Santiment says the Ethereum-based altcoin Basic Attention Token (BAT) may struggle to keep its momentum after the asset soared 37% to a new all-time high on Sunday.
In a new report, the blockchain analytics firm says that BAT has already shed about 20% of its market capitalization and that the token’s daily active addresses plunged back to 1,217 after hitting the largest single-day address activity of over 3,000 on November 26th.
These factors indicate a lack of fundamental support to provide for another leg up.
“In a similar vein, we see the number of new addresses interacting with BAT skyrocketing on three separate occasions this month (around local price tops) but flopping soon after, suggesting a lack of network-wide support for a prolonged rally.”
Source: Santiment
However, the firm says other indicators suggest that the crypto asset still has the potential to drive up its price this year.
“While not ideal for its short-term PA, strong profit-taking activity can signal a lack of wholesale confidence in BAT’s future price potential, and that kind of uncertainty may help provide support for another leg up.”
Santiment suggests BAT holders are offloading their holdings and this activity may have bullish implications.
“Ideally, we’d see some signs of growth in BAT’s address activity in days to come, to go along with these (as of yet) tempered crowd expectations.
Assuming the price continues to decline from here, that could mark a nice bullish divergence for the coin.”
Source: Santiment
Currently, BAT is trading at $1.37, down 4.8% on the day.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
The altcoin powering a privacy-focused web browser is skyrocketing after the announcement of an extension-free crypto wallet.
Anti-ad web browser Brave, powered by the Basic Attention Token (BAT), recently announced the release of Brave Wallet, sparking a 37% rally for the browser’s utility token, sending the crypto asset from a 24-hour low of $1.32 to $1.81.
“Today, we launched the Brave Wallet, a crypto wallet built into the Brave desktop browser, enabling Brave users to store, manage, grow, and swap their crypto portfolio from a single wallet.
Unlike most crypto wallets, the Brave Wallet does not require extensions; it’s browser-native, reducing security risks and reliance on extra CPU and memory.”
Brave says the wallet can be used to see CoinGecko crypto charts, exchange non-fungible tokens (NFTs), purchase digital assets with fiat currencies and interact with decentralized applications (DApps) on any Ethereum Virtual Machine (EVM) network.
BAT’s announcement comes on the heels of the company partnering with smart contract platform Solana (SOL), granting millions of Brave users and creators access to SOL’s vast decentralized finance (DeFi) network.
“Brave will integrate the Solana blockchain into the Brave browser, providing default Solana ecosystem support to Brave’s 42 million monthly active users and 1.3 million verified Creators.”
BAT has since stabilized and is exchanging hands at $1.47 time of writing.
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Basic Attention Token (BAT) rallied to a new record high on Nov. 26 even as global markets plunged in tandem on fears about a highly mutated variant of Covid19 detected in South Africa.
BAT’s price surged over 30% on Friday to reach $1.88 for the first time in history, with its market capitalization rising to $2.74 billion. Its climb appeared in contrast to the cryptocurrency market that lost up to nearly $283 billion in the same period.
BAT market capitalization. Source: CoinMarketCap
BAT snubs crypto crash
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, led the losses by falling by as much as 7.5% to under $54,000. Ether (ETH), the second-largest crypto, dropped over 9% to almost $4,000. Solana (SOL), Cardano (ADA), XRP, Binance Coin (BNB), and other tokens plunged in sync.
Crypto traders flocked to BAT — possibly — because of its comparative lower positive correlation with the top digital assets. According to data tracker CryptoWatch, the 30-day correlation coefficient between Basic Attention Token and Bitcoin was 0.24, and the same versus Ether was 0.27.
BAT’s correlation efficient against top crypto assets. Source: Crypto Watch
That somewhat explains why BAT was able to ignore the market-wide downtrend Friday.
Bullish indicators in play
BAT’s price rally to its record high prompted traders to secure their interim profits immediately. As a result, the token corrected by more than 20% after hitting $1.88, thus returning below its strong resistance area around $1.50.
