Altcoin Update: Basic Attention Token (BAT) and Ravencoin (RVN) Soar Amid Downturn
Two of the weekend’s better performers, Basic Attention Token (BAT) and Ravencoin (RVN), extended their gains into the new week amid Monday’s market downturn.
Around $3 billion left the global market cap from Sunday into Monday, as Bitcoin fell back down to the $6,400 range. The altcoin market fared much worse as most alts shipped between 5% and 10% of their value.
Basic Attention Token (BAT)
Yet just over a dozen altcoins either retained or gained value overnight, and Basic Attention Token (BAT) continued to ride the momentum gained from the Coinbase speculation over the weekend.
The value of one BAT jumped 24.3% overnight, climbing from $0.236148 up to the morning’s peak of $0.294794. The token price continues to rise at time of writing, helped by a near three fold increase to trade volumes which jumped from $9 million to $26.5 million.
That’s nearly double the volume that floated BAT to 42% growth over four days last week, and once again most of it has come through the BAT/BTC pair – which accounts for 56% of the total volume.
The last two weeks saw BAT climb 88% in value, and as of now the source of the rise appears to be largely based on Coinbase speculation. BAT could be up next for a Coinbase listing following the listing of Ox (ZRX) – another ERC-20 token.
Ravencoin (RVN) hit the headlines on Sunday after sailing into the market cap top one-hundred based on 118% gains for the week.
RVN had been soaring since October 11th when it gained a listing on Binance. Since then the coin has grown 351% in value, and the growth for the last twenty-four hours continues that ascension.
From Sunday into Monday, the value of RVN rose from $0.034691 up to $0.062574 – a 78% spike.
As noted previously, trade volumes for RVN rose 23,000% – from $200,000 to $49 million over the last ten days. Today that surge continues, with RVN volumes rising to $122 million in the last twenty-four hours.
That means RVN volumes have grown by over 100% since yesterday, and by 60,000% in the last eleven days. Binance continues to house over 87% of trades, predominantly in the RVN/BTC pair. Across all exchanges, the RVN/BTC pair accounts for over 98% of daily trades.
Ravencoin appears to still be feeling the benefits of its Binance listing from earlier in the month, however the rise in the coin’s fortunes also coincides with a major fundamental development which is due to hit at the end of the month.
On October 31st the development team will update the blockchain to bring its ‘Asset Layer’ onto the mainnet. Ravencoin is an open-source blockchain for the registering of digital assets, and the mainnet upgrade on Halloween will mark the one-year anniversary of the project’s inception.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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