TL; DR Breakdown
- BAT hits all-time high.
- BAT is presently trading at $1.50.
- The Crypto market sees a massive decline.
Trading digital assets come with some level of patience as assets might bleed out at a period making traders lose heavily. The entire market is seeing that phenomenon take over the sector as assets are bleeding heavily. Noticeably, the entire market cap had trickled down to $2.5 trillion from a region around $2.8 trillion some weeks ago. But despite the assets plummeting in value, Basic Attention Token (BAT) is presently going reverse. The bullish momentum registered by the digital asset has seen it hit a new all-time high of $1.81.
BAT is presently trading at $1.50
Although the asset price has trickled down to about $1.50 at press time, BAT is still seeing a 24 hour gain of 14%. BAT is the native toke of Brave; a browser focused on providing users with privacy. The browser replaced tracking users’ behavior with showing them adverts, which can earn them a small amount of BAT in return. Should a user refuse to accept watching advertisements, such a trader will not be eligible to earn rewards. BAT was launched in 2017 after the company conducted an initial coin offering which saw them raise about $35 million.
Although one cannot tie the rapid rise of the asset to any event, it is safe to say the recent updates might be a triggering factor. For example, Brave announced expanding its browsers outside Ethereum, choosing Solana as its potential destination. Although Solana and Ethereum share the same characteristics, the latter charges users low transaction fees with a massive throughput. These factors and more are the reason why it expanded its services to the blockchain.
The Crypto sector suffers a massive decline
Brave has also announced that traders could see a Solana-backed Brave wallet as early as next year. With moving to Solana looking like the only major boost, data from Santiment says otherwise. A report from the analysis firm mentioned that users on major social media platforms had mentioned the token a lot. But while BAT has been a hot topic on social media, the wider crypto market has not enjoyed the same benefits. The massive decline in the crypto market is being led by the top two digital assets in the crypto market, Bitcoin and Ethereum.
A deep look at their performance has shown that Bitcoin has lost 7.84% of its value to trade at $54,289. Ethereum is no different as it has seen a loss of 9.04% in the last 24 hours to trade at $4,055. Other tokens that have contributed to the massive loss include BNB, Solana, and Cardano, which lost 9%, 8%, and 10% of their value, respectively. Cardano’s loss has been attributed to the unfortunate news of trading platform eToro‘s refusal to allow United States users access to trade it.