Crypto Prices Continue to Cool, But Basic Attention Token (BAT (LON:BATS)) Fires Upward with 40%+ Surge
There’s no doubt that the past week hasn’t given cryptocurrency investors the bump they’ve been hoping for. In fact, since the beginning of the week on Monday, October 15th, the global cryptocurrency markets have shaved off over $10 billion in total market capitalization, falling from a high of just over $221 billion on Monday to close out the week just above $209 billion.
Total Cryptocurrency Market Capitalization (Global), chart via CoinMarketCap
During the same period, other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have followed similar patterns with their respective price charts closely mirroring the total market capitalization of the industry. Though the week had an early rally at the start, Bitcoin (BTC) bulls were not able to push and hold the high-cap coin above the psychological barrier of $7,000.
BTC-USD Trading Pair Over the Past Week
Likewise, Ethereum (ETH) only briefly surpassed the $220 mark before quickly declining and settling around the $200 point.
While investors did not get to experience a continued run up over the course of the week, all have enjoyed a significant amount of price stability after the increase. However, there is one cryptocurrency that’s topped the charts over the last 24 hours to close the week out strong: Basic Attention Token (BAT).
BAT-BTC Trading Pair Over the Past Week
Over the past 7 days, Basic Attention Token (BAT) has gained over 40% in value. By the close of the day on Friday, the token racked up an impressive 15% over the course of 24 hours; but what’s the cause? Here are a couple reasons.
- Basic Attention Token has an actual working product available, the Brave Browser, designed to protect user privacy and data and pay content creators with the native token, BAT. Many other blockchain-based projects with tokens in circulation still don’t have a minimum viable product (MVP) available. At a time when the space is full of projects with a lot of funding and little to show for it, having a functioning platform stands out to investors.
- The BAT team just released a new version for the Brave Browser replacing the previous one, Brave Muon. The team is boasting a 22% increase in load time with the launch of the new browser version as we
3. In March of 2018, Coinbase announced in a blog post that the popular cryptocurrency exchange—known for its beginner-friendly usability and subsequent introduction of currencies into the mainstream, earning it the term the “Coinbase Effect”—is considering BAT as one of the potential ERC-20 tokens to be added to the major platform in the future.
A combination of these factors likely lead to such a strong week for the token. As is the case with most things, multiple factors intersect with each other and contribute to the others. After all, Coinbase isn’t likely to add a ‘dead coin’ to the selective platform anytime soon, and BAT continues to give them reasons to consider it.