The market value of all cryptocurrencies reached a new record high of $3.1 trillion, representing a gain of $90 billion.

With a volume of $12.1 billion, Dogecoin surpassed Ripple (XRP) and Solana put together to become the third most popular cryptocurrency on Tuesday.

The largest portion of the $275.7 million in crypto liquidations—long contracts worth $109.8 million—became liquidated by bulls.

Breakout indications appear in the DOGE cryptocurrency, AKT reaches unicorn status, and BONK and PNUT are at the forefront of the memecoin craze, according to cryptocurrency market reports.

Dogecoin's price recovered the $0.40 mark with a 4% rise for the day.
The on-chain signs indicate that DOGE bulls may aim for a breakthrough to $0.50 now that selling pressure is reducing.

Akash Network (AKT) was one among the best performers, rising 7.5% and surpassing $4 on Tuesday.

With its market value having surpassed $1 billion, AKT has reached a significant milestone.

Reasons for today's spike in the price of Akash network (AKT)

Speculative demand is on the rise in the days leading up to NVIDIA's earnings call on November 20, according to market reports, which may explain the recent AKT token spike.

The crypto AI and big data industries saw a notable uptick in demand as NVIDIA beat revenue projections in all four of its most recent earnings calls, which span from October 2023 forward.

As a result, smart traders are trying to get a jump on possible profits if NVIDIA beats market forecasts for its sixth straight quarter on Wednesday. If this happens, AKT's 7.5% climb might continue into the next psychological obstacle at $5.

With daily period increases of 8% and 5%, respectively, BONK and the newly released PNUT ruled the charts in the Solana memecoin sub-sector.

On Tuesday, after the commencement of options trading for BlackRock’s iShares Bitcoin ETF (IBIT) by NASDAQ, the price of bitcoin surged 4%, reaching a new record high of $93,816.

Bearish traders, according to data from the futures market, aren't going anywhere and are aggressively raising the leverage on their short holdings.

This action may hinder Bitcoin's price from breaking beyond the $95,000 mark.

With almost $4.2 billion in leveraged long bets vs $2.7 billion in active BTC short contracts, the bulls seem to be in control, at least at first appearance.

Looking at the chart more closely, however, reveals that, with over 65% of all current short contracts concentrated around the $95,000 resistance level, bears have concentrated $1.64 billion in leverage.

At the crucial $90,000 level, bulls have only managed to build $1.1 billion in support.

The bears' stakes are far bigger at the present levels, therefore they will certainly take more drastic steps to avert losses soon.

Therefore, Bitcoin's $95,000 breakthrough might be hindered once again unless there are new triggers for market demand to reinforce the tailwinds from NASDAQ listing BlackRock's IBIT ETF.

Senator Cynthia Lummis (R-US) has put Bitcoin on the table as a potential asset for the national strategic reserve.

Lummis recently advised the Federal Reserve to buy bitcoin (BTC) using part of its gold holdings in order to protect the economy from economic uncertainty and reduce the growing national debt in an interview with Bloomberg.

As a member of the Senate Banking, Housing, and Urban Affairs Committee, Wyoming Senator Cynthia Lummis plays a pivotal role in the regulation of cryptocurrencies.

Together with Senator Kirsten Gillibrand, she also spearheads major crypto-related legislation initiatives including the Responsible Financial Innovation Act.

The goal of this legislation is to create a standard for digital assets that will encourage innovation, guarantee transparency, and safeguard consumers.

#AKT #NVIDIA #BitcoinStrategy #BTC93KNewATH $BTC

The price of Akash Network’s native cryptocurrency, AKT, soared by 45% in the last 24 hours, reaching $6 as of 4 a.m. EST. This surge was accompanied by a remarkable increase in trading volume, which rose by 2,043% to $84.9 million.
Initially, AKT surged by over 50% to $6.8. Notably, during this upward movement, the token successfully transformed its significant historical resistance level at $6 into a robust support level. Currently, this support level is preventing AKT from undergoing a correction.

