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Why this cryptocurrency just surged 16% on news of a key Binance partnership

Why this cryptocurrency just surged 16% on news of a key Binance partnership

Basic Attention Token (BAT), the native cryptocurrency of the Brave Browser, spiked by more than 16 percent following a Binance trading widget integration.

The Brave team said:

“Brave Software and Binance, the global blockchain company behind the world’s largest cryptocurrency exchange by trading volume and users, today announced a partnership that enables Brave browser users to seamlessly trade cryptocurrency assets through Binance.”

The partnership allows users of Brave Browser to trade cryptocurrencies on Binance on the new tab page of the browser.

Bringing cryptocurrency trading to the mainstream

The Brave Browser remains as one of the few products with a native cryptocurrency to have millions of active users on a monthly basis.

In January 2020, Brave Software co-founder and CEO Brendan Eich said that the number of active monthly users using the Brave Browser surpassed 11.2 million.

He said:

“Brave finished 2019 with 11.2M MAU & 3.5M DAU. Since then DAU has passed 3.7M DAU, and growth continues.”

That is more than a 10 percent increase in user growth within a two-month span, after seeing 8.7 million users in October 2019.

Changpeng Zhao, the CEO of Binance, said that the “long-term partnership” with Brave will increase the utility of cryptocurrencies.

Zhao said:

“The Binance widget on Brave’s privacy-oriented browser instills a safer way to buy and sell crypto and also reduces user friction to onboard, trade and interact with the Binance ecosystem. We are looking forward to our long-term partnership with Brave to make it even easier to interact with crypto and encourage more utility in the near future.”

The recovery in the price of BAT comes at a much needed time of the year; since January 1, the price of the BAT cryptocurrency fell by nearly 50 percent against the USD.

It fell substantially as the Bitcoin price dropped sharply from $8,000 to sub-$4,000 on March 12, in one of the steepest pullbacks in the market’s history.

Since bottoming out at $0.099 in mid-March, the price of BAT has increased by around 70 percent to $0.162.

The BAT cryptocurrency has seen a crucial recovery during an important period (source: tradingview.com)

Crypto industry still moving forward despite global economic uncertainty

The sharp correction of the U.S. stock market and the global financial sector led to a short-term decline in the valuation of the entire cryptocurrency market.

But, the industry has seen significant positive developments over the past three months. Most notably, the Supreme Court of India dismissed the circular issued by the Reserve Bank of India to prohibit cryptocurrency trading.

Investments in the cryptocurrency and blockchain industry have declined year-over-year, primarily due to the economic consequences of the coronavirus pandemic in key cryptocurrency markets such as China, South Korea, the U.S., and Europe.

Yet, industry leaders and major companies within the sector are working toward strengthening the infrastructure supporting cryptocurrencies, similar to every previous bear cycle in the last ten years.

Since 2009, Bitcoin has seen a repeated cycle of a bear market-build phase-accumulation phase-bull market many times over. Following every bear cycle, the industry had come out stronger in terms of fundamentals.

Basic Attention Token | BAT

Updated: Mar 25 at 12:04 pm UTC

Basic Attention Token, currently ranked #34 by market cap, is up 11.45% over the past 24 hours. BAT has a market cap of $220.16M with a 24 hour volume of $99.08M.

Chart by CryptoCompare

Basic Attention Token is up 11.45% over the past 24 hours.

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Posted In: , , Adoption, Partnerships, Price Watch

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Joseph Young

Joseph Young

Analyst @ CryptoSlate

Joseph Young is a finance and tech journalist. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

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