Hi guys! What's going on? I hope all fine!
BAT, my favorite token, has been rising really well lately and so I decided to talk about it today.
Until mid-March 2021, the price of the BAT token was around $0.75 or even less, now it rises and falls between $1.2 and $1.4, as you can see:
But why? What's going on?
First though, let's start from the beginning:
The origins - 2017
BAT, which is an ERC-20 token on the Ethereum blockchain, has existed on the crypto markets since mid-2017, when it debuted at a price of around $0.22. During the great speculative bubble of late 2017 it touched $1, but then in the following months returned towards $0.2.
Early years - 2018/2019
In late 2018 it suffered a new decline, which brought it down to $0.1 in February 2019. From that point on it began to fluctuate fairly steadily between $0.15 and $0.4, with only two spikes, one above $0.4 in mid-2019, and one below $0.15 during the global financial market crash of mid-March 2020.
Covid year - 2020
Still in October 2020, the price was below $0.2, so that, excluding the few peaks, in fact the price of the BAT token over the years had remained rather stable, since it is still a cryptocurrency.
In fact, not even at the end of 2020 it had managed to exceed 0.2$, but everything changed starting from February 2021.
The year of BAT - 2021
Actually, already in January of this year it had tried to move upwards, but stopping at $0.32, which is a much lower level than the one reached in mid-2019, for example.
On February 6, 2021, a real climb began, which led it to multiply five times in just over two months. Already in mid-February, it had risen above $0.6, i.e. doubling in just over a week, but it had subsequently returned below $0.5 by the end of the month.
A new boom began in March, when it rose from $0.51 to $0.77 in just four days. This boom was then followed by another spike that in just two days took the price to $1.23, that is +141% in about ten days.
The new price record - March/April 2021
The latest spike started on March 27, and ended on April 9, 2021 with the new all-time high of $1.63, i.e. a 425% gain since February 5.
It is likely that this fast and powerful rise in BAT's price is related to the launch of the Grayscale Basic Attention Token Trust, which is Grayscale's fund that allows investors to invest in BAT by purchasing shares, not tokens.
The launch of this fund took place at the end of February, but rumors about its launch were already circulating since the beginning of February.
To date the fund has issued about 320,600 shares, with about 10 BAT per share and a total AUM of 3.6 million dollars, which is an infinitesimal amount compared to, for example, the same fund on Bitcoin.
Moreover, as of today BAT capitalizes more than $2 billion, with a traded volume in the last 24 hours of more than $550 million. Therefore Grayscale's fund on BAT should have a very limited direct impact on the token market, but evidently the mere news of the launch of a Grayscale fund dedicated to the token has managed to make a difference.
And you? What do you think?
I foresee a great future for BAT, a token that besides being a simple cryptocurrency, has a fantastic community!
Let me know in the comments!
Thanks so much for reading! Byebye🖐🏻
- Informations : internet
- Widget : coingecko.com