The bears had a field day between September 18 and September 24 as Minto got knocked down by 30%.
The bearish behavior of Minto last week was characterized by the occurrence of downswings. The price swings of BTCMT pointed to the presence of medium volatility. There has been a fall in the market capitalization of the asset during the period under review. The price action of the crypto coin last week took place on the back of decreased trading volume.
Minto has been moving reservedly on the backdrop of average volatility. Given that the average volatility on the BTCMT market didn't exceed 14%, the price action remained limited. The coin has hit the highest point of volatility on September 18. The asset saw its volatility drop to the lowest level for the given period on September 22 as it shrank to 0.18%. The crypto coin's market didn't put up any surprises due to mild average volatility of 14%.
On September 18, the Minto market opened at $0.73, preceded by a period of bearish action. There were no gains or losses to the BTCMT market on September 18, it remained flat. The price action of the coin remained bearish on September 19 as the bears pushed the price down by 9%. On September 20, the market was moving to the downside as Minto went 12% down from the low at $0.57 to the high at $1.04. The next trading session was characterized by more price action (as BTCMT made a 5% move) on the back of the consistent trading volume. The developments on the Minto market on September 22 started with the price opening at $0.54 and subsequently moving to $0.47, the close of the day, while dropping to the 24H low at $0.47 and spiking to the 24H high at $0.47. On September 23, the crypto coin showcased the following price fluctuations: the trading session began at $0.47 and then traveled from the low of the day at $0.46 to the high of the day at $0.47, closing at $0.47. On the last day of the reviewed period, the coin was locked between $0.47 and $0.51, though the price managed to puncture these levels to reach the 24H high at $0.52 and the 24H low at $0.47. The asset posted the weekly low at $0.46, while the top of the weekly trading session was registered at $1.04. The difference between the lowest and the highest price points for the week was 30%, as the price moved in the $0.22 wide corridor.
Minto ’s average trading volume on the opening day of the observed time period, September 18, stood at $3 438, while on the closing day of the same period, it moved to $3 622. To understand a bigger picture, we need to match the numbers from last week with the week before that, when the BTCMT market had its volume ranging between $169 and $2 051. The asset demonstrated an 476% change in trading volume, when compared against its performance in the past 7 days, while its price fluctuated by 30%.
The change in the total market capitalization of Minto from September 18 to September 24 was as follows: on September 18, the capitalization was at $1 830 558, while on September 24, it reached the level of $1 178 250. The rate of percentage change for the last week for BTCMT was 36%. The said 36% percentage change in market capitalization of the coin was accompanied by the 30% fluctuation in the price of the underlying asset. A more precise analysis of the Minto market also requires a comparison with the change in market capitalization from the week before, which amounted to 16% on the back of the move from $2 167 976 to $1 824 477.