As we navigate through the year 2024, one name stands out in the crypto world – Akash Network. This open-source cloud computing marketplace has been making waves with its impressive performance since the start of the year. In this article, we delve into the journey of Akash Network in 2024, exploring its growth, the surge in the value of its native token AKT, and the factors contributing to its success. Stay tuned as we unfold the story of Akash Network’s remarkable rise in the crypto space.

What is Akash Network?

Akash Network is an innovative player in the field of decentralized cloud computing. It is an open-source and peer-to-peer supercloud platform, designed to provide a secure and efficient marketplace for buying and selling unused computing resources. The network operates on the principles of the sharing economy, aiming to make cloud computing more accessible and cost-effective for everyone.

The unique feature of Akash Network is its “reverse auction” system for pricing computing resources. In this system, customers propose the price they are willing to pay for a certain amount of computing power, and providers compete to offer their services at the most competitive rates. This results in a fair and efficient market where prices are driven by supply and demand. Moreover, Akash Network is built on dependable technologies like Kubernetes and Cosmos, ensuring robust and reliable service. Its limitless storage system and the ability to deploy applications securely and censorship-proof make it a promising solution in the decentralized cloud computing space.

The Role of AKT Token in Akash Network

The AKT token plays a pivotal role in the Akash Network as its native cryptocurrency. It is used as the primary medium of exchange within the network, facilitating transactions between buyers and sellers of computing resources. Users who wish to rent computing power must pay in AKT, and those who provide these resources receive their payment in AKT. This creates a consistent and unified method of transaction within the network, eliminating the need for currency conversions and the complexities associated with them.

Moreover, the AKT token is integral to the network’s security and governance. Holders of AKT can participate in the network’s governance by voting on proposals and changes to the network’s protocol. This democratizes the decision-making process and gives users a say in the network’s future direction. Furthermore, AKT tokens are staked by validators who help secure the network and validate transactions. These validators are incentivized to act honestly as they risk losing their staked AKT if they behave maliciously. Thus, the AKT token is not just a currency, but a crucial component of Akash Network’s operation, security, and governance.

The Phenomenal Rise of AKT in 2024

The year 2024 has been a significant one for Akash Network’s native token, AKT. The top-performing year for Akash Network was 2023 when the price of AKT increased by 1,217.27% from  0.185497to 2.44. Since the start of 2024, Akash Network price in US Dollar has increased by 27.41%. AKT is up 13.76% against Ethereum and up 27.91% against Bitcoin in the last 1 month. It has outperformed 96% of the top 100 crypto assets in 1 year.

According to current Akash Network price prediction, the price of Akash Network is predicted to drop by -4.96% and reach $ 2.65 by January 18, 2024. The current sentiment is Bullish while the Fear & Greed Index is showing 64 (Greed). Akash Network recorded 15/30 (50%) green days with 12.37% price volatility over the last 30 days. Based on data from January 13, 2024 at 16:48, the general Akash Network price prediction sentiment is bullish, with 24 technical analysis indicators signaling bullish signals, and 3 signaling bearish signals.

Factors Contributing to the Surge

• AKT’s surge is linked to debates over Bitcoin ETFs approval, with concerns about potential fraud and manipulation.
• The market sentiment on Akash Network is bullish, with a majority of technical indicators signaling bullish signals.
• Akash Network’s strategic partnerships and innovative initiatives have expanded its reach and fortified its position in the decentralized cloud computing space.
• Akash Network’s decentralized model provides efficient and cost-effective cloud computing services.
• The AKT token is crucial for governing and securing the Akash Network, serving as the primary means for storing and exchanging value.

Conclusion

The future of Akash Network and AKT appears promising. As the demand for decentralized cloud computing services continues to grow, Akash Network is well-positioned to capitalize on this trend with its unique value proposition. Furthermore, the AKT token will continue to play a vital role in the network’s operation, potentially driving its value further. However, like all cryptocurrencies, AKT’s value may be influenced by market trends and regulatory developments. Therefore, potential investors should carefully consider these factors and conduct thorough research before making investment decisions.