|

Basic Attention Token bucks downtrend with explosive rally to new all-time high

  • Basic Attention Token has snubbed the crypto downtrend and hit a new all-time high above $1.90. 
  • Brave browser has crossed 42 million active users, and BAT token utility is on the rise. 
  • FTX exchange recently announced support for SPL withdrawal of wrapped BAT tokens. 
  • Analysts are bullish on BAT price, predicting a rally in the token.

Basic Attention Token rallied to a new all-time high amidst a bloodbath in the crypto market. With the new partnership announcements, BAT has increased in popularity among traders. 

Basic Attention Token price rallied amidst a crypto market meltdown

Basic Attention Token hit a new all-time high on November 26 after its overall crypto market capitalization dropped by over $265 billion. After the news of Omicron, a highly mutated variant of Covid-19, broke out, prices of cryptocurrencies in the top 30 plunged. 

BAT price rallied 30% to hit a new all-time high of $1.90 hours ago. Basic Attention Token’s market capitalization crossed $2.46 billion. The token had a relatively low positive correlation with Bitcoin, Ethereum and other cryptocurrencies in the top 30. The correlation continues to remain low, less than 0.25 based on data from cryptowatch. 

FTX exchange, one of the world’s largest crypto exchanges, recently extended support for wrapped BAT token withdrawals. Earlier in November, Brave New Token announced support for Solana on the browser and the wallet. 

Luke Mulks, VP Business Operations at Brave, said,

One thing we’ve been doing is clearing out the paths for people that want to wrap that (SPL withdrawals) into Solana. . .and also we’ve been working with a lot of the DEXs and Yield Aggregators in the Solana ecosystem to start talking about how we can integrate them.

New developments and news of partnership fueled a bullish sentiment among traders. @Murfski, a cryptocurrency analyst, has tracked BAT price for over two years. The analyst observed that the two-year consolidation is coming to a head, and BAT/BTC price trend is going according to plan. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts
Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.