Huobi Token Skyrockets 25% with Overnight Surge in Trading Volume for HT

Crypto News- In a remarkable turn of events, Huobi Token (HT), the native cryptocurrency of the Huobi exchange (HTX), has experienced a staggering 25% surge, reaching a five-month high of $2.95. This surge is attributed to a sudden and substantial increase in trading volume, marking a significant departure from the token’s recent performance.

Huobi Token Skyrockets 25% with Overnight Surge in Trading Volume for HT

HT, which saw its all-time high at $34.8 in 2021, has successfully broken free from a persistent 12-month downtrend. The broader cryptocurrency market is showing signs of a potential bull market, further contributing to HT’s resurgence.

Huobi advisor Justin Sun expressed bewilderment at the token’s unexpected rise, stating to CoinDesk that he “has no idea” about the driving factors behind the surge.

The daily trading volume for HT has witnessed a substantial spike, reaching $32 million, marking the highest trading volume since February. Contrastingly, in the previous week, trading volume fluctuated between $2 million and $5 million, with the token hovering around $2.40. Notably, a significant portion of the recent trading volume took place on HTX itself, with the HT/USDT trading pair registering $26 million in the past 24 hours, according to data from CoinMarketCap.

HT faced challenges earlier this year when it experienced a sell-off triggered by allegations that Li Wei, the brother of Huobi founder Li Lin, had acquired tokens at “zero cost” and subsequently sold them for “huge amounts of cash.”

Despite the lack of a clear catalyst for the recent surge in HT’s price, the broader altcoin market has been uplifted by a sense of optimism surrounding the potential approval of a spot Bitcoin (BTC) ETF by the U.S. Securities and Exchange Commission (SEC). This positive sentiment has reverberated across the cryptocurrency landscape, contributing to Huobi Token’s impressive resurgence.