The bleeding market: Skycoin loses 6% between February 16 and February 22 as the selling pressure grows.
The behavior of Skycoin last week was characterized by the occurrence of downswings. The situation on the SKY market shows that the underlying asset is currently experiencing a period 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 from last week stemmed from the decreasing trading volume.
The volatility has been suppressed, as the Skycoin price action suggests. Given that the average volatility on the SKY market didn't exceed 6%, the price action remained limited. The coin has hit the highest point of volatility on February 16. The asset has been the least volatile on February 20; at this time, the volatility stood at 0.32%. Since the volatility of 6% can be deemed as mild, the crypto coin's market can be characterised as composed.
SKY made a 5% step in an upward direction during the first daily trading session that took place on February 16. The coin market was down by 2% on February 17, the second day of the reviewed time period. The cautious traders dominated the price action on February 18, with the Skycoin market remaining flat. The next trading session was characterized by more price action (as SKY made a 1% move) on the back of the consistent trading volume. On February 20, Skycoin finished the trading day with no changes to the flatlined market. The crypto coin opened the trading session on February 21 at $0.12 and finalized it at $0.12; the highest point of price action was at $0.12, the lowest was detected at $0.12. Most trading activity on February 22 occurred in the space between $0.12 and $0.12; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $0.12, though the bulls had also staged the rally to the 24H high at $0.12. During the reviewed time period, the asset was able to achieve the weekly high at $0.12, though at a certain point, the bear pressurized the price down to the weekly low at $0.12. Skycoin bounced 6% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.008.
Over the period of the last 7 days, February 16 to February 22, Skycoin saw its average trading volume fluctuate between $1 979 and $1 754. A more comprehensive analysis of SKY price action requires the comparison of the trading volume between February 16 and February 22 with that from the preceding week that demonstrated how the trading volume fluctuated between $1 599 and $2 120. The average trading volume of the asset fluctuated by 8% by comparison with the previous period, whereas the price change of 6% took place over the same period of time.
The total market capitalization of Skycoin during the past 7-day oscillated between $2 676 149, the starting point that was established on February 16, and $2 613 976 on February 22, the end date of the reviewed period. 2% was the calculated percentage change for the SKY market over the past week. The 2% change in the coin's market capitalization affected the price rate that saw a 6% shift in the same time period. A more precise analysis of the Skycoin market also requires a comparison with the change in market capitalization from the week before, which amounted to 20% on the back of the move from $3 119 963 to $2 498 597.