Connect with us

Business

Overnight, Huobi Token’s Price Jumped 25% Due To More Trading Volume

Published

on

Overnight, Huobi Token's Price Jumped 25% Due To More Trading Volume

(CTN News) – Following a rapid increase in trading volume, Huobi token (HT), the native token of the cryptocurrency exchange HTX, has surged 25% to a five-month high of $2.95 following a 25% rise in trading volumes over the past few days.

It is now apparent that the Huobi token, which recorded an all-time high of $34.8 in 2021, is in the process of breaking out of a persistent 12-month downtrend, as the wider crypto market signals the beginnings of a bull run.

As a senior advisor to HTX, he told CoinDesk that he did not know why the price of the token had surged by such a massive amount within a short period of time, and that he could not figure out why.

Trading volume for Huobi token on a daily basis surpassed $32 million on Friday, marking the highest trading volume for the company since February. The token traded between $2 million and $5 million last week as it languished at $2.40, with a trading volume ranging between $2 million and $5 million.

In the last 24 hours, the majority of that volume has been handled by HTX itself, with the HT/USDT pair hitting $26 million in trading volume in the last 24 hours, according to CoinMarketCap.

A wave of sell pressure triggered by Li Wei, one of the brothers of Huobi token founder Li Lin, caused Huobi token to suffer a severe setback due to a wave of sell pressure, as he is suspected to have acquired tokens for “zero cost” and then sold them for “huge sums of money.”.

Despite the absence of a clear catalyst for the recent spike in price, the wider altcoin market has been boosted by wider market optimism regarding the possibility of a spot bitcoin (BTC) ETF being approved by the SEC, despite the absence of any real news catalyst at the moment to validate that belief.

A Huobi token surge in the market cap of cryptos, excluding Bitcoin, between Oct. 20 and Nov. 5 has been reported, with the market cap growing from $505 billion to $631 billion during this period.

Currently, Bitcoin is trading at its highest level in 16 months, at $36,800, at the time of writing, at its highest level in 16 months.

SEE ALSO:

UBS Resumes Selling The Bonds At The Center Of The Credit Suisse Scandal

Continue Reading

CTN News App

CTN News App

Recent News

BUY FC 24 COINS

compras monedas fc 24

Volunteering at Soi Dog

Find a Job

Jooble jobs