It is no longer a secret that the entire cryptocurrency market has been moving towards a great demise in recent months.
Despite the efforts, crypto firms and institutional adoptions have failed to move the crypto-verse toward a recovery.
Huobi Token is Performing Well
However, there is one particular token that has been demonstrating a strong performance against all odds. The token launched by Huobi Global, a cryptocurrency exchange seems to be recording a rally.
According to data, the trading price of the Huobi Token (HT) has recorded a 12% surge. The digital asset has recorded a surge in value in the past 24 hours.
The recent rally achieved by the Huobi Token has moved it into the list of a handful of cryptocurrencies demonstrating strong gains despite the market downtrend.
Running Week Performance
It has been a remarkable week for the Huobi Token investors to see that the token has demonstrated an even better performance in the running week.
The price chart shows that the trading price of HT has recorded more than an 80% surge in the running week. Just when the week began, HT started to demonstrate strong performance.
The performance demonstrated by HT in the running week is the best it has delivered since February 2021.
Huobi Global Helped HT
Huobi Global, the exchange behind the issuance of the Huobi Token is the very reason that has helped form a great rally surrounding the token.
Just recently, the Huobi Global exchange made an announcement about launching a new trading feature. The exchange announced that the users would be able to access Starfish Finance (SEAN) spot trading.
This worked as a lucky charm for the Huobi Token sending a frenzy throughout the HT community. The investors have started buying the token on a large scale, thus, a strong rally.
About Capital Management’s Involvement
A strong rally followed by a strong trading volume was also the result of the strong interest of the investors in the latest reports.
The reason behind HT’s strong weekly gains is based on the announcement made by About Capital Management.
The investment firm based in Hong Kong made an announcement on October 8 that it was planning to buy Huobi Global.
This came as a huge surprise for the entire HT community who were aiming to cash in on the opportunity and generate more gains from the latest reports.
Justin Sun’s Remarks
The founder of About Capital as well as the Tron blockchain project, Justin Sun praised the outstanding performance of HT.
He stated that they are very excited that they will be able to buy Huobi Global and bring more users to the exchange.
Their aim is to introduce many projects and make Huobi Global an even larger brand. This way, more adoption would come HT’s way which would eventually increase its demand in the global market.