Basic Attention Token (BAT) Smashes Quarterly High with 25% Coinbase Boost
Basic Attention Token (BAT) shot to 25% growth on Friday after finally arriving on Coinbase following months of anticipation.
Basic Attention Token was earmarked for a Coinbase listing several months ago, and anticipation began to bubble over following the listing of Ox (ZRX) – another ERC-20 token.
BAT Makes It To Coinbase
As per Friday’s announcement by the Coinbase team:
“After 1pm PT on Friday, November 2, we will begin accepting inbound transfers of Basic Attention Token (BAT) to Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling trading. Once sufficient liquidity is established, trading on the BAT/USDC order book will start.”
Deposits began at 20:00 UTC – little over an hour ago at time of writing. As has become standard operating procedure for Coinbase, the token will not yet be listed for purchase on the standard Coinbase platform.
Instead, just like with Ethereum Classic (ETC) and Ox (ZRX), the token will be unleashed on the ‘Pro’ trading platform first of all, where Circle’s stablecoin USD Coin (USDC) is set to be its first pairing.
According to Coinbase, the deposit stage of the process is expected to last at least twelve hours. Friday’s post lists the four stages that a coin goes through before its exposed to the exchange in full. As per the post:
“…there will be four stages to the launch as outlined below. If at any point the BAT/USDC order book does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time…”
The four stages mentioned are referred to as ‘Transfer Only’, Post Only’, Limit Only’ and finally, ‘Full Trading’, and are fairly self-explanatory, although more can be read here.
BAT Price Climbs 25%
Although the price had been slowly climbing throughout the day, BAT’s fortunes really picked up when Coinbase opened up for deposits.
Following the surge from $0.251505 up to $0.315796, the token is now beyond its three month high, and has recovered to pre-August levels. The surge was accompanied by a near four-fold increase to daily volumes, as trades surged from $8 million to $35 million over the course of the day.
The last month alone saw BAT double in value, as it climbed from the $0.15 range in early October. With those kind of numbers in mind, one wonders if the rumour hasn’t already been bought, but BAT has continued to surprise since its launch.
The Brave browser, which utilizes the Basic Attention Token, has already crossed 10 million downloads on the Google Play store, as covered last quarter by CCN.
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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