PYTH price risks wiping out recent gains as profit taking mounts
Pyth Network price is down more than 11% in the past 24 hours as its token hovers around $0.16, and the market cap dips below $1 billion.
- Pyth Network price has dropped 11% in the past 24 hours.
- The PYTH token jumped more than 100% to a six-month high of $0.25 but is down at $0.16
The Pyth Network ( PYTH ) price squeeze last week stood out among top gainers as the cryptocurrency market reacted to the Department of Commerce’s move to put U.S. economic data onchain.
However, as other altcoins slip amid broader crypto pullback, PYTH is trending as one of the big losers with a double digit dump in the past 24 hours. The token has experienced a notable dip in daily volume though, with this metric down 25% as price drops from highs of $0.25 on Aug. 29 to about $0.16 on Sept. 1.
Pyth’s market cap has also dropped below $1 billion, currently around $935 million.
PYTH price decline
While the U.S. government’s decision to tap into Pyth Network and Chainlink to distribute macroeconomic data on blockchain helped bulls explode, traders are taking profits after PYTH reached its highest price in six months.
The decline mirrors the retreat for Bitcoin ( BTC ) and Ethereum ( ETH ), with BTC price dipping below a key psychological level to hit lows of $107,300.
Pyth Network’s declines have cut weekly gains to about 41%, while the steady sell-off threatens to wipe the upside seen when price went vertical from lows of $0.11 on Aug. 28.
Pyth Network price chart. Source: crypto.news
What next for PYTH price?
Although bulls can still target the $0.30 level they coveted as price jumped by more than 100%, analysts say the broader market’s downturn could extend into new lows in September.
In a market outlook report on Monday, analysts at Bitfinex noted altcoins have stagnated after a recent uptick, and a dip into a cyclical floor is likely before prices explode again in the fourth quarter.
“What is emerging is an Altcoin market cap that is stagnating, with any movement in alts signalling capital rotation rather than expansion. With ETF inflows seasonally muted and speculative excess flushed, September could mark the cyclical low point before structural drivers reassert for a Q4 recovery,” Bitifinex noted.
PYTH traded at an all-time peak of $1.20 in March, 2024.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin’s back above $94K: Is the BTC bull run back on?
With retail investors leaving, what will drive the next bull market?
Bitcoin has recently plummeted by 28.57%, leading to market panic and a liquidity crunch. However, long-term structural positives are converging, including expectations of Federal Reserve rate cuts and SEC regulatory reforms. The market currently faces a contradiction between short-term pressures and long-term benefits. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved.
Tether's "son" STABLE crashes? Plunges 60% on first day, whale front-running and no CEX listing spark trust panic
The Stable public blockchain has launched its mainnet. As a project associated with Tether, it has attracted significant attention but performed poorly in the market, with its price plummeting by 60% and facing a crisis of confidence. It is also confronted with fierce competition and challenges related to its tokenomics. Summary generated by Mars AI. The accuracy and completeness of the content are still being iteratively updated.
Trending news
MoreCrypto prices
More
