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Huobi Token (HT) Surprises Again After Going 130% Against Bitcoin

Sun, 10/23/2022 - 11:31
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Gamza Khanzadaev
HT aims for moon after going 130% against BTC
Huobi Token (HT) Surprises Again After Going 130% Against Bitcoin
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Huobi Token, the native cryptocurrency of the global exchange of the same name, has gained 130% against Bitcoin in the last two weeks. Constantly spurred on by the statements of Huobi's new leader, Justin Sun, HT is rising without stopping or correcting.

It seemed that the initial HT hype ended after the earth-shaking news of Justin Sun's assumption of leadership at Huobi and his announcement of plans to expand HT's capabilities and make it the world's top three exchange. The cryptocurrency then pumped up 90%, where it seemed to be headed for at least a correction. However, in the last two days, the price of HT has started to rise again and has added 16% to its price since Friday.

Huobi Token (HT) Is Not Stopping After 60% Price Increase: Crypto Market Review, October 12

Among the recent major announcements was the merger of Huobi's Heco network with Justin Sun's TRON and BitTorrent networks, with a capital investment to encourage developers of these networks to work together.

Huobi Token (HT) price action and perspectives

The all-time high for HT is the price of $40, which was reached in May 2021, 78% above current levels. HT's capitalization then reached $6 billion, which, compared to the token capitalization of Huobi rivals, FTX (FTT) and Binance (BNB), seems incomparably small.

Source: CoinMarketCap

HT is now capitalized at $1.3 billion, when FTT passed the $3 billion milestone and BNB is all of $44 billion. If Sun's plans live not only in his head, but will happen in real life, the size of the potential upside is obvious. Nevertheless, this is only a probability.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.