The Ethereum BAT token drove the "Coinbase bounce" to a maximum of four months, but Friday the price of the cryptocurrency fell back to the ground with a loud thud.
The Ethereum BAT token drives the pullback market
The cryptography market as a whole has given way to the weekend, with collective valuations falling $ 6 billion over a 48-hour period. However, no large or medium-sized cryptocurrency has been hit hard as Basic Attention Token (BAT), the native resource of Brave's digital advertising ecosystem.
BAT, which runs on Ethereum as an ERC-20 token, has fallen by more than 18% for the day. Most of this movement took place at the end of last night, shortly after the BAT price peaked at $ 0.39 on Binance. The token has lost almost a quarter of its value since then and currently has a price just under $ 0.30, which translates into a market capitalization of $ 298 million.
BAT suffers a heavy blow after Coinbase's coin cycle ends
The Friday retreat, while not completely reversing the gains that BAT had made this month, nevertheless represented a marked reversal of fortune for the cryptocurrency.
The BAT rally at the beginning of November seems to have been almost entirely connected to the coin quotation on Coinbase, which took place in several steps that saw BAT gradually integrated into the various platforms of the cryptocurrency giant.
Initially, BAT was listed on Coinbase Pro, the company's cryptocurrency exchange. About a week later, after the exchange had developed a liquid commercial market, BAT was listed on Coinbase.com, the brokerage service through which a significant percentage of cryptocurrency investors make their first encrypted purchase.
That final listing was made yesterday, putting an end to the speculative hype cycle that inevitably surrounds the price of a cryptocurrency when it is quoted on Coinbase – or the supporters believe it will be. BAT investors, it seems, bought the item and sold the news.
Shutterstock foreground image. TradingView Charts.
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