Ethereum token BAT rode the “Coinbase bounce” to a four-month high, but on Friday the cryptocurrency’s price fell back toward earth with a resounding thud.
Ethereum Token BAT Leads Market Pullback
The crypto market as a whole traded down heading into the weekend, with valuations collectively over a 48-hour period. However, no large- or mid-cap cryptocurrency was hit as hard as Basic Attention Token (BAT), the native asset of ‘s digital advertising ecosystem.
BAT, which runs on as an ERC-20 token, fell more than 18 percent for the day. The majority of that movement occurred late last night, shortly after the BAT price peaked at $0.39 on Binance. The token has shed nearly one-quarter of its value since then and is currently priced just below $0.30, which translates into a market cap of $298 million.
BAT Takes a Hit after Coinbase Hype-Cycle Ends
Friday’s pullback, while not entirely reversing the BAT had made this month, nevertheless represented a marked reversal of fortune for the cryptocurrency.
BAT’s early November rally appears to have been virtually entirely connected to the token’s , which took place over several steps that saw BAT gradually integrated into the cryptocurrency trading giant’s various platforms.
Initially, BAT was listed on , the firm’s order-book cryptocurrency exchange. About one week later, after the exchange had developed a liquid trading market, BAT was listed on Coinbase.com, the brokerage service through which a significant percentage of cryptocurrency investors make their first crypto purchase.
That final listing occurred yesterday, bringing an end to the speculative hype cycle that inevitably surrounds a cryptocurrency’s price when it is listed on Coinbase — or supporters that it will be. BAT investors, it seems, bought the rumor and sold the news.
Featured Image from Shutterstock. Charts from .
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Published at Fri, 09 Nov 2018 18:50:52 +0000
