Covid-Resistant Basic Attention Token ($BAT) Flying High During Crypto Market Correction

On Friday (November 26), despite the crypto markets experiencing corrections due to renewed concerns over Covid-19 variants, one altcoin seems immune to the disease that has 93 out of the top 100 cryptoassets currently suffering losses.

That altcoin is Basic Attention Token ($BAT). Here is how Binance Academy describes it:

Designed by one of the Web’s top minds, Brendan Eich, creator of Javascript and co-founder of Mozilla.org, the Ethereum-based Basic Attention Token tackles one of the Web’s biggest problems: advertising.

BAT seeks to reward Web users and content creators based on attention. The token is distributed to users based on their online activity and to creators according to how well they capture user attention. Advertising space can also be purchased with BAT…

BAT is an ERC-20 token that seeks to reward both users and advertisers. Users watch ads and get paid accordingly, while creators get rewarded for how much user attention they capture. BAT is a way to monetize attention in what is sometimes referred to as ‘the attention economy.’

BAT’s reward feature is only available on the privacy-centric Brave Web browser. Brave blocks third-party ads and trackers by default and also has native integration with Tor. BAT is also used to purchase ad space and tip content creators within Brave. While you don’t need Brave to trade BAT, the power of the token is unleashed if you’re using Brave.

As CNBC reported, “U.S. stock futures dropped in early morning trading on Friday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa.”

As of 11:38 UTC, in pre-market trading, Dow futures, S&P 500 futures, and Nasdaq 100 futures are down 2.20%, 1.68%, and 0.95% repectively.

Naturally, cryptoassets, which like stocks are considered risk-on assets, have also been affected, with 93 out of the top 100 (by market cap) currently in the red, including Bitcoin and Ethereum, which are down 6.60% and 8.14% respectively in the past 24-hour period, according to data by CryptoCompare.

Here are the seven top 100 cryptoassets that are still in the green: USD Coin ($USDC); Dai ($DAI); Unus Sed Leo ($LEO); Basic attention Token ($BAT); Ankr Network ($ANKR); FRAX ($FRAX); Siacoin ($SC). Of the seven altcoins, two of them are stablecoins. Of the remaining one, $BAT is the highest percentage gainer vs USD today, currently (as of 11:52 a.m. UTC on November 26) trading around $1.49, up 13.27% in the past 24-hour period.

Even more interestingly, on this day of panic in the markets, according to data by TradingView, $BAT managed to surprised almost everyone by setting a new all-time high price of $1.8550 at 02:22 a.m. UTC.

As for the past one-month period, $BAT’s return-on-investment (ROI) vs USD has been +108%.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Featured Image by “Angeleses” via Pixabay

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