Ethereum Token BAT Posts Major Rally as Brave’s Cryptocurrency Program Enters Beta
The cryptocurrency market posted a minor decline on Friday, with bitcoin and most other large-cap assets shedding about one to two percent of their previous-day valuations. Ethereum token BAT, however, managed to resist the market’s gravitational pull and post a major single-day rally. BAT — short for Basic Attention Token — is the native currency of Brave, the ICO-funded web browser that seeks to use the cryptocurrency token to upend the web’s traditional advertising model.For most of the day Thursday, BAT had traded below $0.215, and it continued to hold that line heading into Friday morning. That changed shortly before 9:30 UTC, when the token’s price leaped to $0.235, en route to an intraday peak at $0.25 — its highest point since early August. However, since peaking at that mark, BAT has entered a steep pullback, so it’s unclear what percentage of its gains it will sustain heading into the weekend. As of the time of writing, BAT was trading at an equivalent of $0.235 on Binance, and its global average price had risen 14 percent over the previous 24 hours.BAT’s 14 percent rally made it the top-performing asset among the 100 largest cryptocurrencies. Even more impressive, it was the only cryptocurrency to rise more than 10 percent, and its single-day climb was nearly double that of the next-best coin — Digitex Futures — which rose 7.35 percent on the day.
About Basic Attention Token (BAT): BAT (Basic Attention Token), a token for a decentralized ad exchange. It compensates the browser user for attention while protecting privacy. BAT connects advertisers, publishers, and users and is denominated by relevant user attention, while removing social and economic costs associated with existing ad networks, e.g., fraud, privacy violations, and malvertising. BAT is a payment system that rewards and protects the user while giving better conversion to advertisers and higher yield to publishers. We see BAT and associated technologies as a future part of web standards, solving the important problem of monetizing publisher content while protecting user privacy.