This Metric Shows That Basic Attention Token (BAT) Could Soon See Major Shift

Latest Cryptocurrency News
Mon, 07/13/2020 - 14:53
Alex Dovbnya
As Brave revs up purchases, Basic Attention Token (BAT) could be on the cusp of major price move
This Metric Shows That Basic Attention Token (BAT) Could Soon See Major Shift
Cover image via stock.adobe.com
Contents

In its latest tweet, cryptocurrency data analytics startup Santiment notes that Basic Attention Token (BAT), the native cryptocurrency of privacy-focused browser Brave, saw the highest number of dormant coins moved over the past weekend.

Hence, the firm suggests that more volatility could be in store for the altcoin that currently occupies 32nd place on CoinMarketCap:

"Returning a moderate +7.1% over the past week, this BAT spike implies some volatility upcoming."

Santiment
Image by app.santiment.net

Related Braver Open-Source Browser Devs Allegedly Threatened by Brave Team, Forced to Rename Product
Related
Braver Open-Source Browser Devs Allegedly Threatened by Brave Team, Forced to Rename Product

BAT could be the next altcoin to shine

Santiment uses its Token Age Consumed (TAC) indicator to determine when a certain cryptocurrency sees a large portion of its circulating supply changing hands.

It is calculated by multiplying the amount of recently moved coins by the number of days they were idle.

Often, large spikes are followed by major price moves, which was the case with Bitcoin in late April.

BAT started this week in the green with a 4.3 percent price jump to $0.27. While it might pale in comparison to other high-flying altcoins like Cardano (ADA) and Chainlink (LINK), upcoming volatility might push the token into high gear.

In Q1 2019, BAT was grabbing plenty of headlines after adding over 180 percent in just two months.

BATUSDT
Image by tradingview.com

Related Brave Browser Enables BAT Rewards for iOS Users
Related
Brave Browser Enables BAT Rewards for iOS Users

Brave’s big acquisition

This likely change in the sentiment of long-term BAT holders coincided with Brave's recently making its largest single-day purchase of tokens in early July.

The browser routinely converts its ad revenue from fiat into BAT to reward its users for surfing the web.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.