Huobi Token (HT) Rallies Another 19%
On the day, Huobi Token is up another 19%, bring the token’s price to $2.37 with a market cap of $118.4 million.
Huobi Token has a number of use cases, including being the vehicle used for voting for new coin listings on Huobi’s platform and as a discount on trading fees. Similar to the Binance Launchpad, Huobi also recently announced Huobi Prime, a new token launching platform that will leverage Huobi Token for exclusive token sales.
While Binance Coin has dominated the headlines over the past month, the token is actually up less than Huobi Token over the period (70%). The larger exchange token ecosystem has performed well as the AltDex Exchange Token Index (ALTEXC) is currently up 55% over the same period.
Given that Huobi Token is still roughly 1/20th the valuation of Binance Coin while being in roughly the same ballpark for daily trading volume, HT could be an interesting investment opportunity for investors looking to benefit on the growth of the exchange ecosystem.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.