China Crypto Exchange Token Surges 70% In One Month Even Than Bitcoin, Ethereum Slide – Bitcoin (BTC/USD)

Huobi Global HT/USDthe native token of the Chinese cryptocurrency exchange Huobiis up 70% in the last 30 days, CryptoSlate reported.

The entire cryptocurrency market, meanwhile, has taken a tumble Bitcoin BTC/USD stays below the $20,000 mark, and ether ETH/USD keeps fighting.

What happened: Huobi’s price rally comes after Tron TRX/USD founder justin sun announced himself as an advisor to the crypto exchange.

According to CryptoSlate data, HT was trading between $4.1 and $4.5 through Oct. 10. As soon as the news of Sun joining the platform broke, the coin surged 23.8% to $5.2.

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In the past 7 days, the native coin is up over 53.94% to hit a four-month high of $7.60, according to data from CoinMarketCap.

What now: According to the latest HT monthly report released by Huobi, the platform burned 411,000 HT (worth about 1.86 million USDT) in September this year, and the number of HT burned reached 295.51 million on Oct. 15 .

Earlier this month, Sun told Huobi staff, “Rather than issuing new tokens, our primary focus will be to help HT strengthen its position in the virtual asset industry.”

He reiterated his intentions in a Bloomberg interview last week, revealing that he owns “tens of millions” of HT. “I would consider myself one of the largest holders of Huobi tokens in the world,” Sun said.

Continue reading: Bitcoin, Ethereum, Dogecoin start week on firm note: Analyst Says “Time for Risk On, Time for BTC”

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