The Huobi crypto exchange has been through a torrid time recently.
The platform’s HT token, which was already struggling, saw further losses after it was claimed that millions of dollars worth of crypto had been withdrawn from the exchange.
Claims that the people behind the exchange were under investigation by Chinese authorities have also been denied by the platform.
However, the news that Huobi was planning on becoming the first exchange to list PayPal’s PYUSD stablecoin may have come as good news for the platform’s supporters.
A spokesperson for Huobi told CCN.com: “In regards to the recent China arrest FUD [Fear, Uncertainty, and Doubt], all original sources of misinformation have been contacted to remove and correct, Huobi expressively reserves the right to take legal actions against platforms or individuals with acute intents to mislead or defame.”
But what is Huobi (HT)? How does Huobi work? Let’s see what we can find out, and also take a look at some of the Huobi Price Predictions that were being made as of August 11 2023.
Hong Kong-based Huobi is one of the major players in the Centralized Exchange (CEX) market.
Founded by crypto trader Leon Li in 2013, the platform allows people to buy, sell, and trade cryptocurrency.
The system is supported by its native Huobi token, known by the ticker handle HT.
People who hold the Huobi token can vote on changes to the network. They also receive discounts on trading fees and can stake, or set aside, the crypto in order to access new tokens.
People can also buy, sell, and trade HT on exchanges.
Because Huobi is, ultimately, based on the Ethereum (ETH) blockchain, HT is a token, rather than a coin. You might see references to such things as Huobi coin price predictions, but these are wrong.
Now, let’s examine the Huobi price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a Huobi price prediction.
HT was launched in 2018, when it was worth about $1.20. It hovered between that level and $5 for much of the next few years. Huobi responded well to the crypto market entering a bull cycle in early 2021, and it hit an all-time high of $39.81 on May 12 that year. After that, though, it fell and closed 2021 at $9.37.
2022 was a poor year for crypto, and HT suffered during the 12 months, although not as badly as it could have done. A series of market crashes saw it close the year at $5.01. While an annual decline of around 45% was bad, in comparison to the crypto markets loss of more than 60% over the course of the year, HT was one of the better performing tokens.
So far, 2023 has not been a good year for the Huobi token. Although it reached a peak of $6.84 on February 20, it then fell down again. The news that the United States Securities and Exchange Commission (SEC) was suing the Binance and Coinbase exchanges dealt it a blow.
On June 10, Crypto.com’s announcement that it was suspending its US institutional operations saw it drop to $2.58. In the months since then, it has barely moved and, on August 11 2023, it was worth about $2.60.
At that time, there were 162.2 million HT in circulation out of a total supply of 203 million. This gave the token a market cap of around $420 million, making it the 87th-largest crypto by that metric.
The price of HT has barely moved in the two months since it reached its low of June 10. It climbed by about 9% to a high of $2.82 on July 14, but has since fallen back. It is worth noting that it is down by nearly 15% from its pre-crash high of $3.01 on 5 June, and is down almost 50% since the start of the year.
With that all said and done, let’s examine some of the Huobi price predictions being made on August 11 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term Huobi price prediction that saw the token in for a tough time in the coming weeks. The site said that the token would drop to $2.53 by August 16 and continue to fall to reach $2.34 by September 10. Perhaps unsurprisingly, the site’s technical analysis was bearish, with 29 indicators sending negative signals and just two making bullish ones.
Moving on to other Huobi price predictions for 2023, DigitalCoinPrice said the token would reach $5.46. Bitnation said it would be worth $3.58. PricePrediction.net thought that HT would trade at $3.15 this year.
Bitnation made a Huobi price prediction for 2025 that said the token would trade at $9.05. PricePrediction.net thought the crypto could reach $6.33. DigitalCoinPrice argued that HT would stand at $9.26 in two years time.
Looking at a more long-term Huobi price prediction for 2030, PricePrediction.net said the crypto would reach $43.04. DigitalCoinPrice said it would stand at $26.46. Bitnation had an HT price prediction that saw it trade at $21.97 at the start of the next decade.
It is hard to say. HT has not been able to recover from the crash of June 2023 as well as some other cryptos, and the recent news about withdrawals from the platform, coupled with regulatory concerns, do not help matters.
On the other hand, the exchange’s upcoming listing of PYUSD suggests that the network does have plans for the future.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in HT.
No one can really tell right now. While the Huobi crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Huobi, you will have to do your own research, not only on HT, but on other, related, coins and tokens such as Binance (BNB). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
On August 11 2023, there were 162.2 million HT in circulation out of a total supply of 203 million.
It might do. Both DigitalCoinPrice and Bitnation say it will do so in 2026, while PricePrediction.net thinks it will reach double figures in 2027.
HT token holders can vote on changes to the Huobi crypto exchange and can receive discounts on their transactions. People can also buy, sell, and trade HT on crypto exchanges.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.