Akash is up 41% this week and 1,400% last year
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Amid the ups and downs of cryptocurrencies, Akash Network’s native token AKT has experienced a staggering surge of more than 40% in the past week.
Akash Network (AKT) is trading at $3.20, up nearly 15% in the past 24 hours and up 41% in the past week, according to data, giving it a market capitalization of over $718 million Coin Gecko.
Within a year, AKT increased by more than 1,400%, demonstrating its strength. As soon as AKT soared, its social dominance has also increased significantly since August 2023.
Akash Network is an open source, decentralized cloud computing platform running on the Cosmos blockchain, providing a unique solution for cloud services. This innovative network enables the deployment of any cloud-native application, improving cost-effectiveness and scalability for decentralized applications and organizations.
Akash’s disruptive impact on the cloud computing market is clear. By allocating underutilized cloud capacity, Akash provides cloud computing services that are more efficient and cost-effective than centralized alternatives. This commitment to open source technology makes Akash a more economical choice compared to existing centralized cloud computing providers.
The AKT token is an important tool for managing and protecting the Akash network. It is the primary means of storing and exchanging value through the network and rewarding community users. The token not only represents a financial asset, but also represents the cornerstone of the Akash network’s functionality.
Cryptocurrency ETFs spark mixed reactions
AKT’s surge comes amid what appears to be a conflict of opinion over the approval of a spot Bitcoin ETF. Better Markets CEO Dennis M. Kelleher recently urge The U.S. SEC rejects all ETF applications.
Kelleher was primarily concerned about potential fraud and manipulation, emphasizing the SEC’s responsibility to prevent large-scale harm to investors.
Kelleher’s stance comes amid a report from blockchain security firm Scam Sniffer, which revealed that more than 324,000 cryptocurrency users fell victim to fraud in 2023, resulting in massive losses of approximately $295 million.
The cryptocurrency community had mixed reactions to Kelleher’s warning.Bloomberg ETF Analyst James Seifert It is believed that rejecting a spot Bitcoin ETF application would be a “criminal act.” He highlighted the time and effort invested by issuers and SEC staff and highlighted the potential impact Kelleher’s close relationship with SEC Chairman Gary Gensler had on the decision-making process.
cryptocurrency analyst Matt Alberg Countering Kelleher’s claims, claiming that despite Better Markets’ stance, cryptocurrencies do have a social purpose. Ahlborg also expressed concerns about potential challenges to Bitcoin ETF proposals following Better Markets’ intervention, highlighting the group’s ties to influential figures.
