No good deed ever goes unpunished in the financial sector, especially not where cryptocurrencies are concerned. For Basic Attention Token, the onslaught remains in full effect despite the token being traded on Coinbase. It is evident exchange listings do not equal a real-life use case. For BAT holders, the coming days may not be overly pleasant to watch whatsoever.
Basic Attention Token Price Returns to Normal
Although most people will readily agree there is a purpose to Basic Attention Token, it is not a concept that will transform the way people browse the internet overnight. Going up against the likes of Chrome and Firefox will be challenging for Brave. As such, the usability of BAT will remain fairly limited first and foremost, which means the token doesn’t warrant a value of $0.25 or higher whatsoever.
In the past 24 hours, the Basic Attention Token price has dropped below $0.25 for the first time in a while. This is only normal, as its value was heavily inflated over the past week and a half. Getting listed on Coinbase is a positive sign, yet usability tokens like these will never do well based on speculation alone. Unless Brave gains major traction all of a sudden, the BAT price should not even rise above $0.15 in the eyes of most people.
A recent tweet by Ferris Threatt illustrates the current BAT price trend perfectly. He is convinced getting listed on Coinbase will do speculative coins more harm than good when looking at the short-term picture. As such, basic Attention Token is going through this negative cycle first and foremost. It is not a speculative token whatsoever, yet many people treat it as such.
The last 3 coins listed by Coinbase have lost tremendous value. A Coinbase listing isn’t anything to brag about. The “Coinbase Curse” is real! #ETC #XRX and #BAT are now shitcoins because of Coinbase!
— Ferris™️ (@Ferris_Threatt) November 14, 2018
Darth Crypto Maulester is quite happy he missed out on buying BAT at a higher price than it is right now. Sometimes, life offers positive surprises in disguise. Buying Basic Attention Token at the current price may seem appealing, but there is a good chance the value will drop below $0.2 in the coming days.
With Binance conducting an extended system upgrade today, there is a lot less liquidity on the market. This also affects Basic Attention Token, as its main volume originates from this exchange every single day. It seems few people on Twitter want to go long once trading resumes, though, which is only to be expected at this time. The market still looks overbought.
All signs point toward an extensive bear market for Basic Attention Token. That is only normal, given the current circumstances, as a lot of people tried to buy into the FOMO and bought at the top. As such, there are a lot of losses to be minimized first and foremost. More importantly, there is no real reason to buy the token either other than for speculative reasons. As BAT doesn’t fit that category, the coming days may prove rather interesting.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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