The cryptocurrency market is still looking to stabilize itself. Yet, some coins are displaying good performance. This article is all about Huobi token price prediction for 2024. Let’s take a look at it in more detail.
What is Huobi Token (HT)?
The Huobi token is the coin of the Chinese crypto-exchange Huobi. It offers benefits to its holders when utilizing the exchange. Huobi Token (HT) is a decentralized token founded on Ethereum. The token is created and circulated by Huobi Group with a restricted supply of 500,000,000 HT issued to date, never to be raised.
This number is split into three parts:
Why is the Huobi Token price rising?
Huobi Global is one of the most prominent cryptocurrency exchanges. The Chinese exchange had managed transactions worth billions of dollars per day in the past. This trend restricted down nattily after China declared a complete prohibition of all cryptocurrency activity in the country. At the time of writing this, the HT price is trading at $7.24. In the last seven days, the price has increased by almost +76%.
Announcement: "Huobi Global's Major Shareholder Completes Share Sale"https://t.co/AWpywO239n pic.twitter.com/EUMZo6qJOE
The HT/USD price inclined upwards because of the purchase of the firm by About Capital. About is an investment company established in Hong Kong.
https://twitter.com/justinsuntron/status/1579186183871287296?s=20&t=qaE2IelLEIcgNf9MM_X5OQ
Apart from this, Tron’s Justin Sun and Sam Bankman-Fried (SBF) partook in the buyout. Sun is the founder of Tron. Sun’s involvement in the buyout arrived a few days after Huobi selected him to become a fellow of the Global Advisory Board. In this position, he will operate with enterprises, academics, and policy leaders to develop the business.
What is the Huobi Token price prediction for 2024?
HT price Weekly, source: gocharting.com
The Huobi token price has been growing slightly and each price reduction gives a buying option. Although the HT token was displaying poor performance since its all-time high of $39.81. Yet, the recent price increase has regained the losses to some degree.
The HT token can see cycles of bull markets and bear markets in the upcoming years. This could confirm that the HT price could reach new all-time highs in a bull market and then can fall sharply in value again in a bear market. These cycles are normally about 4 years long, with 2.5 years bear market, and about 1.5 years bull market.
If we now understand when there could be restored bull markets and bear markets, we can now make the HT forecast for 2024. In the last bull market, the Bitcoin price rose from $3,500 (bear market low) to an all-time high of $68,000. We saw an increase by a factor of 20. This could push the altcoin price as well. Therefore, the Huobi price could also increase and reach an all-time high in 2025 and afterward.
Yet, Huobi Token price predictions for 2024 are still largely negative, with prices in the $0–$3.04526 range but the possibility of the price reaching $7 again in December 2024.
Conclusion
As can be apparent from the analysis mentioned above, Huobi Token (HT) price predictions are somewhat contradictory. There is no ubiquitous agreement either about positive or negative perspective HT price trends. Clearly, the future potential gain depends on different factors: announcements, new technological advancements of the Huobi Token, the crypto sentiments in China, the government’s position, and so on. We, therefore, remind you that before investing in any cryptocurrency, it is paramount to do your own analysis of such factors.