There’s no shortage of promising altcoins on the market right now, whether that be speculative meme coins or more serious, long-term projects. And a lot of cryptocurrency exchanges have issued their own cryptocurrencies as well. One is Huobi Token (HT), developed and introduced by Chinese cryptocurrency exchange Huobi Global.
While you don’t need to own Huobi Token to use the exchange, there are special benefits available only for Huobi Token owners. Here’s a deep dive into the cryptocurrency, as well as how high its prices could go in 2021.
What's Huobi Token?
Huobi Token is designed to be used on the Huobi Global crypto exchange platform. Founded back in 2013, the exchange has become popular in Asian markets as an alternative to Binance.
Huobi Token, built on the Ethereum network, serves to offer users benefits for their loyalty to Huobi. Traders can use Huobi tokens to get “VIP membership” on the platform, with different tiers of membership offering ranges of fee discounts. The highest level, VIP 5, offers a 50 percent discount for 12,000 HT per month.
However, that’s just the start of what Huobi Token offers users. Periodically, the exchange uses its transaction fees to buy back Huobi Tokens from owners in liquidity buybacks. Other benefits include early access to new cryptocurrencies on the Huobi exchange and voting rights.
Huobi Token is a loyalty token, a type of crypto that rewards users based on how loyal they are to Huobi. The most popular loyalty token may be Binance Coin, issued by Binance. Following Binance Coin’s success, Huobi tried to replicate its model while adding other benefits to make it stand out from its inspiration.
Huobi Token's price prediction for 2021
Like most other altcoins, Huobi Token skyrocketed earlier this year. However, it also fell substantially in the latest crypto crash. After rising from just $4 to over $32, HT is now down to $12.65. Despite this loss, Huobi Token is still the 41st largest altcoin by market cap.
How successful HT will be is directly connected with the success of the Huobi exchange. While it's not really used by people in America or Europe, Huobi is one of the largest exchanges among Asian crypto investors. If this crypto sell-off stabilizes sometime soon, I wouldn’t be surprised if Huobi rises back up to $20.
Where to buy Huobi Token
As you would expect, the best place to buy Huobi Token would be through the Huobi Global cryptocurrency exchange. Besides a few obscure exchanges, like Gate.io, FTX, and KuCoin, there aren't many other places to buy HT.