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Klaytn Adds Huobi to Growing Blockchain Governance Council

Klaytn has announced that Huobi has signed on as the latest member of its Governance Council for South Korean internet giant Kakao’s public blockchain project.

Huobi Takes Seat at Klaytn’s Table

According to the press releaseon Feb. 10, with the addition of the cryptocurrency exchange Huobi, the Klaytn Governance Council now has 28 enterprises onboard, these include LG Electronics, Union Bank of the Philippines and Celltrion.

Having launched its mainnet last June, Klaytn is a public blockchain platform developed by Kakao’s blockchain unit, Ground X. Designed to be a service-centric blockchain platform with an emphasis on being user-friendly. According to the release, the platform allows users with little experience in cryptocurrency and blockchain to produce real-world applications of large scale.

As a new council member, Huobi will undertake a share of the Klaytn platform ownership and work with other council members to reach key decisions on its business and technical agenda. Klaytn based applications focus on implementing and amalgamating technology of public and private blockchains into one interoperable service.

On Huobi’s addition to the Council, Sangmin Seo, Council-member, Ground X said,” We are excited for Huobi to work with other Council members to jointly run and govern the Klaytn platform, as well as create use cases that can foster the development of the global blockchain ecosystem.”

Mission Matched

Huobi Groupis a leading global digital asset financial service provider with a stated mission of “empowering financial services and liberating global wealth” coupled with the concept of putting the needs of their users first.”

Ciara Sun, Head of Global Business Development & Partnerships at Huobi Group, said, “ The new partnership advances Huobi’s mission to make blockchain technology more accessible to users across the globe.”

Huobi Global is a revolutionary blockchain-based service provider operating 24/7. It has emerged as one of the market leaders in crypto-exchange. In a recent interview with Blockchain.News, Sun commented on Huobi’s expanding empire and collaborations, “We are active in many countries in three different ways—we have Huobi Global which accepts customers from most major countries except Japan and the US. We also have local exchanges that are 100% owned by the Huobi Group in the US, Japan, and Korea. We also have another way of penetrating different markets through Huobi Cloud, which are joint venture exchanges with local partners. Local partners include Huobi Argentina, Huobi Russia, Huobi Indonesia, and Huobi Thailand among others.”

Image via Shutterstock

Binance Coin Unseats Tether to Become The Third-Largest Crypto As it Soars To a New All-Time High

Binance Coin (BNB), the native cryptocurrency of the Binance exchange has just unseated Tether (USDT) to rank as the third-largest crypto by market cap.

This move is attributed to an unrelenting gain in price of BNB. The cryptocurrency pumped up by 52.8% in the past 24 hours, soaring to an all-time high of $276.64 in that time frame according to CoinMarketCap.

The growth of Binance Coin has been constant in the past month. Based on a massive bullish sentiment surrounding the digital asset, the coin has gained over 500% in the past 30 days, hitting a market capitalization of over $40 billion, trailing only behind Bitcoin (BTC) and Ethereum (ETH).

The cryptocurrency market is seeing its best of days, with many more coins surging to new all-time highs (ATHs) on a daily basis. Bitcoin topped $52,000 about a day ago, Ethereum surged beyond $1,900 for the first time, and other altcoins are also recording remarkable gains.

The Era of The Exchange Tokens

Binance Coin is not the only outperforming token on cryptocurrency exchanges at the moment. In fact, the native cryptocurrencies of top exchanges are all trading at a relatively higher value than expected.

Huobi Token (HT) is up 31% in the past 24 hours, atop a 53% weekly gain to record an all-time high of $19.38 today. The native token of the FTX Derivatives exchange, FTT, also traded at an all-time high of $30.08, after recording a growth of 47% in the past week.

The performance of these and more exchange-linked cryptocurrencies have made many believe that this bull run is perhaps best tagged as the season for exchange tokens to soar. With the Binance Coin soaring to the third position on the cryptocurrency market, however, more expectations are betting on the coin sustaining the position beyond this bull run cycle.

Huobi Token Breaches $29.54 – What's Next?

