Is the Number of Wallets Correlating with Its Price Increase or is a Bullish Move Coming?
Basic Attention Token (BAT) has had a pretty good month in June. Its price has increased from $0.220000 on the 1st of June and finished the month trading at $0.257569, a 17% rise. Its price in its BTC valuation has grown from 0.00002254 BTC to 0.00002777 BTC, roughly a 23% surge. As such, BAT managed to climb the rankings and is now #31 on CoinGecko and #32 on Coinmarketcap.
A Bit About BAT
Basic Attention to Wallet Growth
Glassnode an on-chain cryptocurrency analyst made note of a recent increase in BAT wallets on Twitter.
Apparently, the number of BAT wallets has crossed the 800,000 mark in June. This is 50,000 new BAT wallets in less than a month and a 6% increase in the total number of wallets.
This seems to signify new traders are buying BAT for possibly the first time.
Trader's revitalized interest in BAT might have to do with interest rates and possibly Ethereum's DeFi ecosystem. Compound (COMP) a new DeFi token has recently offered extremely high interest rates on BAT. Compound's interest rates on BAT have been as high as 22%. This could be one of the many reasons for BAT's price increase.
Ethereum's ecosystem as a whole seems to have a bright future with ETH 2.0 on the horizon. Basic Attention Token will likely be a part of that bright future.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado