Basic Attention Token Rallies While the Rest of the Market DeclinesMay 16, 2018, 8:04PM
Contrary to expectations, the Consensus 2018 conference is failing to support cryptocurrency prices. Meanwhile, BAT Token Bucks the Trend.
Contrary to earlier expectations, the Consensus 2018 conference is failing to support cryptocurrency prices, and the market looks to be entering a downturn. Prices for the top 10 assets are down by mid-single digits across the board with EOS (EOS) and Stellar (XLM) leading the dip with declines of 7.5% and 8.2%, respectively. The total cryptocurrency market cap has fallen to $379 billion with Bitcoin dominance increasing to 37.3% of the total market.
Bitcoin and Ethereum
Bitcoin failed to break past resistance at the $8,800 level, falling dramatically against the dollar. This move ends the ascending channel technical pattern that seemed to be in place earlier in the week. Bitcoin is now worth $8,284, and a decline below psychological resistance at $8,000 would be a dramatic bearish indicator going forward.
Ethereum is fairing a little bit better than Bitcoin, although both assets are in decline. Right now, the Ether price hovers slightly below resistance at $700. The asset's total market cap is now just under $70 billion with $2.55 billion worth of volume.
Almost all the top 100 assets are down today, but there are several notable exceptions. Basic Attention Token (BAT), a coin focused on the advertising industry, is up by 5.27% - this rally may be the result of an interview conducted with Boxmining, a popular Youtuber who specializes in the crypto sector. The rally sends BAT to a per unit price of $0.39 and a total market cap of $393 million on relatively low volume. Other positive performers include Veritaseum (VERI) and Kin (KIN) both up 12.20% and 3.48%, respectively with no known catalyst.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.