Exchange tokens have become key to the ecosystem, and in the recent bear market, Huobi Token (HT) is having a field day, reaching record prices. HT is at $4.97, rising by more than 15% in the past 24 hours, and near record levels against BTC.
https://twitter.com/Bitboy_Hodl/status/1009397035974451200
Using exchange tokens has increased during the bear market, allowing for trading and gains in BTC and crypto to continue, despite the lowered direct liquidity inflows.
!HT!
The most recent social media noise surrounding HT points to a unification of the exchange ecosystem, with speculations of a possible cross-listing of exchange assets between Huobi and Binance, possibly other exchanges as well. This would open the doors to more active trading, arbitrage, or the possibility to expand to still unlisted digital assets.
As of June 15, only Gate.io, a niche exchange, lists both exchange tokens, allowing for a movement of assets, at least by proxy.
The other possible boost for the price of HT is the hacking of Bithumb, which may have boosted the position of the competing exchange. Yet another potential explanation for the upward run of HT is the inflow of Tethers, with Huobi being one of the exchanges where the asset concentrates. HT is directly traded for USDT, getting a price boost as traders move assets between exchanges.
HT is also seen as a hyped asset that may be due for a correction in the near future, as it continues to climb. The asset is above 76,000 Satoshi, and a dollar equivalent of $5.05, with a rising trend. According to CryptoCompare data, more than 72% of HT trading comes from USDT trading on Huobi Pro. This makes the inflow of USDT on the exchange the chief underlying factor for the speculative boost in HT. USDT has been involved in the rise of several assets, including EOS.
This article appeared first on Cryptovest
