When you look at the performance of Basic Attention Token (BAT) in the past couple of weeks, you will realize that it has been on a rollercoaster ride. It increased significantly on the news that it will get listed on coinbase. However, after the listing on coinbase, it retraced all of those gains as well. That is why the investors who are holding basic attention token (BAT) did not enjoy any gains. After that, came the cryptocurrency intermediate downtrend which led to Bitcoin (BTC) and Ethereum (ETH) forming new lows. This further undermined any chances of recovery.
Can Basic Attention Token (BAT) lead the recovery among cryptocurrency Altcoins?
While in the mainstream cryptocurrencies, it might not be able to lead a recovery but certainly, in the Altcoins, it can lead the momentum.
The main thing which remains to be seen is whether the broader recovery in the cryptocurrency markets is temporary or whether it can sustain. If the broader recovery can sustain, Basic Attention Token (bat) will be able to move higher as well. In such a case, the momentum is likely to increase rather than decrease. Moreover, the tokens which rise faster will garner more and more attention from the investors as well. This will, in turn, increase the volumes. Once the volumes increase, it will be easier for Basic Attention Token (BAT) to rise even higher. This is one of the main reasons why it is widely anticipated that it might go even higher from these levels.
When you look at some of the other Altcoins which are rising, you will find that a few others are also shifting recovery like wax (WAX) which is up by almost 11%. Among the mainstream cryptocurrencies, Stellar lumens (XLM) is up by another 8%. Similarly, Electroneum (ETN) is up by 7.8%. Thus, it seems like the broader-based recovery is underway. Since Basic Attention Token (BAT) is leading the recovery among lesser known cryptocurrencies, it can rise even more.