todaysgazette.com
Looking at the cryptomarket today, there is a price correction trend on going with a number of altcoins turning red in the past 24 hours. This could be as a result of the market forces adjusting to the recent recovery of Bitcoin which crossed the $10,000 mark over the past weekend.
Despite this, there are a number of coins that have made significant gains in the last 24 hours with Huobi Token a curious case.
The crypto which is the native token of the largest exchange in Asia Huobi, increased in value by 2.85% with its market cap sitting just over $1billion. As at the time of writing, Huobi Token is priced at $4.10 per unit and sits 15th on the coin rankings displacing Ethereum Classic from its position.
As Tron (TRX) cryptocurrency continues to shed more value in the market, its rank also followed the same pattern, leaving the crypto project of Justin Sun just a step away from Houbi Token which is growing lately.
However, Houbi Token may have the chance of outstripping Tron if its continues to maintain it current momentum as well as the latter.
Huobi Token (HT) Price Rally Could Be Attributed To Launch Of New Smartphone
This strong rally by Houbi Token can be attributed to the recent developments within the crypto exchange. On Tuesday Huobi announced it would launch a blockchain phone named ‘Acute Angle’ for a low-cost fee of $515.
The phone which is developed by Whole Network will be debuting in Southeast Asia before launching in the US and Europe. It is expected that the phone will have built-in dapp wallet, optional cold-wallet plugin, and node native token.
Huobi also revealed that the phone can be purchased with its native token HT for half the price and it will be the first of future blockchain-based phones from the company. There are also plans ongoing for the development of a 5G blockchain-based phone from Huobi.
Weekly Charts Suggest Correlation Between Price Rally And Announcement
Looking at the weekly chart, there was a spike in value of Houbi Token between the periods when the announcement was made on Tuesday.
Although the crypto market can be volatile at times without being attributed to any tangible factor, this current bullish run coincides perfectly with the timing of the smartphone launch.
It remains to be seen whether this little run could continue all through the week. If we are to speculate if the current bullish run continues, Huobi could overtake popular crypto Tron on the table in the coming weeks.
