Decentralized and open-source computing platform Akash Network has captured significant attention in the cryptocurrency market as its native token, AKT, has outperformed the top 100 cryptocurrencies with a 2,400% price increase year-to-date.
While Bitcoin (BTC) and other major cryptocurrencies experience price corrections, the Akash network and its native token are growing at a remarkable pace. To understand the drivers of this bullish trend, it is crucial to delve deeper into what the Akash network represents and its underlying technology.
What is the Akash Network?
Akash Network, founded in March 2018 by Overclock Labs, has emerged as a distributed cloud computing marketplace with the goal of decentralizing cloud computing. Originally focused on building a traditional multi-cloud delivery platform, Overclock Labs decided to launch Akash.
Second for Messari, the network facilitates the connection between server owners who need computing power to host applications and users who offer cloud computing resources through the Akash Marketplace, where computing resources are bought and sold.
At the center of the Akash network is his blockchain infrastructure known as Akash, built using Cosmos SDK and based on the Tendermint consensus mechanism.
Going forward, AKT’s goal is to sustain the previous week’s high of $5.095 as a crucial support level. By maintaining this level, the token aims to consolidate its recent gains and consolidate its position in the market.
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In summary, the increase in the price of AKT can be attributed to several factors. The success of the technology behind the Akash Network and its value proposition in the decentralized cloud computing space contribute to this positive feeling surrounding the token. As the network gains recognition and attracts users, demand for AKT could increase, resulting in upward pressure on the price.
Furthermore, a successful breakout of the diagonal trend line represents a potential change in market dynamics as investors could interpret it as a bullish signal, leading to increased buying activity and further price appreciation.