In detail, the $1.50-level served as resistance to two technical setups developing on BAT charts since April. First, the level constituted what now appears to be a bullish Cup and Handle pattern. And second, it assisted in forming a broad Ascending Channel setup, as shown in the chart below.
BAT/USD three-day price chart featuring Cup and Handle and Ascending Triangle setups. Source: TradingView
At press time, BAT was in the first part of the Cup and Handle pattern, making a rounding bowl bottom called the cup. The second part, should it appear, will be a price correction inside a descending channel range, called handle.
A decisive breakout from the handle’s trading range and $1.50-resistance may have traders eye a run-up higher to a level at length equal to the maximum Cup and Handle pattern’s height. That roughly puts the BAT price en route to $2.75 in the coming sessions.
Related: Crypto Thanksgiving: NFT drops and Black Friday deals go mainstream?
Meanwhile, the profit target for the BAT’s ascending triangle pattern — confirmed by more than two higher lows and a flat upper trendline — comes to be over $2.90 after measuring the structure’s maximum height from its potential breakout point near $1.50.
Conversely, a break below the Triangle’s lower trendline would risk invalidating the bullish setup, including the Cup and Handle. Should it happen, the next resistance level appears near $0.56 for a final bearish confirmation.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market capitalization of the entire crypto industry has plummeted in the past 24 hours, falling from $2.8 trillion to roughly $2.5 trillion. And though leading cryptocurrencies like Bitcoin and Ethereum have both seen their prices tumble, one token is showing surprising resilience: BAT.
Basic Attention Token (BAT) is currently up 9.9%, at press time, after hitting an all-time high of $1.81 earlier this morning. The cryptocurrency is currently trading at $1.52, according toCoinGecko.
BAT is the native cryptocurrency for the privacy-centric web browser Brave. Instead of tracking users’ behavior and showing advertisements based on that behavior, Brave allows users to earn BAT for voluntarily viewing advertisements. They can also block all advertisements, but won’t earn any rewards for doing so. The coin was launched in 2017 via an initial coin offering (ICO), earning the firm $35 million.
The token’s latest rise is, however, difficult to pin on any one event—but recent announcements and updates from Brave do offer some justification.
Earlier this month, for example, the browserexpandedbeyond the Ethereum network and launched an integration with the Solana network.
Like Ethereum, Solana is a smart contract-enabled crypto network, but boasts higher throughput and lower fees. It is for these advantages that Brave turned to Solana. The firm added that they would also roll out a Solana wallet integration at the beginning of 2022.
Still, the Solana integration has been the only large piece of news around Brave and BAT.
Pulling data fromSantiment, specifically social trends around the keyword “BAT,” provides further insight. The chart below indicates that a lot of chatter on Twitter, Reddit, and Telegram for this term began picking up on November 24.
This metric exploded on November 25 and November 26 alongside the price of the cryptocurrency.
Social volume for the term “BAT” (blue) and the price of BAT (green). Source:Santiment.
But while BAT and Brave appear to be the topic of discussion this Thanksgiving, the broader crypto market did not enjoy the same kind of bullish attention.
BAT flies high while Bitcoin, Ethereum falter
The leading cryptocurrencies, Bitcoin and Ethereum, have dropped 6.7% and 8.1% over the last 24 hours, respectively. Their downward trend has extended to other top coins, with Binance Coin (BNB) falling 9.9%, Solana (SOL) dropping by 10.2%, and Cardano crashing 8.8%.
Cardado’s rout appears to be closely related tonewsthat the trading platform eToro is restricting U.S. users from buying the coin after Christmas. ADA is down 15.0% over the past week.
Popular metaverse and NFT-related cryptocurrencies like Immutable X (IMX), Enjin Coin (ENJ), and Decentraland (MANA) have all fallen hard too. Just two days ago, MANA hit an all-time high of $5.30 but now trades at $4.57 at press time.
The market dip has also shed roughly$3 billionfrom the industry’s entire market capitalization. It is currently hovering around $2.5 trillion at press time.