Huobi Token (HT) is a decentralized digital asset based on Ethereum that is launched by world-leading cryptocurrency trading platforms Huobi. It hit a record high of $29.54 on May 2.

It has a limited total supply of 500 million issued by Huobi Group. According to Coinmarketcap, HT is ranked the 34th digital asset with a market cap of $5,077,540,808.

HT’s recent performance has been outstanding, and it has risen by 53.32% in the past week.

Previously, the direct listing of the Coinbase exchange mades investors re-examine the potential of virtual currency exchanges. Huobi has seen its native token HT increase by 825% since the beginning of 2021.

Now, HT has reached a new high of $29.54, with a return rate of 5900%, from $4.28 to $29.54 today on a year-to-date basis.

Huobi Token (HT) Price Analysis

Source：HT/USDT Daily via TradingView

Huobi Token (HT) surged above the previous high of $26.89 on May 1. It hit a record high of $29.54 on the following day. However, after touching its all-time high (ATH) yesterday, the HT’s price suffered strong selling resistance. From a trading volume perspective, yesterday’s trading volume was almost the same as the day before, which proves that there were a large number of tied-up altcoins before that were being sold yesterday.

However, although the bears are currently trying to pull the price below the breakout level of $26.89 and trap the aggressive bulls, it is unsuccessful so far.

At the time of writing, Huobi Token is trading at $27.98.

The transaction price of HT/USDT is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD index indicate that the bulls are currently dominating the market.

However, the Stochastic RSI is merged at the overbought zone, which implies that a bearish crossover may be formed later and a downward trend may develop. However, this may only be a short-term correction, although the bulls are finding it difficult to push the price back to the all-time high of $29.54. This may lead to high volatility in the short term for Huobi Token.

The previous resistance level of $26.89 has been flipped to a support level. If the bulls actively defend the $26.89 support level, it indicates that there is strong buying trend every time a small decline occurs, meaning it is only a matter of time before Huobi Token breaks through its all-time high again. When Huobi Token hits a new high, this will indicate that the altcoin will not encounter strong selling pressure on its way up. It is very likely that Huobi Token breaks through $35 in the short term.

If a large number of sell orders are triggered, HT’s price will drop and continue below $26.89 for three days, before HT/USDT tests the 20 day-Exponential Moving Average of $21.24. A break below the 20-EMA of $21.24 may indicate the beginning of a deeper correction.

Altcoin Watch: Top 3 Tokens for Better Entry- QNT, HT & AR

The digital currency ecosystem is currently experiencing a massive valuation plunge as the cryptocurrency industry is still trying to find a balance after the United States Bureau of Labor Statistics (BLS) released the inflation data in September.

The Consumer Price Index (CPI) came in at 8.2% for the past month showing the ongoing interest rate hikes, the last of which was 75 basis points, are not yielding good fruits at this time. The resultant reaction plunged the traditional market into chaos, and the resultant ripple effect was experienced in the broader digital currency ecosystem.

The combined crypto market cap was down 0.31% at the time of writing and pegged at $921 billion. With the seemingly bearish trend, here is a brief rundown of altcoins entering the new week with impressive weekly performance.

Quant (QNT)

For the second time in a row, Quant is trending as one of the top performers in the ecosystem with a 22.46% to $192.68 per data from CoinMarketCap. The coin has been on a massive uptrend for the better part of this month, and investors may need to watch well before leaping into acquiring this token moving forward. This is because a mild correction may be underway in the short term.

Huobi Token (HT)

Huobi Token is the native coin of the Huobi Global exchange. The coin has printed as much as 72.16% to $7.07. The Huobi token is flying on a massively bullish trend with the news of the exchange being acquired by About Capital Management, with reports of links to Tron’s founder, Justin Sun.

With the change of ownership, investors believe the exchange may be well-capitalized and positioned to finance its current global growth.

Arweave (AR)

Arweave is a decentralized storage network that seeks to offer a platform for the indefinite data storage. Since its inception, the protocol’s adoption has grown remarkably; thus far, this adoption has been reflected in its token price growth.

The coin is changing hands at $10.06, up 13.50% over the past week.