The Basic Attention Token hit a new all-time high while the crypto market plummets over the past 24 hours, falling from a $2.8 trillion market cap to $2.5 trillion. But what’s behind BAT’s rally? Let’s find out today in our Altcoin news below.
The market capitalization plummeted over the past day and though leading cryptocurrencies all saw their prices tumble as well, one token, in particular, showed some strong resilience and it is the Basic Attention Token. Basic Attention Token hits a new all-time high being up 9.9% at press time and reached $1.81 earlier this morning. BAT is the native cryptocurrency for the privacy-centric web browser Brave so instead of tracking the users’ behavior and showing ads, Brave allows users to earn the BAT token for seeing ads voluntarily. They can also block all ads but will not earn any rewards for doing so. The coin was launched in 2017 in an initial coin offering which earned the company $35 million.
Social volume for the term “BAT” (blue) and the price of BAT (green). Source Santiment.
The token’s latest rise is hard to pin on any one event but the recent announcements and updates from Brave offer some justification. For example, the browser expanded beyond the Ethereum network and launched an integration with the Solana Network. Just like Ethereum, Solana is a smart contract-enabled crypto network that has high throughput and low fees. The company added also that they will also roll out a Solana wallet integration in 2022. Still, the Solana integration was only a small part of the magic that is propelling the price of the token higher.
Garnering data from Santiment, the social trends around the keyword “BAT” show even more insight. The chart indicates that a lot of the chatter on Telegram, Reddit, Twitter for the term, started picking up in November. The metric exploded just as the price surged as well. While BAT and Brave seem to be the topic of discussion this year as well, the broader market didn’t see the same kind of bullish attention.
The leading cryptocurrencies, ETH, BTC for example both dropped 6.7% and 8.1% over the past 24 hours. Their downward trend extended to other coins with binance Coin dropping 9.9%, Solana dropping by 10.2%, and Cardano crashing by 8.8%. Cardano’s route seems to be closely related to the news that the trading platform eToro will delist the token and restrict US customers from buying the coin after Christmas. ADA, therefore, dropped by 15%. NFT tokens and metaverse tokens as well dropped hard. Just recently we reported that MANA hit an all-time high of $5.30 but it is now trading at $4.57.
Chart by Coin360
The market dip also shed about $3 billion from the entire market cap and it is now hovering around $2.5 trillion at press time. It should also be noted that the entire market cap on Thanksgiving was barely $550 billion which is only a fraction of today’s sum amid these bearish conditions.