It should also be noted that the crypto sector’s market cap on Thanksgiving last year was barely $550 billion, a fraction of today’s sum even amid such bearish conditions.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Basic Attention Token (BAT), the cryptocurrency of privacy-centric browser Brave, has shot up more than 25% in the last 24 hours.
BAT’s 25.7% surge follows yesterday’s announcement that the Brave browser will integrate with Solana, the fourth most valuable cryptocurrency by market cap.
According to a blog post shared on Brave’s website, the integration will see Solana become the default blockchain for decentralized app (dapp) support within the browser, because of its high speeds and low costs.
“With more and more users and creators requiring tools for fast and affordable access to the decentralized Web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens,” said Brendan Eich, CEO and co-founder of Brave, in the release.
The integration has had a more modest impact on Solana’s price, which is up just 1.7% in the last 24 hours, though it’s also risen by 21.6% over the last week, hitting an all-time high of $260 earlier this week.
Having reached 36 million monthly active users in September, Brave has been busily adding features in recent months; in June, the browser launched Brave Search, aiming to challenge Google’s dominance of the search engine market with privacy-centric features, such as not collecting users’ IP addresses or personalizing results based on identifying information.
In October, Brave Search became the default search engine in the browser, replacing Google. The browser also introduced Brave Talk, a privacy-focused video conferencing feature, in September.
The privacy-centric web browser Brave will soon integrate a dedicated Binance Smart Chain wallet, according to a recent announcement, opening up the browser’s users to BSC’s ecosystem of DeFi products.
Although Brave can already be configured to jump onto Binance Smart Chain manually, the addition of a preconfigured wallet is expected to simplify the process, requiring no special apps, wallets or additional tinkering.
In the meantime, the token at the center of the Brave browser, Basic Attention Token (BAT), has been made compatible with BSC in the form of Wrapped BAT (WBAT). Wrapping is the process by which tokens from one blockchain ecosystem can be represented on a completely different one. The most common example may be Wrapped Bitcoin (WBTC) on Ethereum, where the former is made technologically compatible with the expanded processes of the latter.
“Our hope is that BAT and Brave will take crypto mainstream and to make DeFi user-friendly for the mass market,” said the CEO and co-founder of Brave, Brendan Eich.
Brave reportedly has over 25 million active monthly users, and over 7 million daily active users. The browser emerged as an alternative to mainstream browsers by offering increased privacy, less tracking, and the ability to opt-in to the advertisements of a user’s choosing.
Binance Smart Chain ecosystem coordinator Xiaoguang Zhang echoed Brendan Eich’s sentiments that the integration of Binance Smart Chain into Brave would further inspire DeFi and crypto adoption.
“With this strategic integration between the Brave browser and Binance Smart Chain, we will introduce seamless UX together for crypto users to access DeFi and Dapps in BSC and other blockchains, which will dramatically inspire mass adoption and inclusive finance,” said Zhang.
Like many altcoins, the value of Basic Attention Token surged to a new all-time high in 2021. Between January and March alone, BAT gained 515% against the U.S dollar, climbing from around $0.20 to $1.27 by time of publication.
This week CNBC reported that Morgan Stanley will give its millionaire clients access to Bitcoin (BTC) starting in April and this shows that traditional financial powerhouses are under pressure from their clients who are demanding exposure to cryptocurrencies. This suggests that the rate of institutional adoption may still be at a nascent stage.
Crypto market data daily view. Source:Coin360
Chinese tech company Meitu also announced a new purchase of $21.6 million worth of Bitcoin and $28.4 million worth of Ether (ETH) on March 17. The company said its board believes “cryptocurrencies have ample room for appreciation in value” because the blockchain industry is still in its early stages and can disrupt existing technology and financial sectors.
Other than the major cryptocurrencies, there are several lesser-known tokens that show potential. While many will fall to the wayside, some of these could become winners of tomorrow.
Let’s look at the fundamentals and technicals of three upcoming tokens.
