Basic Attention Token (BAT) Marks New All-Time High
Basic Attention Token (BAT), one of the widely used ERC-20 tokens with a real-life application, is having a rally to new all-time highs above $1.70. BAT, a token tied to the Brave browser and tokenized online ads, has lagged behind other assets despite its wide adoption.
BAT rose by more than 44% overnight, extending its previous rally, to recover its previous all-time high and achieve price discovery at $1.73. The recent climb also coincided with near-peak trading volumes above $2.7B in the past 24 hours.
The immediate reason for the BAT rally is a recent announcement the asset would be accepted as payment at Regal Cinemas.
But for BAT, the buildup to a new all-time high has happened over the years. BAT hovered around $0.22 for years before its breakout in 2021, leaving behind its all-time high from early 2018 at just $0.89.
BAT has also remained behind the trend of DeFi, with only limited usage as a liquidity token. Most BAT circulates in the Brave browser online ad economy. The latest growth model shows Brave browser carries more than 36M active users per month.
BAT is held in more than 400,000 wallets, which is about 10 times the usual holding rate of other ERC-20 tokens. The asset is immensely popular and widely distributed, though about 20% of the tokens may be available on centralized exchanges for speculative trading.
Basic Attention Envisions Gaming Future
The Brave browser will not be the only achievement of the Basic Attention startup. After being slow to adopt new trends, the startup aims to build its own infrastructure to join DeFi and the new trend of gamified earnings.
There are expectations the Brave browser may become a part of the metaverse ecosystem, and be used to connect to play to earn games. The Brave browser and wallet may become the host to multiple play to earn games that started emerging almost daily in 2021.
Additional exposure and usage may push BAT to a higher tier, with some expectations for prices above $10.
Is BAT a Good Investment
BAT has turned out a small source of investment income for users that kept the gains from their Brave wallets. The token may be volatile and risky in the short term.
BAT is one of the most accessible tokens, which may be acquired even without a direct purchase. The asset is available through the Coinbase exchange, as well as through Binance trading or swap service. However, the asset’s liquidity is much lower at around 633 points. This CoinMarketCap score means BAT is prone to significant slippage, possibly repeating the losses of above 70% within days.
The Basic Attention project, however, has been one of the more successful crypto use cases, with constant development and growth over the years.
BAT May Follow Game Token Trend
The past few days saw a group of play to earn tokens gain new all-time highs. The previously neglected assets sparked greed, as projects like Gala Games (GALA), Decentraland (MANA) and The Sandbox (SAND) became one of the most actively traded tokens on the Binance exchange.
After a successful day, play to earn tokens retreated a little, but still held onto some of the gains. MANA stood at $14.96 after shedding 14% from its price. GALA slid from its peak at $0.83 on Thursday, but managed to keep the $0.70 range. The value of GALA also hinges on new game launches, as the project holds four headlines in its development pipeline.
SAND retreated to around $7.15 after peaking above $8.40. Play to earn tokens are also aiming for the success of Axie Infinity (AXS), which started off with a low valuation. AXS rose to above $160 after the project built up its user base and revenues in only a few short months.
Altcoin Economy Gains Dominance
While Bitcoin (BTC) stagnated under $60,000, the Ethereum economy shows signs of more active growth. The market cap dominance of ETH broke above 20% of the entire cryptocurrency market.
The market cap dominance of the collection of smaller altcoins is now 20.1%, excluding some of the more influential projects like Solana (SOL) or stand-alone outliers like Dogecoin (DOGE). With that score, the BTC market cap dominance is down to around 41.8%, underscoring the importance of the altcoin economy.
The decoupling from BTC means projects discover their value independently, and there are signs of building a crypto economy based on user behaviors and gaming. The trend lifts up crypto startups that have not yet experienced peak growth, while altcoins with no new developments and use cases remain stagnant.
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