Altcoins
How Risky is it to Invest in BAT in 2019?
After a bearish 2018, many investors were hoping that the cryptocurrency market will have a fresh start in the new year. The idea was to shake off the bearish grip and have another rally that will take digital coins back to the old glory, or possibly reach entirely new heights.
However, an entire month has passed since then, and the market has yet to show any real signs of recovery. Most cryptocurrencies are still trading in the red, which has caused investors to carefully consider their future investments and only focus on the coins that are the most likely to have a prosperous future.
While the crypto market is vast and it consists of over 2,100 coins and tokens at this point, there are some of them that are attracting more attention than the others. Stepping away from the top 10 cryptocurrencies by market cap, a lot of investors are interested in what to expect from Basic Attention Token (BAT)?
About BAT
BAT is a coin that is currently being used within Brave browser, with the goal of revolutionizing the way different companies interact with their consumers. BAT has promised companies the possibility of changing how online advertising works, and the change is expected to be highly beneficial to everyone involved.
So far, companies that wanted to advertise their products or services online had to go to large, established websites, including social media sites like Facebook, search engines like Google, or video platforms like YouTube, among others. These websites would receive payments, and in return, they would advertise the companies to their consumers.
The trouble lies in the fact that consumers were not interested in viewing ads, and had no real incentive to do so. Brave hopes to change that by blocking the ads by default and providing users the ability to watch them only when they want to. In return, they get paid in BAT token.
The idea was interesting to the community and companies alike, and many have opted to abandon browsers such as Firefox or Chrome and use Brave instead. However, the ability to view ads and get paid has yet to be fully implemented, although it is expected that it might happen at some point in 2019.
Once the coins start coming in, they can be used for tipping various online content creators and users’ favorite websites. Brave will also allow the withdrawal of the coins, which can then be exchanged for other tokens or fiat currencies, although it will likely be a while until this feature is included.
Is BAT a good investment?
So far, we have seen that BAT has an excited community and an interesting use case. In addition, it has the potential to revolutionize the entire advertising industry, which makes the coin very valuable in the eyes of companies and consumers alike.
It should be noted that the development of the project has been advancing relatively slowly in recent months, with a lot of issues that needed taking care of. Even so, the project is advancing, and more users are discovering BAT and Brave every day. With an expanding community and growing support, BAT is likely a coin that will become quite popular in the future, provided that all the systems and features arrive.
As such, it may be considered a good long-term investment. If the project kicks off later in 2019, the same might happen to BAT’s price. The price is currently rather low, being only $0.109612 per coin. BAT’s market cap is currently at $134,817,358, which has placed it at the 37th spot on CoinMarketCap’s list of largest cryptocurrencies.
However, as mentioned, BAT still has the potential to grow, which is likely to happen once it starts delivering the promised features.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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