LINA/USDT
Linear’s LINA token zoomed higher today following its listing on the Binance Innovation Zone.
Built on the Binance Smart Chain, Linear protocol is a cross-chain compatible decentralized synthetic asset protocol, claiming to offer traders faster transactions at much lesser fees than its competitors on the Ethereum network.
Due to its cross-chain compatible nature, users can access both the BSC and ETH decentralized finance ecosystems and Linear has also partnered with Moonbeam for future Polkadot integration.
On March 10, Linear launched synthetic versions of the Xangle Large Cap Index and the Xangle Blue Chip Index. During an AMA session, Linear CEO and co-founder Kevin Tai said the protocol plans to launch innovative products that are different than what is available with other synthetic asset protocols.
After the initial listing euphoria dies down, the user experience and the product line could decide the future course of the token.
LINA skyrocketed from an intraday low at $0.073 on March 9 to an intraday high at $0.348 today, a 376% rally within ten days. However, the long wick on today’s candlestick suggests traders aggressively booked profits at higher levels.
LINA/USDT daily chart. Source:TradingView
The LINA/USD pair is likely to find support near the 50% Fibonacci retracement level at $0.198. If that happens, the pair may digest the gains by trading in a range, before attempting to start the next trending move.
Any rebound off $0.198 is likely to face stiff resistance at $0.24 and again at $0.28 as traders stuck at higher levels may rush to the exit.
On the downside, a break below $0.198 could open the doors for a fall to the 61.8% Fibonacci retracement level at $0.162. Such a deep fall will suggest that traders have dumped their positions and that could delay the start of the next leg of the up-move.
BAT/USD
Basic Attention Token (BAT) was featured on Cointelegraph on March 4 when its price was at $0.675. Since then, the token jumped to $1.369 on March 17. That’s a 102% rally within a fortnight. This shows that traders should nurture and hold on to the tokens that have strong fundamentals backing them.
Gaining support from the right investors can many times make a lot of difference to a project. Therefore, when Grayscale CEO Michael Sonnenshein announced on March 17 that BAT was one of the five tokens added to the Grayscale lineup, it was bound to stir interest among the community. This increases the possibility of greater institutional interest in the token.
In addition to this, Japan’s bitbank exchange announced it will add support to BAT from March 17. This step increases the reach and demand for BAT among crypto-savvy Japanese investors.
Fresh investors enter a project only if they see a possibility of further earnings. The Brave transparency page recently showed that about 100 active advertisement campaigns from the U.S. were running on the Brave browser.
A whitepaper “Engaging with Ad Choosers,” by Dentsu international and Brave shows that ads on the Brave browser outperform the traditional digital campaigns on key branding metrics. As the number of users increase, advertisers are bound to take note.
With Google embroiled in a lawsuit for collecting data even in Incognito mode, users interested in protecting their privacy could look for alternatives and that may lead them to Brave browser.
BAT has been in a strong uptrend for the past few weeks. Both moving averages are sloping up and the relative strength index (RSI) is in the overbought territory, which suggests the bulls are in control.
BAT/USDT daily chart. Source:TradingView
The token picked up momentum on March 16 when it rose above the overhead resistance at $0.89. However, the long wick on the March 17 candlestick and the Doji candlestick pattern today suggest the bulls may be tiring out.
The first support on the downside is the 38.2% Fibonacci retracement level at $1. This is also a psychologically critical support. If the price rebounds off this level, the bulls will attempt to resume the uptrend. A break above $1.38 could clear the path for a rally to $2.
On the contrary, if the bears sink the price below $1, the BAT/USD pair could drop to the 20-day exponential moving average ($0.81). A bounce off this level will suggest the uptrend remains intact, but a break below it could intensify the selling and sink the price to the 50-day simple moving average ($0.58).
SC/USD
Siacoin (SC) was showcased on Cointelegraph on Feb. 4 when SC was trading at $0.0085. The token continued its bullish trend after that and has hit $0.022 today, a 158% rally in about a month and a half. Let’s update its fundamentals and technicals to help traders make informed decisions.
