The cryptocurrency market has grown comparatively “stable,” at least relative to the usual volatility of the crypto space. Bitcoin and the leading cryptocurrencies have traded within a narrow price range in recent weeks. However, some digital assets have moved noticeably while remaining relatively off the radar. One clear example is Basic Attention Token (BAT): its tokens have recorded a quiet but steady rise. Basic Attention Token climbed more than 100% in the past month — what is behind this surge?
First 0x — is BAT next on Coinbase?
As reported a few days ago, Coinbase developed a new strategy for listing cryptocurrencies on its exchange. The results were visible quickly: within days Coinbase added its first token under the new approach, 0x (ZRX). Was it surprising that this relatively small-cap token was the first to be added? In hindsight, not really. Since the addition of Ethereum Classic, Coinbase has signaled which assets “might” be added next. That guidance was published in a blog post earlier this year and outlined several projects under review. Which cryptocurrencies are being tested or considered by Coinbase?
- 0x protocol (ZRX), which has already been officially listed. Notably, traders who bought ZRX prior to its Coinbase addition saw gains exceeding 70% from September’s low.
- Cardano (ADA).
- Basic Attention Token (BAT).
- ZCash (ZEC).
- Stellar Lumens (XLM).
The recent rise in BAT’s price could be related to the possibility of a Coinbase listing, an event that typically drives significant trading volume. Aside from that potential catalyst, there have been no major news events recently that would otherwise explain the price increase.
BAT and the Brave browser: decentralizing digital advertising
The project behind BAT is compelling and led by a well-known figure in computing. Brendan Eich, who helped create JavaScript and co-founded the Mozilla Firefox browser, is the founder behind the initiative. He helped design a new model for decentralizing online content and advertising through the Brave browser, which focuses on three key participants: users, publishers, and advertisers.
BAT is the token that facilitates value exchange among these three pillars. Publishers can be rewarded for ads shown through Brave, users can receive attention-based incentives, and advertisers can deliver more efficient, privacy-conscious campaigns. Brave is an open-source browser built with privacy at the core, and its attention-based model aims to show more relevant ads while compensating creators for their content.
Brief price analysis of BAT
BAT was not immune to the broader market downturn. It hit its all-time highs in January like many other altcoins, then fell sharply during the correction. BAT lost up to 80% of its value, and with the latest recovery it now sits at roughly one-third of its all-time peak. Still, BAT was not the hardest hit: some assets, such as Ripple (XRP), experienced steeper declines. BAT reached its annual low in September and has climbed about 123% since that bottom, as shown in the chart below.
Plotting Fibonacci retracement levels highlights several areas of interest. The resistance around $0.29 was the most recent level tested by BAT; the upward impulse was not strong enough to break through, suggesting potential pullbacks to the next supports around $0.26 and $0.23. In a bullish scenario, the next meaningful resistances lie near $0.34 and $0.39. The Relative Strength Index (RSI) has already entered overbought territory, increasing the likelihood of a correction. To sustain the rally and avoid a significant retracement, buying volume would need to remain robust.
Do you think Coinbase will add BAT next, or which cryptocurrency will be the exchange’s next listing? Share your thoughts in the comments section.