Huobi, one of the leading Korean exchanges, was late to introduce its token. But now, Huobi Token (HT) is taking over the crypto space, as an indispensable tool within the Huobi trading ecosystem.
In the latest market downturn, HT continued to gain, adding more than 20% net in the past seven days, and up 10% in the past 24 hours to $4.74.
Huobi is close, or surpassing Binance in volumes, depending on the asset. But with a native token, the exchange may encourage higher volumes. Exchange coins have been instrumental to liquidity, and KuCoin Shares is yet another example of a hot digital asset tied to an exchange.
Other exchanges, like BCEX, are using a fixed-price native coin for liquidity.
The Huobi Token was launched from February 5, but only at the end of April trading has started. Since then, the past weeks saw HT appreciate in a gradual, but relentless climb, more than doubling in price within the span of a month.
The token started with a market price somehow resembling that of Binance Coin (BNB). BNB then went on to fuel more pairs on the Binance exchange, and peaked at a price of $20. The fate of HT is yet unknown, but as the year progresses, Huobi only increases in influence.
As HT appreciated in the past days, volumes on Huobi reached $1.5 billion in 24 hours, outpacing Binance, which reached $1.3 billion in 24 hours.
Competition between exchanges is heating up, and recently Binance doubled its refferal bonus:
The presence of Huobi Token may change the balances of influence further. Some believe the token is overbought, but as Huobi pairs and volumes increase, including Huobi Pro, the HT asset may become more influential.