Pyth Network Price Prediction 2024: Can PYTH Mirror Community 120% Growth Rate?
What's next for PYTH?
Key Takeaways
- Pyth Network launched in November 2023.
- The price aggregator’s PYTH token has a market cap of around $540 million.
- What’s next for PYTH?
- One Pyth Network price prediction says it can reach $2.33 in 2025.
The Pyth Network, a price aggregator oracle, launched in November 2023 and has already become one of the more notable new crypto platforms. The system has already generated a market cap of more than $1 billion and traded at an all-time high in March 2024 before dropping as the market slumped.
However, there was some good news, as the platform revealed it had enjoyed 120% user growth in the first three months of 2024.
Pyth Network did not respond to a request for comment.
On April 23, 2024, Pyth Network was worth about $0.672.
But what is Pyth Network (PYTH)? How does Pyth Network work? Let’s see what we can find out, and also take a look at some of the Pyth Network Price Predictions that were being made as of April 23, 2024.
Pyth Network Price Prediction
Let’s examine some of the Pyth Network price predictions being made on April 23, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $1.42 | $1.61 | $4.96 |
| Prediction #2 | $0.9266 | $2.15 | $10.29 |
| Prediction #3 | $1.67 | $2.33 | $5.66 |
First, CoinCodex had a short-term Pyth Network price prediction that said the token would climb to $0.9077 by April 28 before reaching to $2.29 by May 23. The site’s technical analysis was neutral, with 14 indicators sending bullish signals and five making bearish ones.
Pyth Network Price Prediction for 2024
DigitalCoinPrice said that PYTH would reach $2.10 this year, while PricePrediction.net had it stand at $0.9266. Bitnation claimed it would be worth about $1.67 in 2024.
Pyth Network Price Prediction for 2025
Moving on, DigitalCoinPrice’s Pyth Network price forecast had it trade at $1.61 in 2025. PricePrediction.net said it would get to $0.7498 then. Bitnation thought PYTH would be worth $2.33 next year.
Pyth Network Price Prediction for 2030
Looking at a more long-term Pyth Network price prediction, DigitalCoinPrice said that the crypto would reach $4.96 in 2030. PricePrediction.net’s PYTH price prediction said it would be worth $13.91 at the start of the next decade. Bitnation thought that it would trade at $5.66 in six years.
Google BardAI Price Prediction for Pyth Network (as of April 23)
Google’s BardAI platform gave the following price prediction for Pyth Network on April 23. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.
Short Term (Next Few Months):
- Prediction: Possible increase with some volatility. Price range: $0.65 – $1.00.
- Reasons: Current market sentiment leans bullish, with some analysts predicting a rise due to positive technical indicators. However, the overall crypto market can be volatile, and unforeseen events could cause price swings.
Medium Term (Next 6-12 Months):
- Prediction: Moderate growth with potential for reaching $1.50.
- Reasons: Increased adoption of Pyth’s oracle services by DeFi applications could drive demand for PYTH tokens. However, competition in the oracle space and broader crypto market trends will also play a role.
Long Term (Next 3-5 Years):
- Prediction: More significant growth, potentially reaching $2.00 or higher depending on market conditions.
- Reasons: Wider acceptance of blockchain technology and the need for reliable oracles could lead to increased use of Pyth’s network. Regulatory clarity and successful integration with other blockchains could further boost the price.
Important to Remember:
- These are just predictions, and the actual price could be higher or lower.
- Do your own research (DYOR) before making any investment decisions. Consider factors like the overall crypto market, Pyth’s development progress, and potential regulatory changes.
Recent Updates from Pyth Network
In April 2024, Pyth Network released a quarterly report, which said its community had grown 120%.
In March, the Solana network surged and PYTH was one of many token’s based on the blockchain to benefit. It reached an all-time high on March 16. However, it fell, despite the formation of the platform’s Price Feed Council.
On January 18, Pyth Network announced that $22.7 billion worth of trades had taken place on the platform in December 2023. The previous day, it released a new constitution for its Decentralized Autonomous Organization (DAO).
PYTH Price History
Now, let’s examine the, admittedly brief, Pyth Network price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Pyth Network price prediction.
PYTH started trading on the open market in November 2023. On November 20, it traded at an all-time high of $0.6544 before dropping to a low of $0.2774. The price remained volatile but low over the next day or so, before PYTH went on an upturn to trade at $0.55 on November 24. After that, it dropped down, reaching a low of $0.3766 on November 30 before recovering to trade at $0.5189 on December 8. There was another downturn after that, and PYTH closed the year at $0.3241.
The token continued to drop in the new year, reaching an all-time low of $0.2289 on January 8. After that, it recovered and, on January 18, 2024, it was worth about $0.3595.
