- Huobi Token (HT) rises to a five-month high.
- Today’s surge has broken a 12-month downtrend.
- Daily trading volume for HT reaches $33.1 million, the highest in months.
This sudden price increase comes on the heels of a period where HT experienced a persistent 12-month downtrend. In 2021, HT reached an all-time high of $34.80 but has struggled to regain that momentum.
Record-breaking trading volume
The surge in Huobi Token’s price is accompanied by a substantial increase in its trading volume.
Daily trading volume for HT has hit $33,120,880, marking the highest volume trading day since February. This significant uptick in trading activity is a stark contrast to the previous week when trading volumes ranged between $2 million and $5 million, with HT trading around $2.40.
Most of this recent trading activity took place on the HTX exchange itself, with the HT/USDT trading pair reaching $26 million in volume over the past 24 hours.
The exact reasons behind this surge remain uncertain. Huobi advisor Justin Sun expressed his lack of knowledge regarding the cause. However, this surge coincides with a broader sense of optimism in the altcoin market, likely driven by hopes for the approval of a spot Bitcoin (BTC) Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC).