The native token of cryptocurrency exchange HTX, Huobi token (HT), has increased 25% to a five-month high of $2.95 as a result of a sharp rise in trading volume.
HT, which peaked at $34.8 in 2021, has now broken out of a 12-month decline, coinciding with the onset of a bull market as indicated by the larger crypto market.
Justin Sun, an advisor for HTX, said to CoinDesk that he “has no idea” why the currency has increased in value.
Huobi Token Sees 25% Price Increase, Trading Volume Spikes,Huobi Token Sees 25% Price Increase, Trading Volume Spikes
With $32 million in daily trading volume, HT is having its best volume trading day since February. With the token stuck at $2.40, last week’s trading volume fluctuated between $2 million and $5 million. The HT/USDT trading pair reached $26 million during the last day, according to CoinMarketCap, with the majority of that activity occurring on HTX itself.
This year, HT experienced a surge of sell pressure following reports that Li Wei, the brother of Huobi founder Li Lin, had purchased tokens at “zero cost” and sold them for “huge amounts of cash.”
The current price increase hasn’t been caused by any specific news, but the overall altcoin market has been supported by increased market confidence around the possibility of an SEC-approved spot bitcoin (BTC) exchange-traded fund (ETF).
Since October 20, the total market value of cryptocurrencies, excluding Bitcoin, has increased from $505 billion to $631 billion. In contrast, the price of bitcoin is presently around $36,800, a 16-month high.
Huobi Token Sees 25% Price Increase, Trading Volume Spikes,Huobi Token Sees 25% Price Increase, Trading Volume Spikes,Huobi Token Sees 25% Price Increase, Trading Volume Spikes , Huobi Token Crypto news, Huobi Token News