, when the JET market had its volume ranging between $37 086 and $123 248. The average trading volume of the asset fluctuated by 19% by comparison with the previous period, whereas the price change of 54% took place over the same period of time.
The total capitalization of Bitcoin at the start of the analyzed time period (November 15) amounted to $10 560 449; by the end of that period (November 21), the capitalization went to $5 282 911. JET experienced a 50% change in total market capitalization throughout the past seven days. When compared to the price fluctuations during the observed period of time, the 50% market capitalization movement was accompanied by a 54% change in the price of the coin. JET ’s market capitalization from the week before changed by 7%, as the result of fluctuation between $12 272 780 and $10 560 449, to give a clearer vision of the current state of the market.