Pyth Network Token Tanks Over 11% In Single Day
The Pyth Network’s cryptocurrency token (PYTH) has experienced a significant decline, dropping over 11% in the past 24 hours. Currently trading around $0.16, this reduction marks a stark shift from its recent peak at $0.25, achieved just days earlier.
Initially, the PYTH token surged more than 100%, reaching its six-month high due to the United States Department of Commerce’s initiative to incorporate macroeconomic data onto the blockchain. Yet, amidst a wider crypto downturn, PYTH has become one of the market’s major losers.
Daily trading volumes for PYTH have also declined by 25%, suggesting a cooling investor interest. Consequently, the network’s market capitalization has fallen below $1 billion, settling at approximately $935 million.
- Pyth Network once peaked at $1.20 in March 2024.
- Recent declines mirror those seen in major cryptocurrencies like Bitcoin and Ethereum.
While Pyth Network initially benefited from bullish sentiment, traders are now cashing out profits. Despite this, some analysts believe that further downward pressure could continue throughout September. however, they also predict a potential recovery phase later in the year.
According to Bitfinex’s latest market analysis,the altcoin sector is experiencing stagnation following a brief rally. The report suggests that capital is rotating rather than expanding, indicating a cyclical low may be approaching before a rebound.
“By autumn, structural drivers could catalyze another recovery,” commented Bitfinex. Investors should monitor these trends closely as PYTH navigates the volatile crypto landscape.
