Sign Up on MEXCWhy is Pyth Network Price Skyrocketing Despite Crypto Market Crash?
Highlights
- The Pyth Network price skyrocketed nearly 100% today, hitting a six-month high.
- PYTH went against the broader crypto market correction and its months-long downtrend, yet it still stands 80% down from its ATH.
- The U.S. Commerce Department revealed plans to release GDP and other economic data on Pyth Network and other blockchains.
Pyth Network, a relatively less popular crypto in the market, has experienced a surprise price rally, gaining nearly a 100% gain in just 24 hours. Interestingly, the token has been known before, but today it is among the biggest gainers. Notably, the milestone is even more important since the top cryptocurrencies, such as Bitcoin, Ethereum, and others, are struggling.
Pyth Network Price Skyrockets Nearly 100% Today
Defying the broader crypto market crash, the Pyth Network token’s price is skyrocketing today. In a serious bullish uptrend, PYTH has surged nearly 100% today, achieving a 6-month high earlier in the day at $0.23. Notably, the price has moved slightly down since then, and it’s 80% down from its March ATH, but the milestone remains intact.
At press time, it trades at $0.2277 with $1.3B in market capitalization today. Its trading volume is at $2.73B after a staggering 9267% surge, indicating high investor demand.
- Source: CoinMarketCap, PYTH Price Chart
Pyth Network Price Rallies as Trump Admin Ushers GDP Data to Blockchain
For the first time in history, the U.S. Commerce Department has issued GDP data on blockchain. Notably, this step is part of the U.S. President Donald Trump administration’s crypto push, where the federal agencies will release official economic statistics (six data statistics) like GDP, PCE data, and more on blockchains like Bitcoin, Ethereum, and Pyth Network.
“It’s only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain,” said Howard Lutnick (U.S. Secretary of Commerce) in press release.
On August 28, the U.S. Department of Commerce announced that it will publish the quarterly GDP data via the Pyth Network and Chainlink starting with the July 2025 data. In this, Chainlink & Pyth Network also have a key role in distributing economic data and more, hence the price surge.
The U.S. Department of Commerce has selected Pyth Network to verify & distribute economic data onchain 🏛️
Today’s announcement by @howardlutnick & @realDonaldTrump marks a landmark step for the adoption of decentralization & validates Pyth’s role as a trusted data source 🧵 ⬇️ pic.twitter.com/cOvw8lDNhP
— Pyth Network 🔮 (@PythNetwork) August 28, 2025
There’s also a technical context to this, as PYTH broke its long downtrend, and experts see the breakout potential to $0.30 and higher.
Overall, the U.S. Commerce Department’s historic step has fueled the Pyth Network’s price rally. It is today seen as the biggest winner of the market as the rest of the assets struggle amid market volatility and fear ahead of the upcoming FOMC meeting.
Frequently Asked Questions (FAQs)
1. Is PYTH closer to its ATH now?
2. What role does Pyth Network play in the U.S. government’s blockchain initiative?
3. Will the PYTH price rally continue?
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