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Basic Attention Token, THETA Surge to Record Highs; How Bitcoin Dominance Can Be Used To Deduce Altcoin Strength

The cryptocurrency market is once again trading in the green after massive declines during the week. Optimism returned across the cryptocurrency market following a brighter economic forecast from the U.S. Federal Reserve and comments which spelled out the chances of increased interest rate in 2022 if employment and economic indicators continue to improve.

Bitcoin subsequently recovered from lows of $53,221 to reach highs of $60,100 today. Amid the recent developments, few Altcoins continue to stage impressive performances.

Basic Attention Token, or BAT, is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention while providing advertisers with a better return on their ad spend. On Mar. 18, the BAT token rallied to new all-time highs of $1.45 after Grayscale’s announcement. According to a Mar. 17 announcement by Grayscale CEO, the platform stated its inclusion of 5 new products that include Basic Attention Token, Chainlink, Decentraland, Filecoin, and Livepeer for institutional investors.

Apart from the BAT token, Decentraland (MANA), Filecoin (FIL) also rose in response to the Grayscale news. On a 7 day basis, Decentraland (MANA) and Filecoin (FIL) are up 99.61% and 86.14% respectively.

Bitcoin Dominance Chart

According to a well-known analyst, the Bitcoin dominance chart shows a potential bottoming construction at a key support level. In other words, after such a big multi-month rally in Altcoins, a correction wouldn’t be a surprise alongside rising BTC dominance.

The Altcoin/BTC chart can also give relevant insights into cryptocurrency’s strength. The Altcoin/dollar chart may not give the most accurate picture of a cryptocurrency’s strength. Cardano (ADA) for instance has refreshed new all-time highs in its USD chart but yet far from its BTC chart all-time highs. Such an observation may imply that Bitcoin is showing strength, while the Altcoin may be losing value against BTC.

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