The bleeding market: Minto loses 6% between August 28 and September 3 as the selling pressure grows.
The bearish behavior of Minto last week was characterized by the occurrence of downswings. The volatility associated with the BTCMT market was medium, as were its price fluctuations. The market capitalization of the asset has been decreasing in concert with the price of the coin. The trading volume on the crypto coin's market has been decreasing throughout the reviewed period along with its price.
The volatility has been suppressed, as the Minto price action suggests. Our comprehensive data indicates that the price change of BTCMT has been moderate on the back of the average volatility of 11% for the given time period. The volatility of the coin reached its highest point at 11.69% during the observed period. 0.88% was the rock bottom for the asset's volatility that was reached on September 1. The bulls and the bears appear to be remaining in deadlock as the average volatility of the crypto coin was no higher than 11%.
The opening price of Minto was at $0.93 on August 28, with sellers having a more visible presence on the market. During the opening day on August 28, BTCMT has had a 12% move to the downside. The 1% move in the downward direction took place on the second day after the weekly open. On August 30, the market was moving to the downside as Minto went 7% down from the low at $0.75 to the high at $1.05. BTCMT ’s performance during August 31 was the following: the price declined by 2% in conjunction with the acceptable trading volume. Minto finalized the trading day of September 1 at $0.75 after opening it at $0.74, though the price broke through that corridor to hit the 24H high at $0.77 and the 24H low at $0.74. The price action on September 2 saw the crypto coin moving along the following route: starting point at $0.75 and closing point at $0.83, while it also deviated to establish the high of the day at $1.05 and the low of the day at $0.75. On the last day of the reviewed period, the coin was locked between $0.78 and $0.77, though the price managed to puncture these levels to reach the 24H high at $1.05 and the 24H low at $0.77. The highest point of the price action over the week was at $1.05 - the weekly low during the same period was established at $0.74. The difference between the lowest and the highest price points for the week was 6%, as the price moved in the $0.05 wide corridor.
Over the period of the last 7 days, August 28 to September 3, Minto saw its average trading volume fluctuate between $315 and $5 181. During the week before August 28, the trading volume of BTCMT flowed from $51.8 to $143 457. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 87%, and the 6% price shift.
The past week saw the market capitalization of Minto making a shift from $2 157 479 on August 28 to $1 866 569 on September 3, the peak for the analyzed period. Percentage-wise, the market capitalization of BTCMT has shifted by 13% in the past week. The 13% change in the coin's market capitalization affected the price rate that saw a 6% shift in the same time period. A better understanding of the lay of the land on the Minto market requires a comparison with the preceding week when the total market capitalization of Minto changed by 24% as it went from $2 549 214 to $2 157 479.