search icon
      blog search icon

      Huobi Token: Can HT reverse its downtrend? - Stocks Telegraph

      By Muskan

      Published on

      February 18, 2022

      5:02 PM UTC

      Huobi Token: Can HT reverse its downtrend? - Stocks Telegraph

      Huobi Token (HT) powers one of the major cryptocurrency exchanges. The crypto had been in somewhat of a consolidation phase during February. The price movements during the day show the consolidation may have ended on a bearish note but the bearish momentum is not confirmed yet – especially with the community being bullish on the token amidst major developments on the crypto exchange. At the time of publishing, HT token stands at a price level of $9.72. The price had declined by 2% during the day while the trading volume has increased by nearly 20%. Huobi Token is currently the sixty-second largest crypto in the market. 

      Huobi Token: Recent developments

      Huobi is one of the leading cryptocurrency exchanges which enables its users the access of a wide variety of financial products. The exchange is utilized in more than 170 countries and apart from crypto trading, it also provides top-notch market research, education services and social welfare – with a focus on inclusivity.

      Huobi Global has entered into a strategic partnership with CoinPanel – a smart crypto trading platform – to enable futuristic features for crypto trading. Crypto exchanges suffer from various network outages and problems related to ease of use which jeopardizes the growth of the blockchain industry. The strategic partnership between the two firms will enable the integration of the trading features. Moreover, a giveaway has also been announced during which new subscribers will get a chance to win $10,000 in USDT.

      Huobi also performs a monthly burn to decrease the floating supply of the token. During the running week, the exchange revealed that it performed its monthly token burn and burned $7.57 million worth of HT tokens. The current circulation of the token stands at 166 HT. The burn ensures that the token’s supply stays scarce which can play a role in increasing the price level.

      Future outlook 

      Huobi token can be one of the best bets in the market because of its underlying technology. Cryptocurrencies’ value is closely linked with the value proposition it brings which is why HT has a solid footing in the market. The recent developments may push the cryptocurrency towards reversing its current slight downtrend. The future outlook of the token is bullish. According to the estimates of Digital Coin Price, the cryptocurrency is expected to be operating at a price level of $12.88 in a year’s time while the five-year projection places it at $26.58.

      More From Stocks telegraph