Calm has finally returned to the crypto market after one of the worst selloffs in 2018. Prior to the plunge on Wednesday this week, Bitcoin (BTC) price was leading the altcoins in terms of stability. October and the first couple of weeks in November were quite uneventful with Bitcoin maintaining the range between the lows of $6,200 and the highs of $6,800.
Most altcoins followed the same trend with the entire market volatility going down significantly. However, the demoralizing price drop this week has taken us back to the drawing board. But for the investor, the fall should not be a hindrance to making the right decisions using a proven strategy, ‘buying the dip.’ Therefore, this article will dive into both Basic Attention Token (BAT) and Stellar (XLM) to find out why they have the biggest potential for recovery.
Basic Attention Token (BAT)
In a highly bearish market, BAT is up a massive 11.31% against the US dollar. Moreover, it has corrected higher 11.38% and 9.74% against BTC and ETH respectively. Among the altcoins, this asset alongside Dogecoin are leading the recovery, read more here. Most of the legacy cryptocurrencies like Bitcoin and Ethereum are still stuck in the bear ranges they fell into two days ago. Ripple’s XRP has attempted a recovery but the upside is still capped below $0.5. Bitcoin Cash, on the other hand, continues to drop significantly following the hard fork that has seen the protocol split into two separate chains, Bitcoin SV and Bitcoin ABC.
About Basic Attention Token (BAT)
The advertising industry is one of the most digitized in the world. The ever changing trends in the industry allow it to be highly adoptive to new technologies. For this reason, the founders of BAT envisioned a “blockchain-based digital advertising” platform. It was designed to be not only open-source and transparent, but also decentralized and efficient.
Basic Attention Token leverages the blockchain technology enhance the efficiency of digital advertising with the development of a token that is acceptable to advertisers, publishers and even users. The token is Ethereum-based and supports services offered on the BAT platform. The aim of the project is to eliminate middle men who take advantage of users, advertisers as well as publishers in addition to ridding the industry of its bad vices.
BAT has been performing incredibly well since the listing on Coinbase exchange. In fact, it has weathered down the declines this week showing maturity and a will to reverse the trend. Moreover, Goldman Sachs-backed Circle has also announced plans to list the token. At the moment, BAT is one the coins with the biggest potential to rise up both in token value and market capitalization; it is the best coin to ‘buy the dip.’
Stellar has been referred as a worthy competitor of Ripple’s XRP. Like Ripple, Stellar is “a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost.”
Stellar aims to provide banking services for the underbanked societies in the world through international fund remittances, mobile branches for retailers and mobile money platforms interoperability. Stellar realized that the average user is inclined to making many micropayments, and therefore it is focusing on improving the efficiency while bring down the cost of these transfers.
Recently Stellar dethroned EOS from the 5th position in the market boasting of a market capitalization of $4.6 billion. The asset has a 24-hour exchange volume of $107 million as per the live stream data on Blockmodo. At press time, XLM is up 7.31% in the last 24 hours after it resumed the uptrend following the crypto crash on Wednesday.
Traders and investors continue to positively change their sentiments following an announcement that US-based Coinbase exchange is exploring adding support for Stellar (XLM) and Cardano (ADA). The listing on Coinbase will be a huge boost for Stellar considering that Bitcoin Cash (BCH) has split into two chains hence dividing the community. The potential for Stellar (trading at $0.245) to recovery after the dip is immense and therefore it makes one of the few coins for investors to ‘buy the dip.’