PYTH Sees Sharp Decline Amid Crypto Market Dip
The Pyth Network (PYTH) price has decreased by over 11% in the past 24 hours. Currently trading around $0.16,the token’s market cap is now below $1 billion.
Last week, PYTH surged over 100%, hitting a six-month peak of $0.25.This rally came after the U.S. department of Commerce chose Pyth Network to help publish economic data on the blockchain. Though, the token’s value has as declined due to the broader crypto market correction.
The daily trading volume for PYTH has also fallen by 25%. Prices dropped from $0.25 on August 29th to roughly $0.16 on September 1st. Despite reaching its highest price in six months, traders are cashing out profits, causing the price dip.
This decline parallels similar trends in cryptocurrencies like Bitcoin and Ethereum. Analysts suggest the market’s downturn might continue into September.
- Weekly gains for PYTH are now around 41%
- Initial surge brought prices to near a $0.30 target
- Broader market pullback could push prices to new lows
According to Bitfinex,the altcoin market seems stagnant post-upswing. A cyclic low-point seems likely in September, with recovery expected in Q4.
At its peak in March 2024, PYTH reached $1.20, but the current market conditions have pushed prices down significantly.
