Amidst the ups and downs of cryptocurrencies, Akash Network’s native token, AKT, has experienced a notable surge of over 40% in the past week.
Akash Network (AKT) is trading at $3.20, up nearly 15% in the last 24 hours and has made an impressive jump of 41% over the past week, giving it a market capitalization of over $718 million, per CoinGecko data.
AKT has proven its power with an incredible rise of over 1,400% in just one year. As soon as AKT surged, its social dominance also grew significantly after August 2023.
Akash Network is an open source and decentralized cloud computing platform running on the Cosmos blockchain, providing unique solutions to cloud services. This innovative network lets you deploy any cloud-native application, improving price performance and scalability for distributed applications and organizations.
Akash’s disruptive impact on the cloud computing market is evident. By decentralizing underutilized cloud capacity, Akash provides cloud computing services that are more efficient and cost-effective than centralized alternatives. This commitment to open source technology positions Akash as a more economical option compared to traditional centralized cloud computing providers.
AKT token is an important tool for managing and securing the Akash network. It is the primary means of storing and exchanging value across the network and providing rewards to community users. This token is not only a financial asset, but also represents the cornerstone of Akash network functionality.
Cryptocurrency ETFs Evoking Mixed Reactions
AKT’s surge comes as there appears to be disagreement over the approval of a spot Bitcoin ETF. Better Markets CEO Dennis M. Kelleher recently urged the U.S. SEC to reject all ETF applications.
Kelleher’s primary concern is potential fraud and manipulation, emphasizing that the SEC has a responsibility to prevent significant investor harm.
Kelleher’s stance comes from a report by blockchain security firm Scam Sniffer, which found that more than 324,000 cryptocurrency users have fallen victim to fraud in 2023, resulting in significant losses of around $295 million.
Reaction to Kelleher’s warning was mixed within the cryptocurrency community. Bloomberg ETF Analyst James Seypart It claims that rejecting Bitcoin ETF applications would be a “criminal offense.” He highlighted the time and effort invested by issuers and SEC staff and emphasized the potential impact of Kelleher’s close relationship with SEC Chairman Gary Gensler on the decision-making process.
cryptocurrency analyst Matt Aalborg Despite Better Markets’ stance, it counters Kelleher’s claims, arguing that cryptocurrencies serve a social purpose. Ahlborg also expresses concerns about potential problems facing the Bitcoin ETF proposal following Better Markets’ intervention and highlights the organization’s ties to influential figures.