January 28, 2023

As the cryptocurrency market crashes, Basic Attention Token defies the downbeat in the market.

The previous 24 hours have seen the overall crypto market cap plummeting, dropping from $2.8 trillion to near $2.5 trillion. As the leading cryptos, Ethereum and Bitcoin, sees their prices tumbling, Basic Attention Token (BAT) shows resilience.

BAT has gained 9.9% while writing this article, hitting an all-time peak of $1.81 early on Friday. For now, the alternative token trades at $1.52 (CoinGecko data). BAT is Brave’s, a privacy-focused web browser, native crypto. Rather than tracking visitors’ behaviors to tailor adverts on that, Brave rewards users with BAT tokens for viewing advertisements voluntarily. Users can also block the adverts, but there are no rewards for that. The coin joined the market in 2017 through an ICO, earning the company $35 million.

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It can be challenging to attribute the token’s recent surge to any event, but the latest updates and announcement from Brave offers some justification. For instance, the browser expanded to the ETH network early on the month and launched Solana network integration.

Like Ethereum (ETH), Solana is a crypto network based on ‘smart’ contracts but boasts lower fees and higher throughput. Brave switched to Solana to capitalize on these benefits. Moreover, the platform declared integrating Solana wallet early next year.

Santiment data on the ‘BAT’ keyword also provides more insights. Lots of chat on Telegram, Reddit, and Twitter shows that the term saw increased mentions since 24 November. The metric surged on 25 November and 26 November with the coin’s price.

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As Brave and BAT seem to dominate the market new during this Thanksgiving, the total cryptocurrency market did not witness similar bullish attention.

BAT Surges as Ethereum and Bitcoin Weaken

The past 24 hours had Ethereum and Bitcoin dropping by 9.1% and 6.7%, respectively. The downward move stretched to other top assets, BNB declining by 9.9%, SOL (-10.2%), and ADA (-8.8%). The market crash had the overall market value losing $3 billion. For now, the crypto market value hovered near $2.5 trillion.

What are your thoughts on the overall market condition at the moment? You can comment below.

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