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Basic Attention Token (BAT) Slows Down After the Coinbase Listing

Basic Attention Token was announced for listing on one of the biggest and more popular exchanges, Coinbase, back in mid-July.

Months back, the exchange announced that the Coinbase team is looking into adding several tokens and coins, which included 0x (ZRX), Cardano (ADA), Stellar Lumens (XLM), ZCash (ZEC), and Basic Attention Token (BAT).

ZRX was the first to get an official listing on Coinbase from this list, and Basic Attention Token was the second to follow up on November 2nd.

It is considered that BAT skyrocketed from 0.28$ to 0.32$ in the period of several days thanks to the Coinbase listing announcement, however, BAT was also caught up in the series of positive market trends that made the entire market grow.

Basic Attention Token (BAT) Added on Coinbase: Down by -9% a Week Later

Basic Attention Token was one of the currencies that were mentioned in an official blog post on Coinbase, being officially added months later to one of the biggest exchanges in the market.

BAT showed an amazing progress as notable on its weekly and monthly charts, including the YTD chart, where the currency went up by over 91% against the fiat in the last 365 days despite the frequent negative market trends.

Moreover, Basic Attention Token is showing over 50% of rises in the last 30 days, also rising up by over 77% in the past two months.

Still, BAT appears to be far from its all-time high of 0.95$, being traded (once again) below the value of 0.30$.

Basic Attention Token (BAT) – weekly chart – Coin Market Cap

Even though BAT embraced a flattering rebound only 2 days after the Coinbase listing announcement, breaking the resistance of 0.30$ and going above the initial value, BAT soon started to drop once again.

On November 10th, a week after the Coinbase listing, we can see Basic Attention Token dropping by over -9% against the fiat in the period of only 24 hours.

After the latest decline of over -9%, BAT is being traded at the price of 0.26$ per one unit, to where it dropped from the price of 0.36$ which was its peak of the week on November 8th.

Still, BAT is ranked as the 32nd largest currency, which is still a benevolent position in the market.

Why is Basic Attention Token (BAT) Dropping?

Even though it was expected to see BAT skyrocketing due to the Coinbase listing, the toke soon started to drop unable to withstand the comeback on negative market currents.

The majority of top cryptocurrencies are dropping on November 10th as the influence of positive market trends is starting to wear off, however, BAT is certainly dipping with nearly -10% of losses during the last 24 hours.

It might be the case that the price of BAT is being significantly lowered for the past two days due to the fact that some investors are looking to spin a profit from the latest gains of this progressive token.

Whichever the case, Basic Attention Token will probably need to wait for another positive wave of benevolent market trends in order to rebound from this horrific drop and get back above the price of 0.30$.

Author: Maja

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