Why is the price of Huobi Token up 12% today as rest of the market slumps?

Huobi Token (HT) has been up 12% in the last 24 hours and is one of the few cryptocurrencies bucking the general downtrend.

Trading at over $7, HT’s price is up over 80% since the beginning of this week, which is also its best weekly performance since February 2021.

HT’s intraday gains coincide primarily with crypto exchange Huobi Global announcing the opening of Starfish Finance (SEAN) spot trading on its platform. 

Plans to “empower” HT

Additionally, HT’s impressive weekly gains were related to About Capital Management. On Oct. 8, this Hong Kong-based investment firm announced purchasing Huobi Global, one of the leading cryptocurrency exchanges by volume.

HT serves as a utility token inside the Huobi Global ecosystem. Justin Sun, the founder of the Tron blockchain project and reportedly the core backer of About Capital, said on Oct. 10 that they would empower HT to boost Hu