PYTH Price Prediction: Will This Oracle Network Skyrocket in 2024?

Bittime  -  Pyth Network, anoraclethat provides real-time market data tothe blockchain, attracted the attention of crypto investors in 2024.PYTHtoken , which powers this network, is predicted to have significant growth potential in the medium and long term.

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What is Pyth Network?

Pyth Network is an oracle network that provides market data to the blockchain. This is different from other oracles, Pyth Network takes data directly from traders and exchanges, not third parties. This promises higher data accuracy, critical in the world of blockchain and decentralized finance (DeFi).

History of Pyth Network

Pyth Network was founded in 2023, and is based on the Solana (SOL) blockchain. The PYTH token is the token that powers the Pyth network. Data providers send information to the Pyth network, while its oracle program averages the price of each asset. Then, prices are published that allow people to use smart contracts, computer programs that automatically execute once certain conditions are met, to access the data.

Token holders can stake and will earn PYTH in return. Apart from that, payment of transaction fees will also be paid using PYTH. PYTH can also be bought, sold, or exchanged on exchanges.

PYTH Price Prediction

The PYTH crypto price is predicted to have a significant increase, both short, medium and long term predictions.

Short Term PYTH Price Prediction:

• CoinCodex: Rp5.208 (23 Januari), Rp5.442 (17 Februari)
• BardAI: Consolidation and uptrend, potential initial selling pressure from airdrop

Medium Term PYTH Price Prediction:

• DigitalCoinPrice: Rp10.410 (2024)
• PricePrediction.net: Rp7.335 (2024)
• Techopedia: Rp12.540 (2024)

Long Term PYTH Price Prediction:

• DigitalCoinPrice: Rp60.138 (2030)
• PricePrediction.net: Rp69.243 (2030)
• Techopedia: Rp37.260 (2030)

Factors Affecting PYTH Price

The following are several factors that influence PYTH token price movements:

• Oracle Services Adoption: Increased adoption by DeFi projects and traditional institutions may increase demand for PYTH.
• Network Integration: Partnerships and integrations with major blockchains and platforms can increase the visibility and utility of PYTH.
• DeFi Growth: The growth of the DeFi market may increase the demand for reliable oracle solutions like Pyth Network.
• Competition: Other oracle networks such as Chainlink and Band Protocol may present challenges to Pyth Network.
• Regulation: Regulation that benefits on-chain data oracles could increase the value of Pyth Network.

PYTH Price History:

• Traded on the open market: November 2023
• All Time Highest Price (ATH): Rp9.688 (November 20, 2023)
• All Time Lowest Price (ATL): Rp3.403 (January 8, 2024)
• Current Price: Rp. 5,342 (18 January 2024)
• Market Capitalization: IDR 798 billion (18 January 2024)
• PYTH Important Level: IDR 5,632 (important resistance level, previous support on January 8, 2024)

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Update Terbaru Kripto PYTH:

• Integration with Solana 

Enables Solana developers to access real-time market data, helping build advanced DeFi applications.

• Listing di Huobi

PYTH was listed on Huobi on November 14, 2023. The listing of PYTH on the Huobi trading platform is expected to increase the visibility and accessibility of PYTH, potentially increasing demand and trading volume.

• Partnership with Serum 

Improve the efficiency and security of the Serum platform with access to real-time market data from Pyth Network.

• Airdrop PYTH 

Distribution of $1 million PYTH tokens to qualified users, increasing awareness and token distribution.

• Roadmap 

Pyth Network has released a roadmap outlining its development plans for the future, including the development of new oracles, integration with other blockchains, and the launch of new products and services.

• Investor Support 

Pyth Network is backed by several well-known investors in the blockchain industry, including Jump Capital, Multicoin Capital, and Alameda Research, demonstrating their confidence in Pyth Network and its potential for success.

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PYTH Performance Data (February 14, 2024):

• Current Price: Rp. 6,033 (Rp. 5,740 on CoinMarketCap)
• Market Capitalization: IDR 898.4 billion
• 24 Hour Trading Volume: IDR 353.7 billion
• ATH: Rp9.688 (20 November 2023)
• ATL: Rp3,403 (January 8, 2024)

Conclusion:

PYTH price prediction shows significant growth potential in the medium and long term. Factors such as adoption, integration, regulation, and competition will play an important role in determining the future price of PYTH.

Pyth Network is a promising project with great potential to change the way market data is accessed and used in the blockchain industry. The latest data and information shows that Pyth Network is growing rapidly and gaining a lot of attention from investors and developers.

Dear Beli Pyth (PYTH) di Bittime

You can buy and sell PYTH tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. PYTH is available on Bittime with PYTH IDR pairing . 

To be able to buy PYTH/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make PYTH purchases in the application. Complete Guide on How to Buy PYTH on Bittime. 

Monitor price chart movements for Pyth (PYTH) ,  Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Read Also:

What is Pyth Network (PYTH)? Blockchain Oracle Competitor Chainlink

Pyth Network (PYTH) Partners with Lyve Finance DAO, PYTH Price Rises 40% in 1 Week

Oracle Manipulation: A Hidden Threat in the World of Decentralized Finance

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.