The token rallied in March, hitting an all-time high of $1.15 on March 16. It then declined somewhat and, on March 21 2024, it was worth around $1.
It then fell and, by April 23 2024, it was worth about $0.672.
At that time, there were just under 1.5 billion PYTH in circulation, out of a total supply of a little under 10 billion. This gave the token a market cap of about $1 billion, which made it the 89th-largest crypto by that metric.
Pyth Network Price Analysis
The price of Pyth Network trended downwards after reaching an all-time high. On April 13, it reached $0.50, but it has recovered since then. There are now two potential ways forward for the crypto.
If the all-time high was wave three of a larger five-wave impulse, PYTH finished its fourth wave on April 13. This means it could be at the start of a new bull phase which could push Pyth Network to a new all-time high.
However, if we saw the uptrend finished with its record price, PYTH is now in a larger corrective phase, with the current uptrend from April 13 being a second sub-wave. As suggested by the four-hour Relative Strength Index touching the oversold zone, a further increase in the near term could be expected.
If the price worsens, it could be heading for a lower low than on April 13 and would be eyeing a target below $0.40.
Is Pyth Network a Good Investment?
It is perhaps a little too early to tell. While the platform has generated interest since it came out in November, we don’t know how much of a take-up it will have. One thing to note is that it largely seems to have followed the market.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in PYTH.
Will Pyth Network go up or down?
No one can really tell right now. While the Pyth Network crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Pyth Network?
Before you decide whether or not to invest in Pyth Network, you will have to do your own research, not only on PYTH, but on other coins and tokens such as The Graph (GRT). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Who are the Founders of Pyth Network?
Pyth Network was founded by a group of anonymous developers in 2023.
Who Owns the most Pyth Network (PYTH) Tokens?
On March 21, 2024, one wallet nearly 15% of PYTH’s supply.
Richest PYTH Wallet Addresses
As of March 21, 2024, the five wallets with the most PYTH were:
- Eq9dm4pHewdSVaKdpVJogjLW6upd9hNkiboX2eSncmFV. This wallet held 1,489,933,338 PYTH, or 14.9% of the total supply.
- 23KfDBTdpaBqfn8aUeoEDgfGJ5368gpnyYGfNkKcECqM. This wallet held 1,352,900,000 PYTH, or 13.53% of the total supply.
- 5ULtZcyfuWvKuwB555WN4W1vsVW4F3yHU9UW1Gd7kAWy. This wallet held 850,000,000, or 8.5% of the total supply.
- 61YcP8msC5F3ZTLy99VWM2oom6y47UzNmSQQdXMmdCG1. This wallet held 600,000,000 PYTH, or 6% of the total supply.
- 984XkyV6X29LUYSi476KC5cTFNMyegrx81EfHj6qWSeV. This wallet held 518,650,003 PYTH, or 5.19% of the total supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 9,999,989,213 |
| Circulating supply (as of March 21, 2024) | 1,499,989,213 (15% of total supply) |
| Holder distribution | Top 10 holders owned 67.78% of supply as of March 21, 2024 |
From the Whitepaper
In its technical documentation, or whitepaper , the Pyth Network says it wants to make financial data available to DeFi developers and the general public.
It says: “The Pyth protocol is designed to incentivize participants to continually publish price updates for various products (such as BTC/USD). Each product has a price feed that continually updates with its current price and a confidence interval represent- ing the estimated uncertainty of the price.”
Pyth Network (PYTH) Explained
The Pyth Network is a platform designed to provide market data to blockchains. What makes it different from other, similar, systems is that it takes the data directly from traders and exchanges rather than rely on third-party information. This, at least in theory, means that it more accurate than its rivals.
It was founded in 2023, and it is based on the Solana (SOL) blockchain. The PYTH token powers the Pyth Network.
How Pyth Network Works
Data providers send information to the Pyth Network, while its oracle program makes an average price of each asset. Then, the price is published which allows people to use smart contracts, computer programs that automatically execute once certain conditions are met, to access the data.
The platform claims to be able to calculate a consensus price in 100 milliseconds.
People can stake, or set aside, PYTH in return for rewards, which are also paid in PYTH. PYTH can also be bought, sold, or traded on exchanges.
Because PYTH is based on Solana, it is a token, not a coin. You might see references to such things as a Pyth Network coin price prediction, but these are wrong.
Pyth Network Attention Tracker
Here is a chart for Pyth Network Google search volume for the past 90 days. This represents how many times the term “Pyth Network” has been Googled over the previous 90 days.
FAQs
It could do, but not for a while. PricePrediction.net says it can break $10 in 2030, while DigitalCoinPrice thinks PYTH can reach double figures in 2033. PYTH pays for rewards on the Pyth Network price aggregator platform, and it can also be bought, sold, and traded on exchanges.Will Pyth Network reach $10?
What is Pyth Network used for?
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