Skynet Labs and Streambed entered into a partnership on Feb. 11 with an aim to give the control of the content back to the creators. The content uploaded through Streambed will be stored on a decentralized platform Skynet built on top of Sia. This ensures that the content cannot be de-platformed and hacked as it is stored world over secured by the blockchain.
Additionally, what generated greater interest and speculation was that Sia tweeted on March 15 about TikTok creators and their earnings and then teased to watch out for big announcements this week. While rumors tend to boost prices, traders should be careful because if the announcement is not up to the mark, speculators may dump their holdings.
SC is in a strong uptrend as it continues to march higher without showing any signs of exhaustion. This suggests strong demand at every higher level. However, the rally of the past few days has pushed the RSI above 82, indicating the token is overbought in the short term.
SC/USDT daily chart. Source:TradingView
However, during strong uptrends, the crypto markets sometimes remain overbought for an extended duration. Hence, this should not be the sole reason for taking any action.
The SC/USD pair could face resistance at 138.20% Fibonacci extension level at $0.023 and then at 161.8% extension level at $0.025.
If the price turns down from the overhead resistance, it is likely to enter a period of minor correction or consolidation. A shallow pullback will suggest that traders are not closing their positions in a hurry, which could keep the gates open for a further rally.
Alternatively, a deeper correction will suggest that traders are dumping their positions in a hurry. If that happens, the pair could enter a consolidation, delaying the start of the next trending move.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Optimism returned across the cryptocurrency market on March 17 following a brighter economic forecast from the U.S. Federal Reserve and comments which hinted at the possibility of an interest rate hike in 2022 if employment and economic indicators continue to improve.
Data from Cointelegraph Markets and TradingView shows that Bitcoin struggled below the $57,000 level during early trading hours until the announcement from the U.S. Federal Reserve sparked a rally which took BTC to an intraday high of $58,243.
BTC/USDT 4-hour chart. Source:TradingView
Bullish momentum for the top cryptocurrency began to build after it was revealed that institutional banking giant Morgan Stanley will soon offer certain investors access to three funds that allow clients to own Bitcoin.
Further validation for a continuance of the current bull market came from Bitcoin’s stock-to-flow creator PlanB, who feels that BTC “will not stop” at $100,000 and could reach an average price as high as $288,000 with its all-time high registering even higher.
Traditional markets rally after Powell’s comments
After subdued trading in the early hours on Wednesday, equities markets saw an uptick in activity following Fed Chair Jerome Powell’s comments which sparked rallies in stocks and the major indices.
The S&P 500, Dow and NASDAQ finished the day up 0.29%, 0.58% and 0.40% respectively. The 10-year U.S. Treasury note also saw an increase of 1.23% to 1.641
Altcoins get a boost as Grayscale provides exposure
Select altcoins also moved higher after Grayscale Investments announced that it had added five new products to its lineup, offering exposure to Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and Livepeer (LPT).
ANNOUNCEMENT: 5 new products have been added to the @Grayscale line up!
— Michael Sonnenshein (@Sonnenshein) March 17, 2021
The announcement sparked price rallies for all the projects involved, with Livepeer seeing the biggest impact as its price rocketed more than 260% from a low of $5.53 to a new all-time high of $20.21.
At the time of writing, FIL is up 40.7% to a price of $89, MANA is up 7.3% to a price of $1.01and BAT has increased by 44% to set a new all-time high of $1.36.
The overall cryptocurrency market cap now stands at $1.8 trillion and Bitcoin’s dominance rate is 60.9%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
According to a press release, Grayscale Investments has added 5 new products to its Trusts offer. Expanding it to 14, Grayscale will have a Basic Attention Token, Chainlink, Decentraland, Filecoin, and Livepeer Trust.
Grayscale is one of the most important crypto investment firm. Eligible investors can now subscribe to the new trusts, they will operate as the firm’s other products with “periodic ongoing private placements”.
