Recently, Akash Network has become a notable success in the world of cryptocurrency. The value of its AKT coin surged in August 2023. Akash Network is grabbing attention with an astonishing 1500% surge. The cryptocurrency space is abuzz, and AKT is gaining unprecedented attention. Let’s take a look at this Akash Network price prediction article in mored detail.
What is Akash Network (AKT)?
Akash Network stands out as a secure, transparent, and decentralized cloud computing marketplace that connects those in need of computing resources with those who have unused computing capacity available for lease. Akash Supercloud, the platform’s flagship offering, presents a faster, more efficient, and cost-effective alternative to traditional cloud service providers.
Notably, Akash Supercloud enables individuals with spare computing power on their computers to become cloud providers. This is achieved through a safe and seamless marketplace where users can offer their unused compute cycles.
The native token of Akash Network is AKT. This token plays a crucial role in the network’s functionality, serving as a staking mechanism to secure the network and standardize compute prices during marketplace auctions. To maintain a high standard of automated signing infrastructure, a limited set of validators, initially 64, are required. Validators charge delegators a commission fee in AKT as part of the network’s operational dynamics.
How has the AKT price moved in recent days?
As of now, the price of Akash Network is $2.98, with a 24-hour trading volume of $3.79 million. The market cap for Akash Network stands at $671.12 million, and its market dominance is at 0.04%. Over the last 24 hours, the AKT price increased by 4.19%.
The highest price for Akash Network was recorded on April 6, 2021, when it reached an all-time high of $8.04. On November 21, 2022, it marked its all-time low at $0.166008. Since its all-time high, the lowest price was $0.166008 (cycle low), and the highest AKT price since the last cycle low was $3.33 (cycle high). Currently, the sentiment for Akash Network’s price prediction is bullish, while the Fear & Greed Index shows a value of 52, indicating a neutral stance.
The circulating supply of Akash Network is 225.21 million AKT out of a maximum supply of 388.54 million AKT. The current yearly supply inflation rate is 97.79%, resulting in the creation of 111.35 million AKT in the last year. In terms of market cap, Akash Network is currently ranked #17 in the Proof-of-Stake Coins sector and holds the #6 position in the AI Crypto sector.
Akash Network price prediction: Why is AKT Price Up?
Akash Network witnessed substantial growth in recent times, driven by a series of strategic moves. Its parent company, Overclock Labs, acquired the Cloudmos protocol at the beginning of the month and made its code open-source. Additionally, hosting a hackathon and allowing the use of the USD Coin (USDC) stablecoin contributed to its expansion. Furthermore, the announcement of a mainnet upgrade added to its positive momentum.
These developments propelled AKT to a remarkable increase of over 1,200% in the previous year. By January 9, its value had surged to approximately $3.09.
As Bitcoin ETFs is capturing attention, notable achievements continue to unfold on Akash. SDXL on Akash has impressively surpassed 80,000 generations, showcasing the platform’s robust performance. Simultaneously, the number of daily active leases has reached a new record high at 854. The $AKT community maintains a steadfast focus on adoption, recognizing it as a daily priority. These milestones underscore Akash’s growing prominence and utilization, demonstrating a strong commitment to fostering practical applications within its ecosystem.
The Fidelity Center for Applied Technology has acknowledged the structural advantages that projects like Akash, and other Decentralized Public Infrastructure (DePIN) initiatives, can offer over traditional incumbents. This recognition underscores the potential of decentralized technologies in providing innovative and efficient solutions, challenging the existing structures in various sectors.
Akash’s role in this context demonstrates the growing influence of decentralized platforms in reshaping and optimizing existing infrastructures, garnering attention and validation from established institutions like the Fidelity Center for Applied Technology.
Akash Network price prediction: Is AKT Price poised for a substantial surge?
Akash Network has demonstrated its resilience as a decentralized cloud computing platform on the Cosmos blockchain. Bouncing back from the $0.75 level in mid-October of the previous year, the $AKT token has experienced an impressive 322% surge in the last three months.
Notably, in the first week of January, the coin saw a remarkable 40.4% increase in value, securing a position in Coingecko’s Top 100 list. The driving force behind this surge appears to be Akash Network’s distinctive approach to providing decentralized cloud services. This approach enhances the price-performance and scalability for decentralized applications and organizations.
Operating on the Cosmos SDK and employing a Proof-of-Stake consensus process, Akash maintains network integrity through a decentralized network of validators, affectionately known as “delegators.” These delegators stake their $AKT tokens to strengthen the security of the Akash chain. The recent upswing in $AKT’s price coincides with ongoing discussions about the spot Bitcoin ETFs.
Akash Network price prediction: Can AKT Price reach $15 in 2024?
Over the past year, AKT has exhibited exceptional performance, witnessing an impressive surge of 1,121%. This remarkable growth positions AKT among the top-performing assets, outpacing 96% of the top 100 cryptocurrencies.
Notably, it has surpassed the performance of both Bitcoin and Ethereum during this period. The token’s current position above the 200-day simple moving average further underscores its positive trend.
Despite experiencing 15 green days in the last 30 days, constituting 50% of the period, AKT remains -63% below its all-time high, indicating a recent correction.
It’s important to note that AKT’s market liquidity is relatively low, as reflected in its market cap. Additionally, the yearly inflation rate of 97.79% suggests a substantial increase in the token’s circulating supply, a factor that investors may need to consider in their analysis.
So, the future outlook for Akash Network suggests a trading range between $2.75 and $5.25 in 2024. If the market performs favorably and AKT reaches the upper end of this price range, it could mark a substantial increase of almost 80%, reaching a value of $5.25. This forecast provides potential insights for investors and traders, indicating a potential range of movement for AKT in the coming year, with the upper limit representing a significant growth opportunity.
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