In a rare bout of optimism, it is nice to report that Huobi Token is absolutely flying at the moment. As a native project to the Huobi Exchange, Huobi Token is relishing in the good news and the great moves made by Huobi over the past few days. In fact, since June, it seems as if Huobi haven’t stopped making announcements.
Huobi Token may not be considered the most important on the markets, however its existence within the top one hundred means that it would be wrong to totally disregard Huobi token at this stage. It’s nature should not be underestimated and moreover, its current upswing within a depressive backpedalling market must be noted, frankly, it’s doing very well indeed.
At the time of writing, Huobi Token is valued at $5.99, up 15.82%. Overall, according to Coinmarketcap.com, Huobi Token is ranked 58th for market capitalisation, just sitting shy of the top fifty cryptocurrencies.
What’s happened here? Why is Huobi Token shaping its own upwards trajectory at such a stunning rate?
As I have mentioned, Huobi have started June knee deep in good news, let’s have a little recap on what’s actually happened:
Huobi have launched an Exchange Traded Fund, this allows for tokens within the Huobi Exchange to be traded in share packages, meaning traders can swap tokens without ever actually owning them. According to Hacked.com, this means:
“Investors get the chance to speculate on the success or lack thereof of an entire portfolio of cryptocurrencies, without having to go through the entire cryptocurrency roadmap themselves.”
Next, Huobi also announced a new starter fund of around $93 Million that will be used to assist blockchain and cryptocurrency startups within China and South Korea. This sort of generosity is always met very well within the markets, as, people rightfully believe that if they are a part of Huobi at this stage, when they invest in a perfect startup, it’ll make them a tonne of money.
Finally, Huobi have expanded international operations through the start of June, applying for a Canadian license in order to facilitate exchange there, and, impressively, kickstarting proceedings to get an office opened up in Brazil.
All in all, this news has contributed greatly to the value and market capitalisation of Huobi Token, a currency that really is relishing in the success of these developments and a general good feeling surrounding Huobi at the moment. Of course, the 15% climb for Huobi Token won’t last forever, but within this, Huobi Token is getting noticed and thus, people are starting to talk about it. This can only be a good thing for Huobi on the whole.