The Basic Attention Token Is A Market Leader
While the entire cryptocurrency market has been slowly waking up the Basic Attention Token has been marching steadily higher. Up more than 320% from the 2019 low this token is a market leader and likely to retest its all-time highs in the not-too-distant future. Currently sitting at #22 in the CoinMarketCap ratings the Basic Attention Token (BAT) could easily break into the top twenty over the next few weeks.
What Is The Basic Attention Token?
The Basic Attention Token is the native currency of the Brave Browser. The BAT is an ERC-20 compliant Ethereum token used to fuel services on a privacy-based web browser. The Brave Browser functions on the principle user’s safety, security, and privacy are of utmost importance, and that web browsers should share in fees paid by advertisers. To advertise on Brave a business must purchase BAT Tokens, those tokens are then used to reward publishers and viewers who choose to display and view the ads. Please note, viewers must choose to watch ads, that is one of the perks of the system.
Over the past year use of the Brave Browser has topped 5 million and is steadily growing. The browsers utility has been demonstrated by its impact on the devices that run it and that impact is profound. Mobile users can expect a 40% (on average) decrease in battery usage while both mobile and desktop users can expect a 33% to 66% decline in memory usage. The decline in batter and memory usage can be directly attributed to the lack of third-party spyware and ad-tracking software commonly found attached to websites.
The Near-Term Outlook
The BAT/USD just spiked to $0.50. This move was driven by rising usage of the Brave Browser but also expectation a key development was at hand. The browser is expected to launch in-browser ad capability by the end of the month, the core driver of BAT usage, and that has the market excited. The token has pulled back from the high and appears to be finding some support above$0.40. The indicators are consistent with a peak so I would expect sideways to down trading over the next few days. The indicators, MACD especially, are also strongly bullish and convergent with the fresh high so a retest of that high or higher high is expected.
The Longer-Term Outlook
The Longer-term outlook is even more bullish. The Brave Browser is proving to be a viable alternative for many Internet users. This fact alone makes the BAT a desirable coin, that and it’s use on the Browser will fuel widening use and that in turn will drive demand. A firm break of the $0.50 level will result in a quick test of $0.60. Once that is broken a move to $0.80 and $1.00 are likely by the end of the summer if not sooner. Please note, momentum on the weekly charts is robust, strong, and a sign of growing demand.