Akash Network Price Surges Ahead of Akash Accelerate ‘24 Summit
The recent surge in Akash Network’s price follows the announcement of Akash Accelerate ‘24, the project’s inaugural full-day summit. Scheduled for May 28 in Austin, Texas, the event aims to unite the community with a diverse agenda featuring presentations and panels from leading figures in the Decentralized AI sector.
Get ready for Akash Accelerate '24.This will be the first full-day Akash summit, bringing the entire community together for a packed agenda of presentations and panels from the brightest minds in the Decentralized AI space.When: May 28th, 2024 (before @consensus2024)
Where:… pic.twitter.com/Uu05PYlgxu— Akash Network (@akashnet_) April 22, 2024

Beyond the upcoming summit, Akash Network has been bustling with activity in recent weeks. On March 18, the project made headlines by revealing that its native cryptocurrency, AKT, would commence trading on Coinbase.
Furthermore, just last week, Akash witnessed a significant milestone with the deployment of Llama 3 70B on its network. This deployment marked the introduction of what Akash describes as “the most capable openly available AI model” to its platform.
Akash Network Price Surge Sparks Uncertainty Amid Rapid Correction
The sudden price surge of Akash Network’s token, AKT, caught many by surprise as it soared from $4.0082 to $6.8203 in less than 30 minutes. However, this rapid ascent led to a subsequent correction, bringing AKT to a support level at $6. Traders are now closely monitoring technical indicators for insights into the token’s next moves.
One such indicator is the Relative Strength Index (RSI), which soared to 97.77, signaling deep overbought conditions—a rarity in the crypto industry. Currently, the RSI has retreated to 72.95, suggesting profit-taking among traders.

Akash-Network-Price-Prediction: Source – TradingVie
Meanwhile, the project’s Bollinger Bands remain notably wide, typically seen as a bullish sign. However, these bands may begin to narrow in the hours ahead.
Given the sharp surge followed by a swift correction, there’s a possibility that the AKT price could break its $6 support level, potentially dropping to $5 or even returning to its initial price of $4.
However, some traders may view this correction as a buying opportunity, potentially supporting the price above $6 or even driving it higher.
Amidst this uncertainty, caution is advised for those considering involvement with AKT. Extensive research and careful analysis are essential before making any investment decisions in this altcoin.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#AKT  #Altcoin  #Bitcoin  #CryptoNews #akash $BTC $ETH $SOL

Akash Network (AKT) saw a significant price surge of 20% in the last day, reaching $5.66, propelled by robust Q1 performance. The platform reported revenue of $140K, driving analysts to set ambitious price targets up to 100%.
Additionally, AKT broke through the crucial resistance level of $5.0. The token’s market cap now stands at $1.336 trillion, with a notable daily trading volume increase of 350% to $232 million.
Akash Network Reports Strong Q1 Revenue Growth
The team behind Akash Network recently announced significant quarterly revenue growth, revealing that the platform generated over $140k in revenue during Q1 2024. This impressive growth is attributed to increasing interest in DePIN and rising demand from developers, resulting in higher usage of the AKT token.
Praetor App Simplifies Provider Setup
On May 8, the Akash Network team introduced Praetor, a user-friendly platform designed to streamline the process of setting up a provider on Akash. Praetor App offers a simplified user interface, making it easier for individuals to become cloud providers on the Akash Network without the need for Command-line Interface usage. Since merging with Overclock Labs in April, efforts to open-source Praetor are well underway.
The team also shared insights into the product strategy of the Praetor App, also known as the Akash Provider Console, on GitHub. According to the post, the Overclock and Praetor teams have collaborated closely to synchronize their product strategy and roadmap, ensuring a cohesive approach to the development and enhancement of the platform.
Bullish Momentum for Akash Network (AKT)
Akash Network (AKT) has experienced a notable surge of 15.63% in the last 24 hours, reaching a current trading price of $5.64. The token’s upward movement has seen it surpass a diagonal trendline on the 4-hour timeframe, with efforts to maintain the previous week’s high of $5.095 as a support level.

According to analysis by TraderAAG, if AKT falls below the $5.095 support level, there could be an opportunity for a retest of the trendline. This scenario presents a potential opportunity for traders to increase their positions in anticipation of a bullish reversal.

Trader Andrew Griffiths has identified a cup and handle formation for AKT, indicating a bullish outlook. This formation suggests an upward target range between $7.9 to $12.1, potentially signaling further price appreciation for Akash Network in the near term.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#AkashNetwork #AKT