TL;DR

• BTC is down & ETH is down

• BTC over-performed 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 down this week, with BTC being down 2.3% and ETH down 5.6%:

Bitcoin dominance has increased over the week, rising from 53.6% to a peak of 54.4% and ending at 54.1%. Investor sentiment, regulatory changes, technological advancements, and the overall growth of the cryptocurrency sector shape Bitcoin's market dominance. Its reputation as "digital gold" also enhances its position, making it a key player in the market.

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.

Bitcoin is making a strong attempt to reclaim the $60,000 level, with recent price gains of 3%, bringing BTC close to $61,000.

This upward movement comes as U.S. macroeconomic data, including jobless claims and GDP figures, remain mostly within expectations, reducing the likelihood of major financial policy shifts by the Federal Reserve.

Market participants are currently betting on a 0.25% interest rate cut by the Fed in September.

The recent surge in Ethereum DApp volumes, which saw a 36% increase in just a week, is certainly noteworthy, but it hasn't yet translated into a significant movement in Ether (ETH) prices.

Despite this uptick in network activity, Ether's price remains under pressure, as it has struggled to recover from the broader market's downturn.

Ethereum (ETHUSD) Analysis:

As of August 30, 2024, indicates a bearish outlook in the medium term.

Ethereum has broken below its rising trend channel and has given a negative signal from a double top formation, suggesting potential further declines toward $2,116 or lower.

The price faces resistance at $2,900 and has support around $2,200.

Additionally, the misalignment between volume peaks and price movements weakens the currency's outlook, while high volatility and recent significant declines add to the cautious sentiment over the next one to six months.

Bitcoin (BTCUSD) Analysis:

As of August 30, 2024, Bitcoin's market shows short-term bearish trends with support at $57,800 and resistance at $61,400, marked by a technical score of -72.

In the medium term, Bitcoin trades within a range of $52,922 to $68,826, with a neutral outlook and support at $57,400.

Long-term prospects remain cautiously optimistic, with support at $53,429 and resistance at $68,509, yielding a weak positive score of 29.

Overall, Bitcoin faces short-term volatility but holds potential for long-term growth.

Expected Trading Ranges:

• Ethereum (ETH): Support: $2,200 Resistance: $2,900

• Bitcoin (BTC): Support: $53,429 Resistance: $68,509

Market Outlook:

long-term growth for Bitcoin is expected. Despite current short-term volatility and medium-term uncertainty, historical data indicates that Bitcoin is developing within a rising trend channel.

This suggests that if it can break through key resistance levels, there is significant potential for continued growth and upward momentum over the long term.

Ethereum (ETH) faces a bearish outlook with recent technical signals indicating potential further declines.

The price has broken its rising trend channel and faces significant resistance, while high volatility and weak ETF demand add to the caution. Investors should watch key support levels closely.

BTC/ETH ratio has seen a decrease:

In the last five days, the BTC to ETH rate has experienced a decrease. On August 25, 2024, 1 BTC was worth 23.44 ETH, and by August 29, 2024, it had dropped to 23.49 ETH. This represents a net decline of 0.15 ETH over the period, indicating a slight overall decrease. The rate fluctuated, with notable drops on August 28 and August 26, despite some minor increases on other days.

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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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