The Basic Attention Token price is under intense pressure even after strong user growth in 2021. BAT, its native token, is trading at $1.1025, which is about 45% below the all-time high. It now has a total market capitalization of more than $1.6 billion, making it the 83rd biggest cryptocurrency in the world.
Brave 2021 review
Brave is a fast-growing mobile and desktop browser built on the open-source Chromium architecture. The main difference it has with other popular browsers like Opera and Chrome is that it compensates people for time spent on its platform. It is also built on the foundation of privacy.
Brave uses a different model. For example, it has an in-built ad-blocker that limits most adverts from the likes of Google and other platforms. At the same time, it runs its own advertising engine that displays adverts to interested people. For accepting these ads, these people are compensated using the Basic Attention Token coin.
Brave also cares about online publishers. That is why it has features that allow people to auto contribute their BATs to their preferred publishers. Some of the top publishers in its ecosystem are the Washington Post, Barron’s, and Coindesk, among others.
2021 was a good year for Brave and its ecosystem. The developers managed to court some key advertisers like PayPal, BlockFi, and NEAR Protocol.
In a statement this week, the developers also said that the number of users rose in 2021. The browser now has more than 50 million active monthly users from around the world. It is used by over 15 million users every day.
In addition, Brave launched a number of top projects in 2021 that will likely see growth in 2022. They include its inbuilt cryptocurrency wallet and search engine. Therefore, there is a likelihood that this growth will continue in 2022.
Basic Attention Token price analysis
The daily chart shows that the BAT price has been in strong bearish trend in the past few weeks. It has lost about 50% of its value since November 28. Along the way, the coin has moved below the 25-day and 50-day moving averages. It has also formed what looks like a head and shoulders pattern, which is usually a bearish sign.
Therefore, the coin will likely have a bearish breakout as bears target the support at $0.7700, which is along the 78.6% retracement level.
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