Cryptocurrency market continues its volatile phase as Akash Network (AKT) faces a steep drop immediately after a brief uptrend. AKT had been climbing around 6% in the previous 24 hours, but it has taken a sharp turn right now, with its prices trading around $5.10, which is 19.43% lower than its previous value.
The declining market cap and the drop in volume are linked with downturns.
The decrease in price is associated with the reduction in total value. The Akash Network’s market cap as of now is $1.19 billion having dipped 20.18%. Investment activity dropped, too, with the 24-hour volume decreased by 29.50% to $83,78 million.
Expert Opinion: Short-Term Speculation or Underlying Problems?
The cause behind the fall in AKT is a matter of contention among analysts. Others consider it a correction after a small contagion. “Just like AKT recently we saw a similar price spike and now a correction, commented Mr. Vikas Chowdhury, a crypto analyst at WazirX.” “This could be one more example of short-term speculation resulting in price increases along with profit taking when investors become aware that the fundamentals remain unchanged.”
Long-Term Potential Remains Intriguing
Many argue that Akash Network’s long-term value is a factor that should not be dismissed. “We have something that is unique in terms of cloud computing for the blockchain universe,” said Ms. Priya Kapoor, a blockchain researcher at the Indian Institute of Technology Hyderabad “The crypto market is prone to short-term ups and downs and Akash Network’s technology might fundamentally reshape cloud computing in the future.”
Fundamental Analysis is the Way to Go for Retail Investors.
Experts recommend investors to be careful and do well their research before completing their investment decisions. “Be careful of succumbing to hype,” warned Mr. Chowdhury. “Invest in the Akash Network only when you understand the technologies behind the project, and can see the long-term benefits.”
