When Bitcoin Plummeted, Huobi Token (HT) Even Skyrocketed 80 Percent In A Week, What's Going On?

Huobi Token skyrocketed during the bear market. (Photo; Doc. CryptoStory)

JAKARTA - Huobi crypto exchange, has its own crypto token, Huobi Token (HT). HT price movement has attracted the attention of investors, because the price of the token actually experienced a significant increase at a time when the bearish market. The decline in the crypto market itself was triggered by the drop in the price of Bitcoin, which is now breaking 19,000 US dollars per BTC.

The decline in BTC also dragged the drop in most altcoin prices. However, not all altcoins went free, one of which was as experienced by Huobi Token. HT skyrocketed 80.9 percent in the past week. Meanwhile, in 24 hours, HT showed a 10 percent increase. Currently, HT is trading at the level of Rp112,596, according to Coinecko data.

Previously, Bitcoin had soared above $20,500 to mark its three-week high on October 6, but failed to continue to rise and eventually reversed its movement. This coincided with the latest US work reports that helped affect BTC price movements. This time BTC fell again to a price of 19,000 US dollars per coin.

Huobi Token Curi Attention

Currently, Huobi Token ranks 52nd in crypto rankings by market cap. HT managed to skyrocket by more than 80 percent in the last one minggi. The increase was likely triggered by the appointment of TRON founder Justin Sun, as Huobi's global adviser.

Huobi Token, on the other hand, stands out as today's best player out of the top 100. This asset has been rolling since the latest developments reported by CryptoPotato earlier this week, and another 22 percent daily spike has pushed it to current prices, at the level of Rp112,000.

According to a recent statement, Huobi's majority shareholder, Li, reached an agreement with Hong Kong-based investment firm About Capital Management to sell all of its shares on the stock exchange. About Capital will control the majority stake in Huobi Global.

After the purchase of the majority stake, Huobi formed a global advisory board consisting of five members including co-founder Du Jun. While the other is Wang Yang of the Hong Kong University of Science and Technology, CEO ofwakilorekaly Investment▁kebutuhan Wald, then founder of About Capital Ted Chen, and the latter is Justin Sun of TRON. The advisory board plans to guide Huobi's crypto exchange expansion to a global level.