TL;DR

• BTC & ETH is down

• BTC underperformed ETH this week 

• Bitcoin dominance is down

• The hot coin we look at this week is AKT

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BTC & ETH Market Update 📈

Crypto is stagnant this week, with BTC being down 1.6% and ETH up 5.4%!

Bitcoin dominance has been decreasing over the week, starting at around 50.8%, topping at 51.3% and ending the week around 50.9%. Capital often starts to flow into ETH and other altcoins as the price is increasing for more risk-on assets as well, causing a lower Bitcoin dominance as we have started to see over the course of multiple weeks.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

The Bitcoin halving is coming up this week. If history is any guidance we will continue to see BTC dominance climb up until after Bitcoin halving, whereafter people start to look for higher return moving further on the risk curve entering altcoins. This typically starts with ETH, and then on to mid- and low cap coins. Other coins being moved into are typically “ETH killers” like SOL, AVAX and other other L1s. Yet ETH is still the king amongst altcoins, as price action this week also shows.

With BTC dominance decreasing and the ETH price decreasing more compared to BTC, the BTC/ETH ratio is trending up ending the week around 20.9 ETH per BTC, underlining that BTC continues to be king in crypto, but alts like ETH are gaining momentum.

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Hot Coin: AKT 🔥

In this week’s newsletter, we dive into Akash Network’s token with the ticker: $AKT.

The price action and volume have been growing consistently and doesn’t seem to stop any time soon:

What is the project about?

In a nutshell, Akash is a decentralized form of cloud computing, or in other words, a decentralized version of Amazon Web Services (AWS), Microsoft’s Azure, or Google Cloud. AWS, which by far has the largest market share of cloud services, currently supports many Fortune500 companies, from everything including McDonald’s to Ethereum node validators.

Just to give you an idea of how big the cloud computing market has become, if it wasn’t for AWS then Amazon would struggle to stay profitable post-COVID in 2022:

So cloud computing is a massive market with juicy margins that can be attacked by disrupters like Akash. Hence, the potential for new players is large to challenge incumbents with new promising tech such as blockchain. This is exactly what Akash is doing, and they are already getting ahead of these big players when it comes to price:

Essentially, Akash is becoming an unstoppable supercloud enabling users to buy and sell compute resources on a decentralized network, which could become a bigger industry than DeFi itself.

The History of Akash Network

Akash Network was conceived as an alternative to traditional cloud services, leveraging blockchain technology to offer a decentralized solution. Built on robust technologies like Kubernetes and Cosmos, Akash Network has evolved over time, with the community driving its development and growth. Notably, Akash Network was the first blockchain to conduct an Inter-Blockchain Communication (IBC) transaction with Cosmos Hub, enabling seamless communication with other compatible blockchains.

Quarterly Revenue Growth of Akash Network

The quarterly revenue growth of Akash Network warrants a closer examination, revealing notable trends and insights into the platform's performance. In Q1 2024, the $AKT ecosystem witnessed substantial growth, generating revenue exceeding $140,000 USD. This surge underscores the platform's increasing prominence and traction within the market.

A key driver behind this growth is the rising interest in DePin, coupled with growing developer demand, which has led to heightened usage of $AKT. As developers increasingly turn to decentralized solutions like Akash network for their cloud computing needs, the platform stands poised to capitalize on this growing demand, further solidifying its position within the industry.

Why is the project exciting now?

There are three main reasons why we feature this project in this week’s newsletter:

• Addressable market

• Better resource utilisation

• Better tech

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