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22 March 2023
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Price Analysis

Huobi Token Price Gains 10% as USDT-Based Trading Picks up

TheMerkle_Bitcoin Huobi Margin Trading

It is a well-known fact native exchange tokens usually perform quite well in the price department. Although Binance Coin trumps all of its competitors by miles, the Huobi Token price is seeing its own bull run right now. With a current value of $1.31, it seems a lengthy period of sideways trading is finally coming to an end.

Huobi Token Price Mounts a Strong Push

In the cryptocurrency exchange world, Huobi seemingly gets overlooked rather often, for some unknown reason. The platform provides access to many different markets for trading, yet it appears the exchange simply can’t meet the overall trading volume of its major competitors. That in itself is an interesting situation, although the Huobi Token is not necessarily feeling any negative effects in the process.

While the Huobi Token price hasn’t budged much in 2019, today is shaping up to a very interesting day. Not only is there a 10% gain in USD value, but also in BTC value. Additionally, HT gains 11.25% on Ethereum, which is equally impressive. All of these gains push the HT price back to $1.31, 33,885 Satoshi, or 0.00957 Ether. All levels appear to be quite solid at this time, assuming there is a genuine interest by traders to support these levels.

To support such a strong and sudden uptrend, Huobi Token will need enough trading volume. So far, it seems that is not too big of a problem. With $27.6m in trades, nearly half of its market cap valuation in value has changed hands. That seems to confirm the interest in HT is very real right now, although that situation may come to change as the weekend comes around.

While most of the HT trading action comes from the Huobi Global platform itself, LBank is also contributing nicely with its HT/USDT pair. For now, it seems the USDT pairs are dictating the pace for this token, with BTC and ETH pairs taking a bit of a backseat. That seems to be a very promising development at this time, primarily because USDT trading is less speculative in nature compared to ETH or BTC trading, at least for these types or tokens.

It is rather remarkable to note how Huobi Token has successfully reached a 30-day high at this time. With most top markets still in a bit of a slump, reaching 30-day highs seems nigh impossible for Bitcoin and consorts. However, markets like HT continue to follow their own path first and foremost. It makes for some interesting trading in this volatile industry.

All things considered, this appears to be a very strong HT price push. With sufficient trading volume, it might even be extended for a few more hours, although noting further gains will be quite problematic. It will be interesting to see if any of the other exchange tokens see a similar trend later today or over the course of the weekend. Those seem to be the most stable markets to invest in until Bitcoin gets its act together.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

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