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1 Top Cryptocurrency I’ve Got on My Radar Right Now

·3 min read
Diagonal chain made of zeros and ones. Cryptocurrency and mining.
Diagonal chain made of zeros and ones. Cryptocurrency and mining.

Written by Chris MacDonald at The Motley Fool Canada

A relatively new asset class crypto was introduced in 2009 with the launch of decentralized cryptocurrency Bitcoin. Since Bitcoin was launched, thousands of projects have popped up. However, finding a top cryptocurrency (other than Bitcoin) to invest in isn’t the easiest task.

Indeed, many investors focus on Bitcoin, or one of the other top tokens in the market, for this reason. Finding the “next Bitcoin” isn’t easy because there hasn’t been one. Bitcoin has retained its market dominance over time.

However, there are a number of high-growth projects with low valuations that may provide greater returns over the medium term. Given Bitcoin’s size, it can’t grow as fast as other lower-valuation tokens.

One top cryptocurrency I’ve had on my radar for some time is Basic Attention Token (CRYPTO:BAT). Here’s why I think investors may want to take a look at this token right now.

A top cryptocurrency boosted by key partnerships

Basic Attention Token is a native cryptocurrency of the Brave browser. This is an ERC-20 token built on the Ethereum network, known in the crypto community as a “utility token.”

This crypto project is unique in that Basic Attention Token almost resembles a company with a business model. Via revenue streams from advertisers looking to place ads on the Brave browser, Basic Attention Token is able to pay web surfers for their attention. Via sharing profits with those simply looking to browse, there’s a lot to like about how sustainable this project could be over time.

This unique model has led to some key partnerships worth noting. Companies such as Verizon, Purple, BlockFi, Nexo, and more have joined Basic Attention Token’s business model.

This brand-new advertising revenue model preserves user privacy and freedom of choice. In addition, this cryptocurrency can be used to tip content creators, including individual Twitter users or individual websites. Brave browser users also receive BAT coins for opting into advertisements. Thus, millions of participants use BAT as transactional tokens.

Accordingly, these benefits continue to attract new partners and established brands, thereby increasing the value of BAT tokens over time — at least, in theory.

Bottom line

To be sure, Basic Attention Token is a relatively new project, which is just starting to see traction. Yes, this project has some rather formidable partners investors have focused on. Over the long term, I think more advertisers will see the value of this crypto-focused browser.

However, alongside this innovation comes risk. The crypto market as a whole is a difficult place to invest right now. Capital isn’t flowing into this sector as it once was. Thus, perhaps the near term will be a more difficult time for investors considering this token.

It’s really about timeline when it comes to Basic Attention Token. Indeed, those with a long-term investing time horizon may certainly want to check out this token right now.

The post 1 Top Cryptocurrency I’ve Got on My Radar Right Now appeared first on The Motley Fool Canada.

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More reading

Fool contributor Chris MacDonald owns Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum.

2022

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