Challenging the widespread decline of the cryptocurrency market, the price of the Pyth Network token skyrocketed today. In a strong upward trend, PYTH soared nearly 100% today, reaching a 6-month high that same day at $0.23. It is noteworthy that the price has slightly decreased since then, having fallen 80% from its all-time high in March, but the milestone remains intact.
As of the close of this edition, it is trading at $0.209 with a market capitalization of $1.3 billion. Its trading volume is $2.73 billion after an impressive increase of 9267%, indicating high demand from investors.
For the first time in history, the U.S. Department of Commerce has published GDP data on blockchain. It is noteworthy that this measure is part of the push towards cryptocurrencies by the administration of U.S. President Donald Trump, where federal agencies will publish official economic statistics (six data points), such as GDP, PCE, and other data on blockchains like Bitcoin, Ethereum, and Pyth Network.
On August 28, the U.S. Department of Commerce announced that it will publish quarterly GDP data through Pyth Network and Chainlink, starting with the data from July 2025. In this regard, Chainlink and Pyth Network also play a key role in the distribution of economic data, among others, which explains the price increase.
There is also a technical context behind this, as PYTH broke its long downward trend and experts see breakout potential at $0.30 and beyond.
Overall, the historic measure by the U.S. Department of Commerce has fueled the price surge of Pyth Network. Today it is considered the biggest market winner, while the rest of the assets are affected by volatility and fear ahead of the upcoming FOMC meeting.