Huobi Global, one of the largest cryptocurrency exchange platforms globally, has expanded the number of tokens available, despite the recession across the cryptocurrency market.
Huobi lists AUDIO, FET and HOT tokens
In an announcement on February 25, Huobi announced expanding the number of tokens available on the platform by three new listings. The tokens that will be added to the platform include AUDIO (Audius), FET (Fetch) and HOT (Holochain). The deposits for these tokens will be launched on February 25. The announcement said,
The AUDIO, FET, HOLO spot trading (AUDIO/USDT, FET/USDT, HOLO/USDT) will open when the deposit volume meets the demand of market trading, which will be officially announced in advance. AUDIO, FET, HOLO withdrawals will open at 13:00 (UTC) on February 26.
AUDIO is the native token of the Audius platform. Audius is a music streaming platform based on blockchain. The project allows artists to gain control over their music. Moreover, the work developed by these musicians will be secured through a decentralized network of nodes.
By integrating blockchain, Audius eliminates intermediaries in the music sector by allowing artists to engage with their fans directly. Audius’ most significant partnership was with TikTok last year.
At the time of writing, AUDIO was trading at $0.805 after a 16% gain in 24 hours. Despite these gains, AUDIO is around 83% below its all-time high of $4.95 created in March last year. Currently, AUDIO has a market cap of $489 million, and it ranks as the 141 largest cryptocurrency by this metric.
On the other hand, FET is the native token of Fetch.ai. It is an ERC-20 token that supports a decentralized machine learning platform for various applications such as asset trading, gig economies and the optimization of the energy grid. Fetch.ai is also the first decentralized finance (DeFi) application allowing users on Uniswap to automate their trading activities.
FET has gained by 17.3% during the past 24 hours to trade at $0.27 at the time of writing. The token reached an all-time high of $1.17 in September last year, but it is currently 76.5% below this level. FET ranks as the 269 largest cryptocurrency with a market cap of $189 million.
Additionally, Holo is a platform that provides the technology needed to enable people to connect with each other by choosing the data to be shared. HOLO plans to develop a bridge between Holochain users and the traditional internet marketplace. The network promotes lower costs and fast speeds.
The Holo token has surged by 16.2% during the past 24 hours to trade at $0.00427 at the time of writing. The token is also 86% below its all-time high, and it has a market cap of $759 million, making it the 106th largest cryptocurrency in the market by this metric.
Huobi co-founder does not see crypto bulls soon
The co-founder of the Huobi cryptocurrency exchange, Du Jun, is pessimistic about a Bitcoin bull market. In a recent interview with CNBC, the executive stated that a Bitcoin bull market will happen in late 2024 or early 2025.
Du Jun says a Bitcoin bull market usually follows the halving event. The halving event is when the rewards earned by Bitcoin miners are slashed by half. Du Jun referred to the 2020 halving event where Bitcoin created a record high the following year. The same happened after 2016. Hence, with the next halving in 2024, bulls could follow soon after.
However, he also noted that external factors such as geopolitical tensions could trigger price declines. This has manifested in the recent crisis between Ukraine and Russia, where the price of Bitcoin fell to June 2021 lows of $34K due to market uncertainty.
To learn more about this token visit our Investing in Audius guide.
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