The Huobi Token HT/USD is a blockchain-powered loyalty point system. It is one official token of the exchange and supports businesses and all products within the Huobi Global ecosystem, including HT exclusive events.
The global push as a catalyst for growth
Cryptocurrency Exchange Huobi has announced that they are anticipating a 30% drop in revenue due to China’s crackdown on cryptocurrencies. This is based on a statement by the co-founder Du Jun.
Speaking to the Financial Times, Du Jun mentioned that the exchange is in the process of stopping their servicing of all Chinese users by the end of 2021.
Given the fact that there will be no Chinese users on the platform, Huobi’s revenue from these users will drop to zero.
With the goal of offsetting the loss in revenue from the Chinese market, Huobi has plans on expanding the offering in other countries.
All of this could potentially contribute to the growth of the HT token, so while it is at a decline, it might be the perfect time to invest in HT as the value of the token is still low.
On November 9, Huobi Global got approval to shift their spot trading business to Gibraltar, which is a solid start.
Should you invest in Huobi Token (HT)?
On November 9, Huobi Token (HT) had a value of $10.83.
To get a better perspective as to exactly what kind of value point this is for the HT token, we will be comparing it to it’s all-time high value as well as its performance in October.
HT’s all-time high value was on May 12, when the token reached $39.66.
Here, we can see that the token’s value was $28.83 higher or 266% higher at its all-time high than it was on November 9.
In terms of the performance in October, HT’s lowest point in value was on October 12, when the token fell to $7.16.
Its highest point was on October 23, when the token reached a value of $10.53. This means that the token increased in value by $3.37 or by 47% throughout the month.
According to data from IntoTheBlock, HT saw $96.32 million in transactions greater than $100,000 within the last seven days.
Additionally, it also saw $25.79 million in total exchange inflows as well as $34 million in total exchange outflows within that same span of time.
That said, with all of this in mind, this low point in the value of the HT token might be the perfect time to buy it, as it could increase in value to $13 by the end of November if it keeps up this momentum.
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from Market Analysis – Invezz