In the release, Grayscale claims their offer is among the first investment products based on the referred cryptocurrencies. The firm already offers trusts based on Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumens, and other digital assets.
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ANNOUNCEMENT: 5 new products have been added to the @Grayscale line up!
— Michael Sonnenshein (@Sonnenshein) March 17, 2021
Cryptocurrencies reached an inflection point
The trusts have been added after “a robust process” of research and assessment of the potential for each cryptocurrency, as CEO Michael Sonnenshein told Bloomberg. The executive claim they have a list of over 30 to 40 products which they “want to bring to the market”.
The firm works to “reconcile” investors’ interest in a cryptocurrency and “compelling opportunities”. Sonnenshein said:
There are many Grayscale products that have historically been a little bit before their time, before they began to resonate with investors sufficiently.
As per their latest report, Grayscale has over $42,9 billion assets under management. The Grayscale Bitcoin Trust (GBTC) remains the most important with $36 billion. Grayscale CEO added:
Digital currencies have reached an inflection point. Investor demand has never been higher, and every day we’re seeing new entrants to what has surely become a bona fide asset class. Grayscale has long been the leader in creating novel pathways for investors to access the opportunities that digital currencies may offer, and this announcement carries on that tradition. We look forward to working with our global investor base, our growing team, and regulators to continue to move this industry forward.
Grayscale products have been of the recipients of investors looking for crypto exposure. Almost all of the cryptocurrencies recently included are showing good performance after the announcement.
LINK (13%) native token of the Ethereum-based oracle service Chainlink, FIL (35%) Filecoin’s token use to pay to store files, BAT (31.1%) a token that enables users to track their interest in properties store digitally, MANA (11.1%) Decentraland’s token utilized to acquire virtual land have been on the green zone in the last 24 hours.
However, Livepeer (LTP), a network for content delivery, has seen the biggest gains. With more than 183% in profits over the past day and 414.9% in the last two weeks.
Grayscale Investments today unveiled five new crypto trusts geared toward institutional investors.
Grayscale Expands Its Crypto Products Suite
According to a Bloomberg report published on March 17, U.S.-based digital assets titan Grayscale has launched five new crypto-based trusts.
Specifically, these trusts enable institutional investors to gain exposure to altcoins such as Chainlink (LINK), Livepeer, Filecoin (FIL), Basic Attention Token (BAT), and Decentraland (MANA).
It is worthy of note that the aforementioned funds are Grayscale’s first since early 2019 and arrive after a “robust process” of gauging digital assets’ demand from institutional investors in addition to assessing the integrity of the underlying protocols.
Commenting on the development, Grayscale CEO, Michael Sonnenshein noted:
“At any one time, we’re probably maintaining a list of what could be 30 products, could be 40 products that we’re interested in bringing to market. We’re trying to always reconcile where we may find compelling opportunities in the digital assets ecosystem and trying to reconcile where investors are interested in deploying capital.”
Sonnenshein added:
“There are many Grayscale scale products that have historically been a little bit before their time before they began to resonate with investors sufficiently.”
Notably, the launch of these five crypto trusts brings Grayscale’s total single-asset crypto offering to 13. Unsurprisingly, amongst all its trusts, the $34 billion Bitcoin Trust (GBTC) is Grayscale’s largest.
What’s more, Grayscale’s decision to launch five new crypto funds might just be the beginning of things to come.
As previously reported by BTCManager, Grayscale announced it was exploring the possibility of adding DeFi, interoperability, and privacy-focused digital assets to its currents such as AAVE, Polkadot (DOT), and Monero (XMR).
Grayscale Continues to Push the Envelope
Keen followers of the cryptocurrency industry are well aware of the magnitude at which Grayscale is involved with digital assets.
BTCManager reported in April last year that despite the infamous COVID-19-induced crypto crash in March, Grayscale continued to go big on both bitcoin and ether.
On a recent note, BTCManager reported that Grayscale could very well be the next company to try its luck by attempting to launch a bitcoin ETF in the U.S.
