Huobi Token (HT) has gained around 20% in the last 24 hours. These gains have seen the coin reach a new 12 month high. It has further boosted investor confidence following a week of bleeding. The gains come off the back of a key development in the tokens ecosystem. The team has announced that after a year of development the Huobi Chain’s Testnet will be launched on 29th Feb.
Huobi Token Set For New ATH
This news has been received positively and Huobi is at the time of writing this up by 18%. The surge has taken the price to $5.20 a position it has not achieved since mid-2018. It’s weekly high now stands at $5.49 while its weekly low is at $3.92.
Over the last two months, Huobi has been impressive. in the few weeks, the token has climbed from around $2.83 to current highs of over $5.00 This represents a surge of over $90%. Its overall year to date performance has further seen the coin secure a position as the 13th biggest cryptocurrency by market cap.
Huobi Token has an all-time high price of $6.10, like a few other coins this year, Huobi will be looking to break its all-time high. With its current momentum and possibly a continuation of the wide market rally (altseason) seen in late Jan and early Feb, this will be easy.
Huobi Chain Testnet
The Huobi project team has updated a post which now indicates that the Huobi Chain’s Testnet will be launched today, Feb 29. The team has further outlined the purpose of the project and the purpose of the chain.
“Targeted at the financial sector, Huobi Chain is China’s autonomous cum compliant-ready blockchain platform, and is committed to providing a global, blockchain-based, digital asset financial infrastructure.”
The post goes on to point out features of the platform including BTC Cum Multi-Asset Support and Autonomous Side-Chains. It also touches on the long term value proposition of Huobi Token which is to become a utility token.
For the release of the Huobi Mainnet, the team says this will come later.
Huobi Chain and token were launched in early 2018 by Huobi exchange one of the leading exchanges in the world. This has been a growing trend with Binance also launching Binance coin (BNB).