Huobi Token (HT), the token of the crypto exchange platform Huobi Global, allows effectively reducing the average commissions for traders’ exchange operations.
What Is Huobi Token?
Huobi Token is an ERC-20 token issued by Huobi Global for promoting its project and offering additional functionality to its users. In addition to reducing commissions, users can also use HT to purchase their VIP-status and receive additional discounts on transaction fees. HT holders can also participate in voting decisions and receive extra crypto awards on a seasonal basis. However, the long-term price and capitalization dynamics of Huobi Token will primarily depend on the overall effectiveness and sustainability of Huobi Global’s project. There are also numerous opportunities for HT holders to trade HT tokens for other cryptocurrencies. At the present moment, there are various assessments regarding HT market sustainability and potential for further growth in the long term.
HT’s current price equals $9.52 with the circulating supply of 155.67 million tokens. Its maximum supply is 500 million tokens, and the following years can be associated with the large-scale expansion of its market supply. Its current market capitalization is about $1.48 billion, making it the 72nd largest cryptocurrency at the moment. The competitive positions of Huobi Global in relation to Binance and other major crypto exchange platforms will determine the demand for HT in the following months. The enhanced functionality of HT may also have a positive impact on investors’ demand for it as an independent crypto project. At the moment, the overall level of market risks associated with the investments in HT is comparatively high.
Reasonability of Investing in HT
The only rationale for investing in HT from the long-term perspective is the belief in Huobi Global’s strong market positions and ability to challenge Binance’s dominance. At the moment, HT lacks functionality required for positioning it as an independent project and attracting investors even if their assessment of Huobi Global’s project is negative. At the same time, HT may be considered as a potential investment for obtaining high short-term gains. HT may also be included in the diversified crypto portfolio for risk reduction. Technical analysis indicates that HT’s price develops mostly in the horizontal channel.
HT’s price fluctuations within the past three months follow the correction channel between the prices of $8.1 and $10.1. The former is the support level as $8.1 constitutes the minimal price of HT’s token within the past several months. At the same time, the strong resistance level of $10.1 prevents it from further appreciation. The identified trends confirm the likelihood of similar price movements being observed in the following weeks. In this regard, investors may open a short position (expecting the token’s depreciation) as it is currently close to the high boundary of the channel. The changes in the overall investment activity and the dynamics of the crypto market are also crucial for affecting the demand for HT and utilization of Huobi Global’s services.
Source: https://crypto.news/huobi-token-ht-reducing-commissions-for-exchange-operations/