Will the BAT Price Keep Going Up?
Basit Attention Token or simply BAT is a utility token that serves as an ERC-20 token in the Ethereum network. Its relevance is growing day by day as more people gain awareness of these types of tokens. What makes BAT unique is the way it works and the way it is used.
In this article, we will make sure to cover everything you need to know about Basic Attention Token.
What is Basic Attention Token (BAT)?
First, let’s dive a little into the background of Basic Attention Token.
Basic Attention Token is an Ethereum-based token that plans to change the digital advertising concept forever by establishing a direct relationship with the user, publisher, and advertiser. So how does Basic Attention Token achieve that?
For starters, let’s look at the browser that BAT works on. BAT works on Brave browser. Brave is one of the safest and fastest loading browsers the internet has to offer. It protects users from potentially harmful ads on the internet by directly blocking them. The browser automatically knows if the ad is safe or not by checking on the ad resolution, airing time, etc.
Moreover, Browser tries to provide the user only relevant ads that are based on encrypted data learning of the browser, as well as user feedback. So how does this relate to Basic Attention Tokens?
The Brave browser rewards its users with free Basic Attention Tokens every time they watch an advertisement within the browser. Users can then use these tokens either for cryptocurrency transactions and run services within the Ethereum network, or they can use the tokens to give tips to websites that users like. So, advertisers pay the users with BAT tokens; users tip the publisher if the user likes what is published; the advertiser achieves higher returns on investments. Hence, a triangle between the three participants is formed.
Basic Attention Token logo signifying the relationship between the user, advertiser, and publisher. To launch and run ads, advertisers need to agree on spending at least $2500 per month for Basic Attention Tokens that can be earned by users and then by publishers.
Besides their usage on the advertisement cycle, utility tokens such as Basic Attention Tokens are also used to run decentralized financial services (DeFi), decentralized games, transactions, and many other things within the Ethereum network. Besides mining BAT and earning them from ads, BAT tokens can also be purchased through various cryptocurrency sites.
Just like other cryptocurrencies and tokens, BAT tokens can be stored in different crypto wallets. Since BAT tokens are ERC-20 tokens of the Ethereum, they can be stored in any wallet that supports Ethereum, whether it is a hot or cold wallet. However, the most used crypto wallet for storing BAT tokens is Uphold. The reason for this is that Uphold is integrated with the Brave browser and stores your tokens when earning them. When some BAT tokens are collected, you have the opportunity to withdraw those tokens or transfer them to another wallet or account. However, this process requires KYC (know your customer) verification. So in order to withdraw your stored BAT tokens in the Brave browser, you need to verify the wallet.
Basic Attention Token has a limited supply of 1.5 billion. 1 billion out of this total amount was sold in the BAT’s ICO (initial coin offering). The rest were designated to be mined. As of April 2021, 1.49 billion are in circulation, meaning that the maximum supply might be reached very soon.
Basic Attention Token (BAT) 2021 Price Analysis
Now that we have briefly covered what BAT tokens are, how they work, and how are they used, let’s look at the chronological history of BAT price in the crypto market and use it to analyze today’s price.
Basic Attention Token raised funding for its development through ICO, just like many other cryptocurrencies and tokens. In 2016, BAT managed to compile $7 million from various investors. After the project was announced, in May 2017, BAT ICO sold 1 billion BAT tokens for 30 seconds, which were worth $35 million. This raised some controversy in crypto communities as 5 people bought half the supply, and others paid large mining fees just to ensure that they get a lot of BAT tokens. Hence, the ICO was not very ‘decentralized’ in practical terms.
According to Coinmarketcap, BAT debuted on the crypto market at the price of $0.17 on June 1st, 2017. In a matter of 5 days, BAT’s price increased to $0.33, which was 88% more in less than a week. Shortly after that, the price started a bearish run and decreased to $0.07 by mid-July 2017. The price went up and down for the next 3 months and then started a bullish run by December of that year.
On January 9, 2018, BAT reached its highest price of that time at $0.86. The price then fell again in the following months to $0.16, but it increased to $0.50 in May 2018. The BAT price underwent several bearish and bullish runs for the next two years, but the price did not exceed its peak of $0.86, which was reached in 2018. As of 2021, along with many other cryptocurrencies, BAT started its longest bullish run ever.
The price was around $0.20 on January 1st, 2021. It started increasing quickly in the next weeks, and it has now reached its highest price of all time on April 9, 2021, with a value of $1.61. Currently, as of April 17, the price of BAT is hovering around $1.55. This amount is 675% more than the price at the very beginning of the year when the price was just around $0.20.
