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Following in the footsteps of the world's largest currency cryptocurrency, Binance Coin (BNB), another exchange currency, Huobi Token (HT), is showing a price increase of more than 100% in 2019.
Used as an alternative to trading fees on their respective exchanges, exchange-crypto-currencies are generally badociated with other cryptocurrencies to form new markets and increase overall liquidity.
However, recently, Binance has created a new demand engine for its token by asking participants for its chip selling platform, Binance Launchpad, to make purchases with bitcoin (BTC) or BNB.
Although this is probably not the only cause of BNB's nearly 200% rise this year, the growth of cryptocurrency may have been too important to be ignored by competing trade.
The Singapore-based cryptocurrency exchange, Huobi, follows in Binance's footsteps by creating its own chip trading platform, called "Huobi Prime". Huobi Prime will not only allow purchases via its native HT token, it will go even further. allowing purchased tokens to be immediately tradable on HT markets.
The new demand drivers for HT, which should be commissioned on March 26 for the sale of Top Network (TOP), seem to have sparked a renewed interest from investors, their price having risen by nearly 40% in the last two days only.
That said, the HT market began to turn bullish long before the announcement of Huobi Prime, a similar trend seen on the price charts of other native currency chips.
As can be seen above, some of the largest coins in the cryptocurrency market have seen significant gains since the beginning of the year and outperformed the market pioneer bitcoin (BTC / USD).
At the time of the press, BNB is still the best performer or the group now records a 145% increase over the previous year, but HT is quickly becoming a competitor while posting an increase of 123%. The performance of Kucoin Shares (KCS), the native cryptocurrency of the KuCoin Stock Exchange, also shows a remarkable 69% growth since the beginning of the year.
A recent increase in HT transaction volumes also makes manifest the new interest in the trading room. Over the past 24 hours, HT has traded hands worth more than $ 170 million – a value close to $ 50 million more than its total market capitalization of $ 125 million, according to CoinMarketCap.
While Huobi Prime is attracting interest similar to that of Binance Launchpad, which has been able to sell the chips offered in just a few minutes for each of its sales this year, more chips selling platforms supported by cryptocurrency exchanges could to be a trend to watch in 2019.
Disclosure: The author has several cryptocurrencies. Please see Sam's author profile here for more information.
Huobi image via Shutterstock; Graphics of charts.cointrader.pro by TradingView
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