The bears stepped up a gear on February 18 - February 24, dropping the price of Skycoin by 6%.
Between February 18 - February 24, Skycoin has been mostly bearish as its price has been in the falling mode. SKY has been going through a period of low volatility, which fell in line with the occurred price changes. 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.
Skycoin is experiencing low volatility, as confirmed by our comprehensive analysis. The data derived from our credible sources shows that the average volatility of SKY didn't exceed 0.32%, which is indicative of weak price action. The most significant price swings occurred on February 22, when the volatility of the coin was at its highest for the given period at 3.64%. The asset experienced the period of lowest volatility on February 23 when it fell to 0.32%. Since the current volatility of the crypto coin is low, we expect the price fluctuations of the digital asset at hand to be insignificant.
There were no gains or losses to the SKY market on February 18, it remained flat. The price action of the coin remained on February 19 as the pushed the price down by 1%. The cautious traders dominated the price action on February 20, with the Skycoin market remaining flat. Over the next trading period (on February 21), SKY was moving down by 1% on the back of a congruous trading volume. After the open at $0.12, Skycoin moved during February 22 in the range between the said open and the close at $0.12, having posted the 24H low at $0.12 and the 24H high at $0.12. On February 23, the crypto coin showcased the following price fluctuations: the trading session began at $0.12 and then traveled from the low of the day at $0.12 to the high of the day at $0.12, closing at $0.12. Between the 24H high at $0.119 and the 24H low at $0.114, the coin was traded in the $0.12 - $0.11 price corridor. $0.11 was the bottom of price action for the week, though the price went to the high extreme at $0.12 over the same time period. The difference between the lowest and the highest price points for the week was 6%, as the price moved in the $0.008 wide corridor.
Skycoin ’s average trading volume on the opening day of the observed time period, February 18, stood at $1 843, while on the closing day of the same period, it moved to $1 532. In order to have a better grasp of the SKY 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 $1 599 to $2 119. The 7% trading volume fluctuation between February 18 and February 24, as compared with the previous period, served as a basis for a 6% price move.
The past week saw the market capitalization of Skycoin making a shift from $2 695 601 on February 18 to $2 609 721 on February 24, the peak for the analyzed period. SKY experienced a 3% change in total market capitalization throughout the past seven days. The 3% 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 9% on the back of the move from $2 882 867 to $2 614 876.