The BAT market cap is $2.3 billion, which makes BAT a mid-cap cryptocurrency. This only indicates that BAT has still more room to grow in terms of price. Thus, let’s look at what experts predict on the price of BAT during 2021.
Basic Attention Token (BAT) 2021 Price Prediction
Since we are still at the beginning of the second quarter of 2021, the price of cryptocurrencies may or may not change massively by the end of the year. So here is what experts predict about Basic Attention Token.
Digitalcoin predicts that the price of BAT can go as high as $2.57 in 2021, with this amount being reached gradually by the month of July, and then it may be followed by a slight decrease to around $2 by the month of December.
Tradingbeasts predicts a relatively lower increase, with the maximum price reaching $2.28 in the month of September, and the lowest being $1.52 in the month of May.
Other experts predict an even higher increase. The YouTuber BitBoy Crypto predicted in March 2021 that the price of BAT can exceed $3 by the end of the year. On the other hand, predictions from Walletinvestor suggest that the price of BAT may even decrease in the next few months. However, this price decrease can range from $1.10 to $1.50, which makes it relatively small. Moreover, if any of these predictions turn out to be approximately accurate, you would have earned profit at any time of the year if you invested in January of 2021.
Long-term Price Predictions for Basic Attention Token (BAT) 2022, 2023, 2024 and 2025
If the price of BAT is predicted to keep increasing in 2021, should we expect the same in the following years as well? Here is what experts predict about the price of BAT halfway through the decade. Digitalcoin forecasts that the price of BAT can keep increasing in 2022. The price may go as high as $2.90, and the lowest can be around $2.37, which is still 52% more than BAT’s current price. By 2023, Digitalcoin predicts that BAT’s price can exceed $3 for the first time ever, and the price can go as high as $3.71. In 2024, Digital coin suggests that the price may range from $3.19 to $4.44. As for 2025, the price may go to $5.20 in the middle of the year.
Tradingbeasts also predicts increases for the long run, but they predict that the price of BAT may increase at a slower rate. To illustrate, they predict that the price can range from $1.20 to $2.42 in 2022. The significant feature here is that Tradingbeasts estimate that BAT may start the year at a higher price and can slowly depreciate throughout the year. As for 2023, Tradingbeasts forecast that the lowest price might be $1.32, and the highest $2.30 by the month of December. In 2024, they predict that the BAT price may continue at this rate and reach as high as $2.70 by the end of the year.
Similarly, Walletinvestor predicts that the price of BAT may eventually start increasing in the following years, but at a much slower pace than what others predict. While the price of BAT may range from $1.40 to $2 for the next 3 years, it may eventually reach $2.40 in 2025.
What Potential Factors Can Affect the Price of BAT?
A lot of factors influence the price of BAT. Here are the most prominent ones:
- BAT has a limited supply of 1.5 billion. 1.49 billion are in circulation because the rest were burned, making BAT a scarce cryptocurrency. This may be one of the main factors why the price of BAT can increase in the future.
- Since advertisers in the Brave browser have to pay at least $2500 per month for BAT tokens to advertise their products, the more advertisers, the higher the price of BAT. As many people are becoming aware of this advertisement method day by day, BAT’s price can go higher in the future.
- If BAT would be trending in social media or any crypto communities, its price would increase because many people would buy it due to the fear of missing out (FOMO).
Brave Browser users
- As more people start using Brave Browser, the number of advertisers can increase as well, which as a result can increase the price of BAT.
What’s Next for Basic Attention Token (BAT)? What to Expect in 2021?
Basic Attention Token is growing each day. It is expected that the number of publishers, advertisers, and users may increase in the near future. As BAT grows as a network, its community may grow at the same rate.
Is Basic Attention Token (BAT) a Good Investment?
Since the price of BAT is predicted to increase, and its supply is getting scarcer each day, it might be a very good idea to invest in BAT. Furthermore, the utility of BAT tokens has revolutionized the world of online advertisement.
- BAT is a utility token that serves as an ERC-20 token in the Ethereum network.
- BAT was founded in 2015 by Brian Bondy and Brendan Eich.
- Its purpose is to create a cycle of rewards for advertisers, publishers, and users on the Brave browser.
- Basic Attention Token has a limited supply of 1.5 billion and 1.49 billion are already in circulation.
- Experts predict that the price may slightly increase in 2021.
- The price may double in the next 5 years.
- Altogether, BAT is a wise investment.