BAT is the native cryptocurrency token of the Brave browser ecosystem that aspires to incentivize users of Brave to explore a more decentralized browser system. Since the features of centralized browsers are complicated and have data concerns, Brave intended to provide better solutions for privacy concerns of the advertising industry.
Under Brave, an advertisement viewer is also rewarded just as the user. Such an ecosystem could have provided new dynamics for the advertisement market, but Brave couldn’t compete with the free-looking ecosystem of other browsers.
Since most other browsers came pre-installed on devices, it became harder for Brave to target potential customers without advertisement on centralized platforms ruining the only prime advantage offered by the ecosystem.
The latest market capitalization for Basic Attention Token has reached $334 million from its peak value of $3 billion during the peak cycles of 2021. Ever since the clouds on cryptocurrencies have become darker, the challenges for this token have been getting more complex.
Basic Attention Token has been under a severe decline trend which began from the LUNA crash. Whatever little support was offered to the price last week got another shock from the crash of the FTX token.
Such crashes have highlighted the redlining nature of cryptocurrencies as they aren’t completely prepared to tackle the modern-day financial challenges and keep a system decentralized for a long.
The price action of BAT Token shows zero confidence in buyers and is under significant impact from the sellers. The current value witnessed another major crash, with a decline of 32% in the last 7 days. From its peak of $0.35, reaching $0.22 took less than 10 days.
While technical indicators have been testing new lows by breaching previous support levels, the price action is dipping even lower. On the contrary, the weekly decline witnessed till last Sunday was the first major decline for BAT in the last 3 months.
Such high-intensity selling was last observed in April 2022, when the markets were highly turbulent. The current scenario for BAT promises good exposure and brand establishment, but the challenges have made it more complex to survive in today’s digital marketing ecosystem.
Buyers of BAT must be highly confident in this cryptocurrency. As per the negative trend, BAT can undergo a further decline from $0.22 before some consolidation can be expected.
