While many cryptocurrencies saw a sizeable decline in value this week, the Basic Attention token has shown a fast recovery. Although the token did drop in value like many other currencies, the token has spent little time rebounding.
On Thursday, Basic Attention saw the same sharp drop as many other currencies did. The token fell from 18.04 cents in value to 15.75 in a matter of hours. But while many other tokens are struggling to get back up, Basic Attention saw a quick rise in trade volume and eventually in value, making only one sizeable dip in its rebound.
The token had gotten close to the 19 cent range at one point, but it has since dropped down to 18.28 cents. This is still a slightly higher value than what the currency had experienced prior to this sudden drop in value.
Early trading on Saturday shows that Basic Attention has not experienced more of a decline following this sudden rise in value. The currency dropped to 17.87 cents, but it has been under control for the most part when compared with other similar currencies, including many that are based on the Ethereum network like what BAT uses.
Far From Its Peak
While Basic Attention has been growing in value and has become interesting to some investors, the BAT token is still far away from what it had been worth in the past. BAT has a current market cap of about $183 million. Also, precisely one billion tokens are in circulation; the token has been capped at 1.5 billion tokens.
But like with many other tokens, BAT’s current value is a shade of what it had been at the start of the year. The token had a market cap of nearly $900 million in January. The token almost reached the 90 cent point at that time for a larger growth in its value.
Basic Attention still continues to be traded openly on the market. BAT has been particularly featured on Binance and Bittrex among other prominent exchanges.
What Is Basic Attention?
Basic Attention is an Ethereum-based currency that is utilized as a part of the Brave web browser. The browser is an open-source option that has become popular for how it blocks advertisements and trackers.
The token produced by the Brave browser can be utilized to purchase advertising space on that browser setup. Advertising revenue can be provided to people on the Brave network through BAT tokens. Users can also get those tokens for viewing BAT ads. The on-device nature of the tracking process ensures that the ads being handled are used carefully without any third-party tracking processes being utilized at the same moment.
Various outside investment groups have also been responsible for raising funds for getting BAT to work. The Founder’s Fund, an investment pool supported by Peter Thiel, has helped with getting funding for BAT. About $7 million have been provided to people through angel investors.