BREAKING NEWS! has been acquired by VC firm Morningstar Ventures. Read more

$3,100.76 -0.39%
ETH · 6w

Analytics Firm Santiment Looks at What’s Next for Basic Attention Token After Altcoin’s Big Breakout

Santiment says the Ethereum-based altcoin Basic Attention Token (BAT) may struggle to keep its momentum after the asset soared 37% to a new all-time high on Sunday.

In a new report, the blockchain analytics firm says that BAT has already shed about 20% of its market capitalization and that the token’s daily active addresses plunged back to 1,217 after hitting the largest single-day address activity of over 3,000 on November 26th.

These factors indicate a lack of fundamental support to provide for another leg up.

“In a similar vein, we see the number of new addresses interacting with BAT skyrocketing on three separate occasions this month (around local price tops) but flopping soon after, suggesting a lack of network-wide support for a prolonged rally.”

Source: Santiment

However, the firm says other indicators suggest that the crypto asset still has the potential to drive up its price this year.

“While not ideal for its short-term PA, strong profit-taking activity can signal a lack of wholesale confidence in BAT’s future price potential, and that kind of uncertainty may help provide support for another leg up.”

Santiment suggests BAT holders are offloading their holdings and this activity may have bullish implications.

“Ideally, we’d see some signs of growth in BAT’s address activity in days to come, to go along with these (as of yet) tempered crowd expectations.

Assuming the price continues to decline from here, that could mark a nice bullish divergence for the coin.”

Source: Santiment

Currently, BAT is trading at $1.37, down 4.8% on the day.

Check Price Action Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix &nbsp Check Latest News Headlines   Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due dilig...
Continue on
Recent News
ETH -0.39% · · 6h

ERC-20 tokens as dividends paying shares

I recently challenged myself to implement a dividend paying ERC20-token on Ethereum using solidity. I was working on a dapp that would also use the same ERC20-token for governance (more on that here)…
ETH -0.39% · · 21h

Solana's Many Red Flags

The best way to start and get scholarships. Learn and share information about education, career and life.
ETH -0.39% · · 23h

Blockchain and AI – The Future of Data Processing

We are already living in a world with many AI-enabled uses. Artificial Intelligence is anticipated to disrupt industries as a whole. We have cars designed completely by AI, many factories are complete...