Immutable's IMX Rises Over 10% in 24 Hours
The cryptocurrency Immutable, known by its ticker IMX, has seen a significant rise in its price over the last 24 hours, climbing by 10.42% to reach $1.32. This surge adds to a week of positive momentum, with the coin's value increasing by 17.0% from $1.13 to its current standing.
Understanding Price Movements with Bollinger Bands
When examining the price movements of IMX, tools like Bollinger Bands are often used. These bands are a type of chart indicator that shows the volatility of a coin or an asset. Imagine them as rubber bands around the price chart; the wider they get, the more volatile the price is. For IMX, the past 24 hours have shown significant shifts, and the bands have widened, indicating increased volatility.
Trading Volume and Circulating Supply
In tandem with its price increase, Immutable's trading volume has also risen by 19.0% over the past week. This means more people are buying and selling IMX, which often accompanies a price increase. Alongside this, the circulating supply of the coin has grown by 0.23%, bringing it to 1.57 billion coins. To put this in perspective, the circulating supply is like the total number of IMX coins that people can buy and sell at the moment. It's currently about 78.64% of its maximum supply, which is set at 2.00 billion.
Market Cap and Rank
Thanks to these factors, IMX has achieved a current market cap of $2.08 billion, placing it at number 44 in the cryptocurrency rankings. The market cap is like a measure of how big and valuable a cryptocurrency is, calculated by multiplying the current price by the total number of coins in circulation.
For those new to the cryptocurrency world, these movements and figures illustrate the dynamic nature of digital assets like IMX. While there is potential for significant gains, it is crucial to be aware of the risks associated with volatility and market fluctuations.
