The digital market has started its second week of consolidation. There have been a couple of sharp swings since the beginning of October. The initial drop saw Bitcoin (BTC) lead the market in a gain trimming exercise where $16 billion was lost in a few hours. The second swing was the recovery on Monday last week.
The market corrected higher above $210 billion but the upside has been capped following the extended stability and consolidation. However, selected cryptocurrencies like Basic Attention Token (BAT) has been defying the sideways trend recording significant gains. The investors of this coin have something to celebrate and this article will shed light on why the token are shinning start in a bear market.
Basic Attention Token (BAT)
While the market is languishing in bear pressure, BAT has been able to stay afloat. The digital asset has claimed the position of the biggest gain not only today but the entire week. At the time of writing, BAT/USD is double digit gainer according to the data on Blockmodo. BAT is recording a 20% surge in the last 24 hours. Similarly, it has corrected higher 57.5% in the last one week. The top 50 coins by market capitalization tend to suffer the most during volatility swings but BAT is currently redefining the price comeback trend after a bearish correction.
The token ballistic rise in the last 24 hours kicked off around $0.23. The surge has tested the critical resistance at $0.30. At the time of writing, the price has declined slightly and is trading at $0.28. In the last 7 days BAT corrected higher from $0.17 as from October 15. It traded higher clocking $0.21 on October 20 as it formed the foundation at $0.23 prior to the spike on Monday.
The change in the traders’ sentiments towards BAT commenced following the announcement regarding the newly launched Brave browser. This means that BAT tokens have an additional use case.
Basic Attention Token (BAT) is currently a $285 million cryptocurrency that has recorded a 24-hour trading volume of $29 million and is ranked 31st in the market. The volume has increase significantly from $18 million on Sunday while the market capitalization closed the trading on the same day at $240 million.
This trend is likely to continue in the future due to the hype surrounding the possibility of listing on the US largest exchange by trading volume, Coinbase. The recent listing of Ox saw the digital asset spike massively breaking barriers on the upside with a record of a 21% rise on a daily basis.
Currently, the biggest question among investors is whether BAT can maintain this momentum. The review for the listing on Coinbase is a speculative indicator that if chosen, the token could correct higher. However, the future of the coin and its relevance in the industry will tell you as an investor if you should sell or HODL.
About Basic Attention Token (BAT)
BAT is a digital asset that has been designed to be a revolution in the online marketplace. The platform, like many other crypto projects in the industry is decentralized and has an open source feature. The Brave browser, mentioned above is the focal point of BAT. It will help the platform to spearhead online advertising that is focused and strategic allowing users to choose the type of adds to view. The token has a bright future based on the ever growing online market. The attention it is currently receiving is likely to go higher as the Brave browser begins to attract traffic and gain traction.