Akash Network (AKT) price was up 12% on Thursday as the cryptocurrency ranked second behind Book of Meme (BOME) as the top gainers.

While BOME leads top 100 gainers by market cap with a 24-hour gain of over 14%, AKT traded to highs of $3.45. The AI related token led other coins in this category, with only Render (RNDR) and The Graph (GRT) in the green among top AI and Big Data cryptocurrencies.

SingularityNET, Fetch.ai and Ocean Protocol, which are headed for a merger under the Artificial Superintelligence Alliance (ASI), were all dumping more than 10% at the time of writing.

The all-time high for AKT was $8.07 reached in April 2021.

However, while in the current market cycle, the cryptocurrency peaked at $6.22 on March 10, 2024. A surge amid Upbit listing in April saw AKT break to above $6.03 before paring gains.

Akash Network price up amid RenAIssance Hackathon

The broader crypto market was up just 1% to about $2.29 trillion, but Akash Network appeared to defy this with its double-digit gain.

As well as the announcement that Crypto.com now supports AKT staking with up to 19% in rewards, positive vibes around Akash Network may have come from another major network related event.

On June 25, the Akash team revealed a collaboration with Flock, a platform for decentralized training of AI models.

With FLock.io, AKT holders can participate in an open and collaborative ecosystem, contributing to training of models, for on-chain rewards. Users can also contribute data and other computing resources to earn AKT.

The RenAIssance Hackathon offers rewards in AKT, USDC and native FLock token FML.  Top 3 models in the hackathon will earn 400 USDC and $400 worth of AKT for the winner; 300 USDC plus $300 worth of AKT will go to the runner up and 200 USDC plus $200 in AKT for the third-place model.

Participants also stand to win 200 USDC and $200 worth of AKT for winning validators.

Ethereum price is at an important juncture with support at $3,400 tested and recovery above $3,600 ongoing. Bitcoin too is starting to shape the next crypto landscape this week after reclaiming ground above $65,500. With the two largest cryptocurrencies modestly in the green, investors are beginning to appreciate the sell-off as a blessing in disguise. This means they can apply key dollar cost averaging practices, buy the dips, and eventually increase potential gains in the second half of the year.

Factors Likely To Drive  The Next Altcoin Season

The crypto fear and greed index has fallen to 64—still showing greed among investors but significantly below last week’s figure of 74. This indicator by Alternative, monitors market sentiment with zero on the scale referring to extreme fear and 100 to extreme greed.

Since markets function as living entities, sentiment is driven by people. As euphoria increases, investors become greedy due to the FOMO. This propels prices higher but also introduces the risk of a drastic decline as some investors decide to take profits. It is rarely a good idea to buy when the crypto fear and greed index is near the extreme top.

On the other side of the fence, a drop in the metrics suggests greed is creeping in. Because sentiment is falling, many people choose to sell—some due to the fear of losing their capital or possibly to protect unrealized gains.

It is advisable to buy when the market is red and sell when it is green. With that in mind, investors might consider this to be a good time to buy into their favorite altcoins, ignoring the drop in the fear and greed index to 64.

Ethereum price has increased 1.3% in 24 hours to $3,585 on Thursday. The value growth, although minor, has reflected a 0.81% surge in the market cap to $438 billion. However, the second-largest digital asset faces a 30% slide in the trading volume to $14 billion—a factor likely to hamper potential growth in the upcoming sessions.

Nevertheless, investors seem to have set their sight on the approvable of the spot ETF. The Securities and Exchange Commission (SEC) approved the listing of spot Ethereum ETFs in May pending further approval for the operators of the products which will eventually give way to actual trading on stock exchanges.

The SEC also dropped investigations into Ethereum, further clearing doubts that Ether could be considered a security.

ETF analyst Eric Balchunas predicted earlier this week that Ethereum ETFs could start trading on July 2. This followed word that the SEC “sent issuers comments on S-1s today, and they’re pretty light, nothing major, asking for them back in a week.”

UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they’re pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… https://t.co/XJZ8JLwEFF

— Eric Balchunas (@EricBalchunas) June 14, 2024

The start of the actual trading of Ethereum ETFs could spark fresh interest in ETH and altcoins. Traditional investors would find it easier to buy ETH via exchanges, validating the crypto market.

Analysts at CoinGape expect this to be a moment of reckoning for altcoins like Solana, XRP, and Dogecoin which are believed to be the next in line for spot ETFs.

The move could be bullish for the entire crypto market, including Bitcoin, and possibly usher in the much-anticipated altcoin season.

Ethereum Price Stares At A 30% Breakout

Ethereum price is making key strides in its recovery following the correction to $3,400. The token currently sits above two exponential moving averages (EMAs), the 20-day and the 50-day.

A daily close above $3,600 resistance would mean that bulls are getting back in the game for a breakout past $4,000. The presence of an inverse head and shoulders (H&S) pattern on the daily chart could reinforce the bullish grip when validated.

This is a bullish pattern validated when the price breaches the neckline resistance around $3,800 in Ethereum price prediction case. Traders would enter above this resistance eyeing a 30% move close to $5,000.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.