Connect with us


Basic Attention Token [BAT] primed for more bullish action as whales accumulate the token




Basic Attention Token [BAT] primed for more bullish action as whales keep accumulating the token
Source: Unsplash

Basic Attention Token aka BAT has been on a wild ride since the start of 2019, as its prices have risen by approximately 190%. In the 24-hour time frame, the prices were up by 13% and in a 7-day time frame, the prices were up by ~26%. However, the prices indicate a slightly extended bullish signal which will take the token on another rally.

Source: CoinMarketCap

According to data from CoinMarketCap, the prices were trading at $0.33 and had a market cap of $420 million. The 24-hour trading volume was $50 million. ZB.COM was the greatest contributor to the trading volume as it provided 18% of the volume via BAT/USDT trading pair.

Source: TradingView

The moving averages indicated a bullish divergence, while the MACD indicator showed a possible bullish crossover for the token in the near future.

Moreover, a report by Glassnode Insights suggested that there has been an increase in the accumulation of BAT by whales over the last five months. According to their report, there were three addresses that held over $10 million worth of BAT.

Glassnode Insights

In addition, the report also stated:

“… 52% of BAT tokens are held by only the top 0.6% of addresses!…”

It also summarized that the top 5% of the addresses held over more than 94% of all BAT and 1% of the addresses held 87% of BAT. The rise in interest towards BAT was attributed to a surprising reason.

“While the balance of the top 1% accounts had decreased from late 2017 to Oct 2018, it has since been rapidly surging, with the richest accounts increasing their holdings by +5% within the last 5 months! Whales have recently been accumulating BAT and the total amount they currently hold is at an All Time High.”

Brave, a browser that aims to redefine browsing, has seen a lot of success in recent times. A Twitter user @stshank, a senior writer at CNET news tweeted:

The @internetarchive has pulled in $2,500 in @AttentionToken payments & tips from @brave browser users. “unexpected windfall” is “proof that the current web, the one that’s driven by ads that know our every move, doesn’t have to be the web of the future.”

Subscribe to AMBCrypto’s Newsletter