A lot of cryptocurrencies have noted some small gains throughout the weekend. Although nothing spectacular has happened inside the top 20 just yet, things look pretty interesting further down the rankings. Huobi Token is the big winner of the weekend so far, courtesy of a hefty increase in USD and BTC value. This is happening primarily because of its high and somewhat unusual trading volume.
Huobi Token Price Rises Sharply
There has never been too much buzz about Huobi Token, even though it serves a purpose. Most major exchanges have their own native asset these days. In all cases, such assets can be sued to reduce platform trading fees. Huobi Token is, as the name suggests, a good way to do so on the Hobi exchanges around the world.
Over the past 24 hours, the Huobi Token price has increased by over 12% in USD value and 11% over Bitcoin. Both of those trends are quite interesting, especially when combined with the higher trading volume for HT. It is unusual for this token to have a volume of over $22m, especially during the weekend.
Looking across social media, it seems Huobi Token is not a trending topic by any means. Although Mercado Forex keeps speculators informed through its handy alerts, that is the only real engagement this token has gotten in the past few days. Not necessarily something to be concerned about, although it doesn’t necessarily bode well either.
— Mercado Forex (@mercadoforexnet) November 18, 2018
This most recent Huobi Token uptrend should not necessarily come as a big surprise. It was highlighted over a week ago by Oi Zephier, who saw the writing on the wall well ahead of time. It is difficult to keep tabs on all crypto assets, although tokens linked to bigger exchange usually tend to do rather well KuCoin shares and Binance Coin are two other similar examples.
— Oi Zephier 🌟🌟🌟🌟🌟 (@OZInspires) November 8, 2018
To put this in a slightly different spotlight, social sentiment associated with the Huobi Token price has been on the rise for nearly two weeks now. Although this is not necessarily the best market indicator, it only further confirmed people who bought in this week should have seen some decent returns despite the recent market dip.
— The TIE (@TheTIEIO) November 7, 2018
Assuming this trend keeps up, it will be a matter of time until the Huobi Token price turns $1.5 into a new support level again. That will be a major milestone for this asset, even though it’s all-time high lies closer to $6 Regaining such a value will take a lot of time, especially during this extended bear market. Even so, it can be a valuable token to own for the future.
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.