AKT surges 35% on Binance perpetual listing
The post AKT surges 35% on Binance perpetual listing appeared on BitcoinEthereumNews.com.
AKT has emerged as one of the leading gainers among the top 100 crypto assets after securing a perpetual listing on Binance Futures. The native token of Akash Network rose 35%, hitting a six-month high of $4.66 on Nov. 19, bringing its market cap to over $1 billion when writing. Following the significant price uptick, the altcoin has once again entered the top 100 cryptocurrencies by market cap, securing the 99th position. Further, the total trading volume for Akash(AKT) had skyrocketed 2500% over the past day, hovering over $368.1 million. Why is AKT price up? AKT’s price shot up after Binance Futures announced the expansion of its listing to include the AI-focused altcoin AKT through the AKTUSDT Perpetual Contract. The contract allows traders to trade AKT on the platform with up to 75x leverage, attracting those seeking higher potential returns through leveraged trading. Another key factor fueling AKT’s rally is the circulating rumor that Trump could eliminate all capital gains taxes on cryptocurrencies issued by U.S. companies, potentially benefiting altcoins like Akash Network’s AKT, which is headquartered in the U.S. Akash Network is fundamentally focused on leading a transformation in cloud computing by leveraging blockchain technology to create a decentralized, open-source marketplace for cloud services. As the ecosystem grows, the AKT token is expected to play a pivotal role in enabling and securing these decentralized cloud operations. In April, Akash saw a surge of over 48%, reaching nearly $7 following its listing on the South Korean exchange Upbit, which propelled its market capitalization to over $1 billion. Correction due While the border AKT community was euphoric over the recent gains, one analyst cautioned of an impending pullback. In a Nov. 19 X post, pseudo-anonymous analyst TraderSteve_ noted that AKT might face selling pressure at the resistance level of $4.732, a…
Filed under: News - @ November 19, 2024 9:18 am