Article about how you can earn on cryptocurrency, but without buying Bitcoin and Ether. We will talk about HT token, which is the official coin of cryptocurrency exchange Huobi. For those who do not know – cryptocurrency as well as stocks are traded on exchanges, only on special – crypto exchanges. You can see their rating at https://coinmarketcap.com/ – we will talk about it, but first things first.
Why do many people actively buy this token now and believe that it can at least double their investment?
Exchange tokens are special cryptocurrencies that are issued by the exchange itself. In fact, the popularity of the exchange determines how popular the token will be. Well, its price depends on it. The direction is not very young, but still very promising. Let’s see what history and analytics tell us.
The first token was issued by Binance, the most popular cryptocurrency exchange in the world. Binance coin started trading at $0.1, and two years later was trading at $30 – effectively multiplying holders’ investments by 300 times! That was 2019. And two years later, in February 2021, there was an explosive growth of Bitcoin, when it soared from $10,000 to $60,000, lifting the entire crypto market behind it. This sparked even more interest from people in crypto and the BNB token soared from $30 to $600.
In the summer of 2019, investors watched BNB skyrocket and were biting their elbows. But at the same moment, a simple but correct thought occurred to them: “What if we buy tokens from other exchanges?” It wasn’t hard to find the right information online and came across EXMO, a cryptocurrency exchange that was releasing its token in August 2019.
Having bought tokens for, say, $1,500 and decided it was a long-term investment, then placed several limit orders to sell tokens at “tasty” prices and forgot – in mid-February 2021 you would have received notifications on your phone that some of your tokens were successfully sold on the orders. Opening the exchange, you would be happy to see $26,000 in your account. The plan would have worked. The investment would have grown by 17 times.
But those are all stories from the past, let’s talk about the future.
The logic was right – the crypto industry will develop, Bitcoin price will grow, and exchanges and their tokens will grow after them. EXMO was from the category of second-tier exchanges. We need to find the coin, which is in the top exchanges of the first echelon and still has potential (many investors are afraid to buy BNB for such value). Open CoinMarketCap and see which exchanges are in the top ten by capitalization and average daily volume.
In fact, all these exchanges can be studied, but the exchange HUOBI attracts attention. As you have already guessed, it is attracted by the fact that they also have their own token.
At one time the token managed to get to $40 a piece. That was in March 2021 during that very superpump of bitcoin. Then the token fell to $15 and then to $7 due to negative news about China’s cryptocurrency policy. China opposed crypto, and Huobi is located just in China, which greatly affected the exchange’s position. Because of these events, they had to relocate.
Huobi is not at the top of crypto exchanges for nothing. They have the right policy – they follow in the footsteps of Binance: token lunches, steaking and other useful bonuses and conveniences for users. In any case, every year the era of cryptocurrencies grows stronger and bigger. The first exchanges in the future will become eternal giants of the industry, and their coins will be a strong fundamental investment. The big players will sooner or later follow this analogy and enter it with a decent amount of money.
According to many analysts, the coin will grow again at least to its peak price – $40 (at the moment of writing this article it trades around $8-9).
Plus now China is starting to say that we probably shouldn’t have made all this mess about blockchain. Miners, traders, investors and exchanges will come back, so the price should recover. Always do your own analysis and never rely entirely on someone else’s forecast.